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Category : Entrepreneurship
Vantage Forums: Choosing the right entity for your practice
We get the question all the time: “What type of entity should I choose for my practice?”
It’s a loaded question, and depends on many factors including tax implications, legal ramifications, simplicity, liability protection, and more. Of the many great resources offered by the Small Business Administration (www.sba.gov), here is a nice and simple resource that outlines many of the factors that should be considered when choosing an entity for a practice.
via Vantage Forums: Choosing the right entity for your practice.
Vantage Forums: iPhone App Improves Patient Satsfaction
A new iPhone application improves patient satisfaction and reduces wait times at a Central Connecticut hospital system. Now how’s that for innovative marketing…
http://bit.ly/dwZqg1
via Vantage Forums: iPhone App Improves Patient Satsfaction.
Where do the entrepreneurs come from?
Ever wonder where the entrepreneurs are coming from? The 2008 State New Economy Index says it’s in the Northeast, mid-Atlantic, Mountain West, and Pacific.
The 2008 State New Economy Index indicates five states—Massachusetts, Washington, Maryland, Delaware and New Jersey—are leading the United States’ transformation into a global, entrepreneurial and knowledge- and innovation-based New Economy. The report was released by the Kauffman Foundation and the Information Technology and Innovation Foundation (ITIF) during Global Entrepreneurship Week, an initiative to inspire young people around the world to embrace imagination, innovation and creativity.
via 2008 State New Economy Index.
Vantage Forums: Health Insurance Coverage by State
The US Census Bureau has tons of great information that can be used to perform effective market analysis. One area that we didn’t cover in detail during the Market Analysis 101 presentation was the ability to obtain information on the health insured in the US.
This page (http://www.census.gov/hhes/www/hlthins/ … index.html) of the US Census website provides links to historical health insurance tables which break down the insured and uninsured by state, age, historical year, type of insurance, and more. It’s a great resource.
via Vantage Forums: Health Insurance Coverage by State.
Vantage Forums: County Health Rankings Website
During a recent Market Analysis presentation at CSM 2010, I mentioned a website link that was referenced in a recent email by the APTA. The website is called “County Health Rankings” and the url is www.countyhealthrankings.org. This is an excellent resource for market health data at the county level and provides a number of data categories as well as an explanation of the data collection methodology and relevance for each. Really a great resource and I recommend you bookmark it…remember, data is EVERYWHERE!
via Vantage Forums: County Health Rankings Website.
Vantage Forums: 10 Tips for Developing a Meaningful Market Analysis
I came across a succinct market analysis resource today and thought it was worthy of posting. It’s a list of 10 tips that can be used to develop a solid market analysis. Many of these tips were discussed during my market analysis presentation in Colorado Springs, but there are a few new ones in there as well.
10 Tips
1. Segment your market
2. Prioritize market segments
3. Collect and organize internal data
4. Collect and organize external data
5. Shop the competition
6. Conduct your own research
7. Explain market needs, growth, and trends
8. Develop metrics to compare your company with the competition
9. Understand your strengths and weaknesses
10. Apply the information
Here’s a link to the resource: http://www.stengelsolutions.com/tips_11.htm
Regards,
Tannus Quatre PT, MBA
Principal | Consultant
Vantage Clinical Solutions, Inc.
www.vantageclinicalsolutions.com
(888) 827-5613
via Vantage Forums: 10 Tips for Developing a Meaningful Market Analysis.
Remind patients: The end of the year is near (and deductibles will be renewing)
Believe it or not, it’s that time of year again.
As we quickly approach the end of October, today marks just 70 days until calendar year medical benefits will reset for many of your patients. Renewed deductibles, expiration of existing insurance plans, and the zeroing of health savings accounts will — in very short order — mean more money out-of-pocket for your patients. As you’re aware, this has a tendency to accompany the delay of non-urgent care, resulting in decreased volumes and revenues for healthcare practices shortly after the first of the year.
This cyclical nature of medical benefits should come as no surprise, as it is something we see year in and year out. The fact that there is something that can be done about it now is something that many practices neglect to realize however, leaving opportunity out on the doorstep even in light of this predictable, annual occurrence.
So, what do you do about it? The answer is simple – remind your patients. This is a busy time of year, and while patients also realize that their medical benefits will be resetting in just a few short months, day-to-day life often trumps important details like this that can result in the savings of hundreds, if not thousands of dollars in out-of-pocket healthcare expenses.
A simple form letter sent out by mail merge, a mass email distribution, individual phone calls, or in-office reminders can all be acceptable ways to remind your patients that if they anticipate the need for medical, physical therapy, or dental services in the next few months – now is the time to act.
A gentle reminder to your patients may go a long way toward saving them money, ensuring their health, and making them appreciate that you’re looking out for them in more ways than one. If you’d like some ideas on how to communicate this important message to your patients, along with examples of sample letters, don’t hesitate to contact us for more information.
Protect your patients, protect your practice
Just a very short piece here to remind all practice owners that a very simple and thoughtful step toward protecting your patients and protecting yourself against germs is to have hand sanitizer readily accessible to patients (and staff) throughout your practice.
H1N1, or “Swine Flu” is on just about every television channel and every news broadcast, so your patients are really thinking about germs right now. Anytime you have everyone focused in the same direction on a topic like this, it becomes much easier to be relevant and current with your clientele by responding responsibly. Your patients will likely appreciate your thoughtfulness in offering the simple option of keeping their hands clean as they are in your presence, and you might just kill a germ or two.
Oh, and racking your brain over your next promotional giveaway at an upcoming event? You guessed it – give people something they will actually use – small, travel hand sanitizers with your logo proudly displayed on the bottle.
Breakeven analysis for medical practices
For those starting a new medical practice, program or medical service, knowing at what point your investment will “break even” is important to determining whether or not the venture will be economically feasible. The breakeven analysis provides medical practice owners with valuable information with regard to the production and time factors involved with starting a new medical practice, program or service.
Here is a link to a free breakeven analysis calculator tool which will help you determine when your medical practice, program, or service will break even based on the entry of a few key data inputs.
If you have any questions about the breakeven analysis tool, or you’d like more help determining the feasibility of your new medical practice, program, or service, don’t hesitate to contact us directly for a hand.
_________________
Tannus Quatre is a private practice consultant and principal with Vantage Clinical Solutions, Inc., a nationwide healthcare consulting and management firm located in Bend, OR and Denver, CO. Tannus specializes in the areas of healthcare marketing, strategy, and finance, and can be reached through the Vantage Clinical Solutions website.
Physical therapy marketing course coming to Portland, OR
Vantage Education is proud to announce that a new physical therapy marketing course will be making it’s way to Portland, OR on Saturday Nov 7th, 2009 titled, Six Step Marketing for PT’s: A sustainable approach to physical therapy marketing. The one-day workshop will be lead by Vantage Clinical Solutions principal and marketing consultant, Tannus Quatre PT, MBA, and will take place at the Courtyard Marriott City Center in downtown Portland from 8:00 am to 4:00 pm.
The one-day physical therapy marketing workshop will introduce a simple and effective physical therapy marketing framework through which any physical therapy practice can achieve successful marketing results. The physical therapy marketing approach presented in the workshop has been developed by Vantage Clinical Solutions and is the same approach used in the development of physical therapy marketing strategies for physical therapy practices throughout the United States.
The physical therapy marketing course will present practical concepts, marketing techniques, and marketing tools that can be used quickly and effectively in the marketing of physical therapy services, regardless of practice setting or location. During the physical therapy marketing course, attendees will also be provided with the Six-Step Marketing Tool which can be implemented immediately upon course completion.
The Six-Step Marketing for PT’s workshop is intended for physical therapy practice owners, administrators, marketing coordinators and staff, and is guaranteed to change the approach used for physical therapy marketing practices. For more information on the course, or to register by phone or fax, please download the Six-Step Marketing for PT’s flyer or call Vantage Clinical Solutions at (888) 827-5613.
Seats are still available, but registration for this event ends on October 30th, 2009 at 5:00 pm PST, so hurry to guarantee your spot today!
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