One of the most costly expenses your practice can endure is staff turnover. We recommend developing a strategic employee incentive system that addresses benefits, compensation, appreciation, and recognition. Team refers to internal staff and outside consultants such as a lawyer, accountant, bookkeeper and medical biller. Watch our product videos to see how Valant’s EHR and practice management system streamlines operations for mental health private practice Insurance refers to the package of insurance that you’ll need, including general liability, professional liability, or any other insurance you might want for you or your staff (medical, dental, and long and short term disability).Īn electronic health record has the potential to influence and streamline all operation models, so it is important to have the right EHR in place. Operating processes can be broken up into four categories: facilities, front office, back office, and insurance.įacilities refers to your plan for location, furniture, phone, internet, hardware, and any other tangible item or service that enables you to provide your clinical services.įront-office refers to your plan for handling non-clinical patient facing interactions such as your intake process, administrative phone calls, reception and scheduling, eligibility and verification checking, handling of patient payments, no show and cancellation policies, and prescription management policies and procedures.īack-office functions are dominated by medical billing but could also include transcription services and handling of documents. Mental Health Practice – Operations Model: If you do plan to expand to a group practice, you should probably consider an LLC or S corporation so you have the option of continuing under the same tax ID number, but we recommend consulting with a local accountant and lawyer with experience working for other health care providers before deciding. The choice is based mainly on relative costs, tax implications, and general business liability (rather than professional liability). The three basic choices for your psychiatric business entity are: sole proprietorship, LLC, and S corporation. What is your service delivery model? What kinds of patients do you want to see, including age range and presenting problems? How many hours per week do you wish to work and on what days? What types of services will you provide (e.g. But what makes your services unique? What value are you bringing? Make sure when you are drafting your mission statement you answer these four questions:ĭescription of your Practice and Service:
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