1. Business of Medicine
Daisy A. Ayim, MD, FACOG

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

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

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

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

6. 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

7. 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

8. Funding Self funding Family funding Banks Hospital assisted
Sponsors/Partnership

9. 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

10. 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

11. 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

12. 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!