Course DescriptionThis course helps medical providers starting a medical practice minimize risks and maximize rewards inherent in new ventures. Strategic positioning that influences the clinic's long-term viability, operation fundamentals that enable efficient and patient-focused delivery of services, a marketing strategy that generates referrals and walk-in patients, and an organization that effectively manages regulatory compliance, legal, and financial matters: all of these are critically important for the new practice and will be covered in the course.
Course Outline1) How To Write a Dynamic Medical Practice Business Plan: A Dynamic Document that Guides the Practice Owner and Supports Loan and Investment Proposals
2) Legal Considerations for Medical Practices: Licensing Requirements, Legal Entity Decisions, Independent Contractor vs W2 Considerations, Regulatory Compliance
3) Business Plan Financials & Management: Funding Requirements, Funding Sources, Financial Projections, Budgeting
4) Financial Performance, Increasing Revenue & Managing Expenses : Financial analysis, performance management
5) Marketing: Messaging, Branding, Media Management, Promotions
Learner Outcomes1) Awareness and understanding of KPIs (Key Performance Indicators) for operating a medical practice
2) Knowledge of financial and legal essentials that advance and protect the practice owner's interests
3) Identification of skill and knowledge gaps, leading to decisions on how to address them
4) Development of a business plan specific to medical practices
A Public Service and Outreach Unit of the University of Georgia. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.