jmj11 Posted December 9, 2010 Author Share Posted December 9, 2010 After three weeks, I'm still patiently waiting the state's decision. I have so many plates spinning in the air. I have a building owners wanting to know if I can sign the lease, or he is going to give to to another clinic. The banker keeps calling to see if I'm ready to present my business plan and get a loan. My doc wants to go over his contract. The EHR vendor keeps sweeting the deal if I "act now." The office managing company is curious if I've made my decision yet about their service. The CPA is wanting to know what's going on. However, my hands are tied until I hear from the state. I heard from them (the Washington State Medical Quality Assurance board) today. They said that they will meet one more time about me, next week, and have a final decision if they will approve my Practice Plan. If not, my clinic is dead in the water. I still give it a 50:50 chance. Link to comment Share on other sites More sharing options...
LIPPER Posted December 9, 2010 Share Posted December 9, 2010 good luck guy. Starting your own business is hard. Your own medical practice...I can only imagine. You are doing a great job. Brian Link to comment Share on other sites More sharing options...
jmj11 Posted December 14, 2010 Author Share Posted December 14, 2010 Notice from the state of Washington's Medical Quality Assurance Board today . . . "Mike practice plan approved." This is huge. It has taken four years to get to this point. This is a big step forward, in my opinion, for PA-dom. So they are approving a PA owned clinic, with a SP who sees patients twice a month in another city. There are strings attached . . . but not impossible strings (a report in three months and one in six months). Now that huge hurdle is over I have the follow steps (which I had started) to finish up. 1) iron out the details of my SP contract, 2) get the bank loan and SBA 80% guarantee, 3) Apply for the PLLC and trade name, 4) establish contract with CPA, 5) hire MA/manager, 6) contract for lease, 7) set up remodeling contractor, 8) contract with medical business management company and start insurance contracting, 9) pick a health insurance company for employees, 10) purchase malpractice insurance . . . there's about ten more steps but this is getting long. Link to comment Share on other sites More sharing options...
physio Posted December 14, 2010 Share Posted December 14, 2010 Notice from the state of Washington's Medical Quality Assurance Board today . . . "Mike practice plan approved." This is huge. It has taken four years to get to this point. This is a big step forward, in my opinion, for PA-dom. So they are approving a PA owned clinic, with a SP who sees patients twice a month in another city. There are strings attached . . . but not impossible strings (a report in three months and one in six months). Now that huge hurdle is over I have the follow steps (which I had started) to finish up. 1) iron out the details of my SP contract, 2) get the bank loan and SBA 80% guarantee, 3) Apply for the PLLC and trade name, 4) establish contract with CPA, 5) hire MA/manager, 6) contract for lease, 7) set up remodeling contractor, 8) contract with medical business management company and start insurance contracting, 9) pick a health insurance company for employees, 10) purchase malpractice insurance . . . there's about ten more steps but this is getting long. I know I'm all the way on the other side of the coast from you, but the first sentence in your post definetely put a smile on my face despite the horrible weather here:smile: Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted December 14, 2010 Moderator Share Posted December 14, 2010 Excellent! Congrats! Link to comment Share on other sites More sharing options...
primadonna22274 Posted December 14, 2010 Share Posted December 14, 2010 So proud of you Mike. Full steam ahead!! Link to comment Share on other sites More sharing options...
ajnelson Posted December 14, 2010 Share Posted December 14, 2010 Congrats Mike, this is great news! So glad there are PA's like you that are willing to forge ahead, despite all of the hurdles there are for us! I'm sure that long list of to-do's is much easier than the big one you have accomplished already! Link to comment Share on other sites More sharing options...
Loums Posted December 14, 2010 Share Posted December 14, 2010 I do hope you have the opportunity to write up your adventures. Your process will benefit many others in the future. Thank you. Link to comment Share on other sites More sharing options...
HLReed Posted December 14, 2010 Share Posted December 14, 2010 Great Job! This kind of thing will benefit our profession in huge ways. Congrats! Link to comment Share on other sites More sharing options...
Administrator rev ronin Posted December 14, 2010 Administrator Share Posted December 14, 2010 Wow! The pessimist in me is very happy to be wrong. :-) Link to comment Share on other sites More sharing options...
Moderator ventana Posted December 14, 2010 Moderator Share Posted December 14, 2010 YEAHHHHHHH!!!!! congrats!!! How about a blog of the adventures of starting your own practice? you seem to have a following here!! Link to comment Share on other sites More sharing options...
MCHAD Posted December 14, 2010 Share Posted December 14, 2010 Outstanding! Link to comment Share on other sites More sharing options...
jmj11 Posted December 20, 2010 Author Share Posted December 20, 2010 Two more hurdles to jump. Tomorrow morning I present my business plan to the banker. I'm asking for $150,000 for start up and first six months operations. The business plan is 38 pages long and took about four weeks to write (including the market research). If it does the job, I will make it available for those who are interested. I strictly followed the SBA guidelines. Then on Tuesday I will meet with my potential SP for dinner and finalized our contract before I take it to the lawyer. Over the phone he is agreeable to the contract. So, unless a major disaster happens with either of those issues, the ship will leave the harbor. Then it is just a matter of things to do, no more potential ice bergs, which could sink the whole ship. You may ask why I don't self-finance. As a father of five kids, 3 1/2 in college right now, there is no way I could come up with $150,000 without dipping into retirement. Friday I visited my dream suite with the Realtor, contractor and interior designer. I hope to talk to the building owner later this week to confirm a lease rate. I'll keep you posted here on my poor-man's blog. Link to comment Share on other sites More sharing options...
marilynpac Posted December 20, 2010 Share Posted December 20, 2010 Ok trailblazer, no rest for the wicked...get to work working on the rest...congrats, congrats, congrats...seems that prayer thread really does work! Link to comment Share on other sites More sharing options...
meaux Posted December 22, 2010 Share Posted December 22, 2010 Awesome news, Mike. Whats the latest development? Link to comment Share on other sites More sharing options...
jmj11 Posted December 23, 2010 Author Share Posted December 23, 2010 Rather than take up any more space here, I will officially blog this story here. This will be the only portal (hopefully) as I will cloak it from being searchable on the web . . . so I will have a little more freedom to be my typical candid self. Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted December 24, 2010 Moderator Share Posted December 24, 2010 Now a sticky for the sake of posterity and those who will come after...note blog address at the bottom of post #20 Link to comment Share on other sites More sharing options...
AJRcoach Posted December 27, 2010 Share Posted December 27, 2010 Mike, congratulations on your clinic. I started a bariatric medicine clinic 4 years ago with a partner who had the money. I had a sp locked in and one day before opening, the doc's attorney said he should get more money. I fired him before we started. He quickly changed his attitude, but it was too late. i was not going to start off my practice with bad blood. long story short, I've fired three Docs because they get greedy once you become successful. I,m in mediation with one of them for stealing my patient, my nurse practitioner and opening up his own clinic. He took all of my intellectual property and opened up 35 miles from my location. We have the top bariatric medicine clinic in CT, seeing 300 to400 patients per week. I have 17 employees and since medical insurance won't cover medical weight loss ( the number one preventable killer in the US) our practice is all cash. We are up 10 percent this year, in spite of the recession. This is the best medicine I've ever practiced! Here's my advice for what it's worth: 1) Get everything in writing 2) hire the best attorneys and accountants you can afford. 3) No partners 4) This is your passion, don't ever give up! 5) Hold on, because you're in for the ride of your life! Best of luck, and contact me if you have any questions. http://WWW.medweightlosscenters.com Link to comment Share on other sites More sharing options...
cervantes21 Posted December 27, 2010 Share Posted December 27, 2010 AJRcoach, it's hilarious that your sponsored ad appears in your post! Please tell me that wasn't on purpose. Edit: it's gone now, but it was pretty funny. Link to comment Share on other sites More sharing options...
jmj11 Posted December 27, 2010 Author Share Posted December 27, 2010 Mike, congratulations on your clinic. I started a bariatric medicine clinic 4 years ago with a partner who had the money. I had a sp locked in and one day before opening, the doc's attorney said he should get more money. I fired him before we started. He quickly changed his attitude, but it was too late. i was not going to start off my practice with bad blood. long story short, I've fired three Docs because they get greedy once you become successful. I,m in mediation with one of them for stealing my patient, my nurse practitioner and opening up his own clinic. He took all of my intellectual property and opened up 35 miles from my location. We have the top bariatric medicine clinic in CT, seeing 300 to400 patients per week. I have 17 employees and since medical insurance won't cover medical weight loss ( the number one preventable killer in the US) our practice is all cash. We are up 10 percent this year, in spite of the recession. This is the best medicine I've ever practiced! Here's my advice for what it's worth: 1) Get everything in writing 2) hire the best attorneys and accountants you can afford. 3) No partners 4) This is your passion, don't ever give up! 5) Hold on, because you're in for the ride of your life! Best of luck, and contact me if you have any questions. http://WWW.medweightlosscenters.com All that litigation would be an unanticipated, freakin nightmare. Link to comment Share on other sites More sharing options...
Moderator ventana Posted August 28, 2011 Moderator Share Posted August 28, 2011 great job - reading your blogs and it is great to see the ++++ signs!!! Link to comment Share on other sites More sharing options...
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