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PA Owned Headache Clinic--An Update


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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.

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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.

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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:

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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.

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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

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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.
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