Business of Medicine Daisy A. Ayim, MD, FACOG

Background Disclosure: None Board Certified Obstetrician/Gynecologist Non-MBA. Natural passion for Business Clinical Instructor/Group Practice @Johns Hopkins Health System 2007-2008 Solo private practice since 2008 Hospital Solo private practice start up 2008 Hope Clinic : Practice start up 2011 www.drdaisyayim.com

Success The accomplishment of aim or purpose A person or thing that achieves desired aims or attains prosperity

General Guidelines Preparation: “success favors the prepared mind” Timeline Location Accounting/Legal counsel Funding Hospital privileges or Not Insurance Staff Hiring/HR Internal office

Timeline Critical to your success Minimum: 3 months to 6 months

Location Do your homework! Rural, Suburban, City Close proximity to hospital, schools, home Demographic/Payor Mix Own/Rent office space Build out option or not Similar providers

Accounting/Legal Counsel/Agents Do you need Accountant? Lawyer? Financial agent? Federal Tax ID/ ?State Filing status Monthly/Quarterly reports Insurance: malpractice, health, dental, general liability, ?workers comp Business Tax filing, Payroll, Retirement, HR

Funding Self funding Family funding Banks Hospital assisted Sponsors/Partnership

Hospital Privilege/Insurance Hire an agent! Read the hospital privilege application and complete yourself Obtain: DEA, NPI, CLIA, and ?state narcotic Agent should handle ALL insurance credentialing and keep you updated, may need signatures Must have business account set up for EFT CAQH: complete and keep for your record

Internal Office Prepare fixed acquisition schedule EMR or Not: vendors, specialty specific, longevity Order furnishings: vendors, online, lease Equipment: computers, phone, procedure related,etc Phone service: comcast/ATT Answering service Business logo/cards/stationary Cash flow/Fee schedule Set up Business bank accounts Work flow: lab company, in office meds or procedure Billing: In house or outsource

Employee Key to your success! Choose wisely and cautiously HR: in house or outsource Keep employee files always Employee Manual Follow federal/state guidelines Benefits: health, dental,vision, retirement, Bonus/incentives, maternity, PTO

Practice Goals Summary What is your vision? Set deadlines/timeline. Be flexible Work smart and Be focus on your target Be ready for long hours and sacrifice Passion with intentional planning, timing, and opportunity is a winning strategy Find supportive mentors or networks You are the brand Remember to Relax; back up plan is employment as a doctor....scary for the entrepreneur mind!