Tag Archive: trophy-time

On The Right Side of the Eddy . . . for Once.

Thumbnail

I f you’ve you been in the cockpit of a kayak for very long you become familiar with the eddy line. It is that divide in the water that marks the clear demarcation between two currents, sometimes flowing in almost opposite directions. They’re common in my neck of Puget Sound, where tidal currents produce profound eddys around the islands and other obstacles. One eddy, which really left an impression on me, was in Lake Superior.  I lived for ten years in the lake-side community of Marquette. I loved it. Just to the east of Marquette was the old coal-fired power plant. The plant sucked in the ice cold waters of Lake Superior to cool down their boilers, then the water was pumped back out into the lake through a sandy channel.  We used to swim at the outlet of those waters and where they met the more icy water. You think that the two would mix creating a comfortable place to swim but they didn’t. What you had was a current flowing towards shore of water with a temperature around 38 degrees. Then, flowing away from shore was water that was 80 degrees. Between the two, along the razor-thin eddy line, was this strange world of being too hot and too cold. My process of starting this clinic is not a place of lukewarmness. It is the eddy between the greatest PA job in the country, hands down . . . and a total personal disaster and nothing in-between. I will cut to the chase.  Today . . . drum-roll please . . .  $2400 came in the mail. On top of that, another statement showed a rejection of $1200 over a simple, and fixable, error. We will resubmit that tomorrow.  So, for four days in a row I’ve had money coming in.  $600, $600, $135 and then $2400. This is huge.  For the first time I’m feeling some intoxicating hope. It would take only a feather to push me from an seemingly endless nightmare of frigid fear into a blissful warmth of euphoria. I’m not out of the woods yet, but I can see the bright sun shining in the clearing. I was also humbled that one of you followers, and I won’t say whom, sent me a PM offering to loan me–at no interest–the money I needed to stay afloat.  I was not talking about my money troubles as a veiled hint for someone to loan me money but in the spirit of my candidness.  The money worries were consuming me day and night and if I didn’t speak of them openly here, then there would be no point of blogging at all.  No, I would never accept money from a stranger . . . not unless it was an investor with whom I had a formal contract with an interest schedule. However, I am deeply grateful for the thought. I always considered myself as generous, but I would never consider loaning a stranger a large sum of money at no interest. There’s a lot of good people in PA community. But, the loan is a mute point.  If the momentum continues, and I see no reason that it won’t, I will make payroll on August 15th with no help from the bank, or anyone . . . for the first time.  I think I will sleep well tonight.

Countdown Continues . . .

Today, $800 came in. That’s a good thing. I also got a bill for $3,800 but it doesn’t all have to be paid right away.  The clock is still ticking. I also have some other good news.  We just finished our sixth week of business.  Our average daily billings is $1,800 for a total of $56,000.  We’ve collected a little over $7,000 but the good news is that much of that has come in the past two weeks.  So the money faucet is dripping and the flow is starting to become confluent.  Also we are booked out, including most of our lunch times for the next three weeks.   We had an odd call on Friday from an insurance company.  Their patient had called that morning to set up a new patient appointment. We offered her the first one available (third week of August) and she was very angry so she called her insurance company. They said they were following up on complaint that we were “refusing to see one of their patients” which would be a violation of out contract with them.  However my office manager explained that we were happy to offer her the first available appointment, but that isn’t for three weeks.  They asked if we could work her in sooner.  Then we explained that we have already filled virtually every lunch time . . . finally they said okay.  But it is interested how fast we have become so busy. Now, if the money would continue come at a faster rate we will finally, after one hell of a years, be cruising.  Below is where we now stand: 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000  $$$$$ 3,500  $$$$$ 3,000  $$$$$ 2,500  $$$$$ 2,000  $$$$$ 1,500  $$$$$ 1,000  $$$$$ 0,500  $$$$$

Countdown . . . continues

Okay, mostly good news. We’ve had $2,000 come in during the past two days . . . and no bills. So here is where we stand. 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 $$ 3,000 $$$$$ 2,500 $$$$$ 2,000 $$$$$ 1,500 $$$$$ 1,000 $$$$$ 0,500 $$$$$ I’ve also found a possible source for emergency funds. It will cost me a arm and a leg in the long run, but the money might be there.

It’s Time to Beg Again

Thumbnail

No one likes being a beggar. My 6 month process of getting a bank loan was about the most humiliating one of my life. It was totally different than getting a home loan where, at least in years past, you are treated as customer. The business loan people treat you like you are a sleazy criminal. They assume that you are a liar. After switching banks and going with a new one, things went better. But when the deal was finally done, the arrogant VP of business loans said to me, “Don’t you ever come back to us asking for money.” Hmmm. Isn’t that what banks do, loan money for interest? The Medici family sure made a killing at it. But here I am, desperate. My life savings gone. I’ve borrowed the maxim amount the bank would allow me . . . a PA clinic owner, which was 65K. Last night I wrote that arrogant banker and stuck out my tin cup. But again, it is such a paradox and my argument to him was for him to consider our great success. I look at my business plan and where we were at the end of the first month was where I was hoping to be sometime in the second YEAR. My schedule is now completely full through the second week of August and the demand is growing. I can’t try to find another bank, because I will need the money soon. It took me six months last time to get a loan. Our office will be filled with spider webs if I don’t get any money for six months. So, I’m waiting to see what the banker says and waiting and praying for the insurance payments to start to flow. If I were a millionaire, I would set up a loan company just for PAs who want to be clinic owners.

Countdown to Financial Crisis . . . No, Not in Washington DC

Today . . . not one penny has come in (except for co-pays). I guess if there is a bright side, no bills. I’ve been looking over my biller’s shoulder. I’ve sent her to several classes, plus she had about ten years in the billing business. She is doing nothing wrong. However, I am learning, that if you are a new clinic it takes a very, very long time to get paid at first. But can I last? I’m not sure. So the tally hasn’t changed and I’m a day closer to July 31st when I have $7,000 due in rent, salaries and etc. I’m shooting for 10 K because soon after the 31 st (2-3rd of August) I will own 2-3 more grand. I didn’t sleep so well last night. I’m back to the stage that if this was a year ago . . . no, I wouldn’t have done it. However, for the first time in years, I love coming to work and I love what I do. It is a paradox. 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 $$ 1,000 $$$$$ 0,500 $$$$$

On the Road to Great Success . . . or Bankruptcy

I’m not going to do a tally everyday, but most days. You will see a net decrease in my survival thermometer because, while I had about $500 come in today, my office manager forgot to tell me that she approval a $2,000 bank electronic payment (which wasn’t in our books yet). She didn’t do anything wrong as it had to be paid, yet it wasn’t included in our balance sheet. So here is how it stands: 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 $$ 1,000 $$$$$ 0,500 $$$$$

Whew . . . I Made Another Pay Roll

Thumbnail

I was sweating bullets but we did it. We made another payroll. I think the company has a little over 4 grand in the bank . . . but that’s a false security blanket. I owe 2 grand on a credit card, 2 grand for Botox and I have a bill coming in soon for about 4 grand. The good news is that we are still working very, very hard. We’ve had to fill every day’s lunch “break” for the past two weeks with work in patients. The work load is still beyond my wildest dreams . . . but the payment faucet is still cold. As of today, we’ve billed about 42 K in services. We’ve received (after 5 weeks with the doors open) about$3400. It is so hard to be patient and watch the bank account struggling to take its first breath. But it has to be weened from the vent (bank) soon. I’m praying that the money dam will soon break and the cash will start to flow. This next two weeks will be the biggest test. I add the MD to the payroll by the next pay day. There is so much going well. We had two diagnostic challenges so far (which is unusual for a headache practice). I think we performed in a stellar fashion. These were patients who had been misdiagnosed by several physicians . . . and had very serious problems (brain tumor, hydrocephalus and one with temporal arteritis). We got them diagnosed and sent to the proper care in record time. Both patients have written long letters expressing their great gratitude. I take nothing for granted. I’m still working on marketing from every angle I can. The future looks very promising but it is still tense. I’m dreaming of the day when this season of incredible stress, waiting, counting pennies and hoping for checks in the mail will end.

Projections . . . and Reality

This morning I biked to work early (it was still cold out and I wish I hadn’t worn just my shorts) and worked on the books. We have been seeing patients for 7 days now. In my business plan I had projected that we would reach the point of breaking even (solvency) in October. I am very happy to announce that we where solvent the first week! Now, saying this with a grain of salt, I mean that we saw enough patients and billed enough, that if we collect the predicted amount (63%) then we will have met our financial obligations (based on the monthly projections). I don’t have that money in hand because there is a delay in collections of course. But the rate of billings is enough to sustain us, even from the first week. I am tempted to e-mail Wells Fargo business bankers and rub it in their faces. They kept predicting a miserable failure because no one would want to be seen in a PA-owned practice. But, I will control my gloating . . . for a while. It could come back to bite me if the schedule suddenly fell. But for now, the schedule is full into early July and new appointments are coming in each day. What do I owe our success to? It is no question that our success was accomplished by the fact I have delivered good care to the region for 8 years and have created a reputation. No amount of advertising could have accomplished that. I will add one more bit of information. I’ve had some concern about the weight of owning a business would have on me (for example coming to work an hour early each morning to take care of the business issues). So far it is a piece of cake. For the six months leading up to the opening, I was working, between my old job and the business work, about 80 hours a week. Now, I’m working about 50. Fifty is much, much easier than 80. Got to go, the first patient is arriving. I’ll keep you posted but I had to share that good news.

s2Member®