What Sort of Budget Do I Need for Medical Integration?
What Sort of Budget Do I Need for Medical Integration?
While broadening your scope of practice to offer more services is a noble idea, medical integration certainly requires a financial commitment which makes many doctors feel uneasy and even apprehensive.
Understandably, many doctors are worried about the “unknown” financial investment one will need to consider. Even though many positive feedbacks have been publicized about medical integration, the negative aspect we mostly hear today, is the huge initial monetary commitment it requires.
But does medical integration actually “demand” a big financial investment?
Given what we know today, do these “new” doctors have valid concerns?
What is the “true” cost consideration to open an integrated medical center?
There is no doubt that the success of an integrated medical center is based on its viability to survive through the many changes it will experience in its infancy. So, let us explore the two main initial areas of concern. In my 26 years of experience as a consultant, and the longest practicing consultant in the nation for medical integration, I can outline two major financial areas for creating an integrated medical center.
- Qualified legal representation
- Professional medical and support staff
- Qualified Legal representation:
To ensure that a newly integrated medical center is “properly” established, there can be no option but to retain the services of a qualified health care attorney. The national amount for legal fees for medical integration, ranges from about $3000 on up. Again, according to your attorney’s advice, you may need to have multiple contractual agreements in place. Indeed, depending on each individual state requirements, there maybe the need to create one or more corporate entities which may add to the cost of your legal representation. Just as well, setting up new corporations will invariably add accounting expenses. With over 26 years of experience as a consultant, I am proud to say that I have extensive experience in this field and by having assisted over 1256 centers in 45 states, I can unequivocally state that in regard to legal representation, on must make sure to only work with qualified health care attorneys. I can assure you that carefully following this advice will save any doctor, years of anxiety and thousands of dollars.
- Professional medical and support staff:
Secondly, one of the ongoing expenses that a newly medical integrated center will incur, is the addition of medical and support staff. The professional licensed medical team and added staff members will add significant fees to the clinic. Hence, the clinic owner must be prepared to assume the added expense and expect these constant recurring costs to increase over time as the clinic grows. It is however critical that the owner creates a well outlined plan with a sound budget. As the saying goes “Not having a plan, is a plan to fail”. Why would anyone invest time and efforts into any venture without having a solid budget in place? Over the past many years of my professional life as a consultant, I have spoken to thousands of doctors who did not take the time and conscientiously sit down and clearly develop a concrete budget with proper allocations and ended up regretting not taking my advice.
Successful practices must invest time to create and manage a budget, prepare and review a solid business plan and regularly monitor financial reports and performance. A structured planning can make all the difference to the growth of your business. It will enable you to concentrate resources on improving profits, reducing costs and increasing returns on investment. The key benefit of business planning is that it allows you to create a focus for the direction of your integrated medical center and provide targets that will help your clinic grow. It will also give you the opportunity to stand back and review your performance and the factors affecting your clinic.
Sound business planning will ensure:
- A greater ability to make continuous improvements while maneuvering around obstacles as you acquire more patients.
- Sound financial information on which to base future decisions managing your medical staff.
- Improved clarity and focus on new medical services you wish to add to your clinic.
- A greater confidence in your decision-making.
I can unequivocally attest to the fact that my clients who have followed this advice, have greatly enjoyed the financial rewards of success earlier in the game and with less worry.
So, in conclusion, I must again reiterate as I often do on my Dr. Dahan Daily Live Radio Show, that medical integration is simply not for everyone. If you wish to succeed, you must do your homework seriously so that you can have a strategic plan of action with a well-designed detailed step by step managerial program to lead you to success.
COA’s Medical Integration is USA’s most trusted and reputable program. Dr. Dahan, America’s most recognized leading expert authority on Medical Integration has guided thousands of doctors reach their ultimate potentials. Dr. Dahan owned and managed his two clinics for twelve years in Southern California before he became a consultant. His direct and simple approach as well as his ability to take very complex business and life issues and translate them into real life lessons, has been the hallmark of his success. In the fall of 2019, Dr. Dahan was exclusively chosen to host the Doctors Daily Live Radio Show, addressing physicians’ issues while influencing doctors to reach higher potentials. With brilliant marketing strategies, unmatched healthcare consulting experience and clinic integration expertise, Dr. Dahan has so much to offer. A gifted speaker and accomplished writer, Dr. Dahan shares his advice in his unique, informative manner. His Wisdom Podcasts are downloaded by 52,000 global listeners daily. Dr. Dahan also writes blogs for the VJ Posts and has appeared on the Charlie Harary Radio Show.
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