There are many things that require your attention when starting a practice and for those of you who have done it, you understand what I mean. Starting a new practice has to be one of the most stressful and trying times for a physician. It would seem as though all physicians also need an MBA in business to successfully navigate their way through the maze of regulations, rules, and red tape.

We have identified some of the critical components that are key to a successful practice start up. There is obviously much more that will require your attention, but these are some of the areas that are often overlooked or neglected.

Develop Business Plan and Strategy- This should involve a detailed business plan identifying a need in your community, anticipated payer mix(primarily Medicare, Medicaid, Commercial, etc), common CPT Codes with the expected reimbursement, billing efficiency, anticipated growth rate, marketing strategy, referral strategy, business development plans and overall business objectives.

If you are a radiologist coming to a new community, you need to do just like any other business and determine the need. You should do your research first and foremost and find out how many radiologists per person currently are in this area and compare it to the national average.

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