A practical approach Dr. Florin T. Padeanu Starting a Practice A practical approach Dr. Florin T. Padeanu

Disclosure I am a clinic owner I trained as a lawyer prior to being a physician

Your clinic? Physical location: Space requirements Parking Location as a determinant of your patient population Lease or Own Neighbours

Your clinic? Partners or Colleagues: Expectations Skills Capital

Your clinic? Personnel: Manager Front end staff Billing Other team members

Costs Capital investment – leashold improvements, equipment, downpayment Staff costs Lease costs, Mortgage costs Ongoing equipement costs

Return on investment Independence Choosing who you practice with 5 to 10 years for any financial benefits

Contracts Why? Usual terms: How paid What hours you need to put in What will the clinic provide for you How do you terminate the relationship Any administrative duties Enforcement

Leases Get to know your landlord What is included in the lease payment: heat, electricity, taxes, etc. (net v. triple net) Common areas Additional costs Exclusivity of use Term and right of renewal

Conclusion Choose partners well Location determines your practice population Think long term Choose independence of practice