Lecture 7: The Business Flashcards by Jessica Deak

Private practice in PT is providing patient care in an environment where the clinician has complete and total ___ for patient’s well being and for admin operations of the practice.

Responsibilities

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PT Administration Organization:

What is included under “organization”

Image

Mission/vision

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PT Administration Organization:

What is included under operations?

Policy, procedures

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PT Administration Organization:

Includes ___/specialization, marketing ___ relations, business structure

Niches, public

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13:39A-3.8 Violative Acts: Professional Misconduct

Includes __ , __, ___

Billing, referral, documentation

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Code of Ethics for the PT:
3A- ___ and objective professional judgment in the patient’s best interest in all practice settings.
7A- Promote Practice environments that support autonomous and ___ professional judgments.
7F- Refrain from ____ arrangements or other arrangements that prevent PTs from fulfilling professional obligations to patients.

Independent
Accountable
Employment

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Private practice structure:
___ time or ___ time.
Private practice organizational formats includes ___ practice, ___ or ___. Private practice can occur in ____ clinical settings.

Part, full
Solo, partnership, corporation
All

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Is private practice for you?

Qualities: Dedication, ____, ____, ____

Hard work, curiosity, sacrifice

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Private practice unknowns and risks:

_____, ____, ____

Personal, professional, financial

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Entering Private Practice:
Some factors influencing private practice:
\_\_\_\_\_: what is your competition? What’s already out there?
\_\_\_\_ resources
personal \_\_\_\_\_
Ambitions
\_\_\_\_\_ for personal risk
\_\_\_\_ community

Environmental
Financial
Obligations
Tolerance
Referral

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Advice from the Field:
\_\_\_\_ mentality
Set your \_\_ \_\_: Patient care.
Meeting patient needs is \_\_\_ \_\_\_.
Willingness to do non-patient care activities including learning \_\_\_ principles, \_\_\_ principles, and \_\_\_ principles.

Entrepreneur
Bottom line
Core element
Business, financial, management

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Benefits of private practice include: (4)

Financial incentives
Autonomy/control of professional practice
Assuming leadership role
Community involvement

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PT: A small business.
Small business employs ___ people.
Cost effective ____ ____.
Can react quickly to ____.

<20
Service delivery
Change

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Threats to private practice:
Professional- ____ entities, ___ owned PT
Personal- Stressful on family life

Corporate, physician

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Private practitioner characteristics:
More (men/women) than (men/women).
Innovative creative
Independence
Risk tolerance
Explorer

Men > women

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Getting started requires: (5)

Experience
Planning
Self-assessment
Philosophy/values
Goals

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Hire a “few good people”: (3 kinds)

Attorney, accountant, billing person

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Attorney should review ___, partnership ____.
Accountant should ____ on how to establish business.
Billing person should set up __ __ and help make ___ for panels.

Contracts, agreements
Advise
Billing system, contacts

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Licenses/Registrations Needed: PT license in every ____, specific __ and ___ __.
Facility licensure: __ __
Practice licensure or registration

Jurisdiction, state, local laws

Health department

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Know Thyself: (5) things (checklist from The Federal Government Small Business Administration Checklist)

Essential strengths
Essential weaknesses
Tendencies
Preferences
Values

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Explore Your Weaknesses:
Identify weaknesses
Are there \_\_\_\_ to weaknesses?
Relevant \_\_\_ education?
Choose partner with traits you \_\_\_. Hire an employe who can \_\_\_\_ your skills, and personality characteristics you lack.

Solutions
Continuing
Lack
Compliment

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Philosophy and Values:

Understand your ___ and develop comfort level with your ___ and ___.

Values

Philosophy and values

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Goals and Objectives:
Are you clear on your goals and objectives?
Are they in ___ with your partners?
Are they in ___ with your family members?
Goals = ___
____ = the road maps to get there

Harmony
Harmony
Destinations
Objectives

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Purpose of Goals:
Define the \_\_\_\_ you’re going
Balance \_\_ and \_\_ roles
Few people have discernible \_\_\_range goals.
Fewer people have these goals in \_\_\_.

Direction
Work, life
Long
Writing

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Life goals can include: (6)

``` Personal well being Affiliation goals Work group goals Community goals Environmental goals Spiritual goals ```

Persona well being includes:

Physical health Mental health (Necessary to achieve any other goal)

Affiliation goals: (2)

Family, personal friends

Work group goals: Professional associations including ___ and ____. Community groups including ____ ____. Work related friends including ___ and ___.

Membership, involved participation Professional affiliations Social, professional

Community goals are relationships with other community members including (3)

Civic Recreational School

Environmental goals include ____ of natural resources, ____ areas.

Preservation, recreational

Spiritual goals include involvement in a community of __ __ __.

Shared religious belief

Planning: | Formal planning results in ___ ___. Good plan is ___. Synthesize ___ and ___. Plan enhances the odds for ___.

Strategic thinking Visionary Intuition, creativity Success

10 reasons why you should develop a business plan in writing: Look at business idea and how it will ____. Bridge the gap between idea and ___. Identify problems and thinking about ____. Creates a path to follow during the ____. Comparison of performance to ___. Facilitates discussion with associates and ____ ____.

``` Develop Reality Solutions Development Plan Family members ```

10 reasons to develop a business plan part 2: Establishes ____ among _____, contributors, and potential _____. Avoid errors by ___ ___ early enough. Develop a time line for ______. Acts as a ___-___ tool.

Credibility, investors, lenders Identifying them Implementation Self-assessment

Process of Business Planning (4)

Dream Talk and listen Do your market research Put it in writing

Process of Business Planning: | Dream: most of the plan is __ __ __ when you start.

In your head

Process of Business Planning: Talk and listen: Other professionals- _____ Bankers, __ __

Network** | Family friends

Process of Business Planning: | Do your market research- ______

Demographics

``` The ____ ____ ____ by Stein (12 step process) includes: Cover page Executive summary Table of contents Business description Financial information Supporting information ```

The Business Plan Format

``` The ____ ____ explains the ___ of the business. It includes: Purpose of business Identity of person requesting funds Amount and type of financing requested Amount of equity the owners will apply to business Use of funds When fund will be needed Goals and market potential Collateral available to secure the funds ```

Transmittal Letter | Nature

What are 3 uses of a business plan?

Secure funding Guide business in all of its endeavors Education

How does the business plan affect: | Securing funding

External review of plan

How does the business plan affect: | guiding the business in all of its endeavors

Picture of where business is going Means of tracking business Identification of variances

How does the business plan affect: | Education

Keep people informed of purpose and goals | Use as baseline to compare goals to actual

``` Business basics include infrastructure, such as: Systems Surround self with ____ Economics Keep _____ low Planning ____ ```

Great people Overhead Timelines

``` Clinical preparedness includes: ____ of practice Previous ____, including ____ ability and treatment ____ ability. ___ ___ ability. Referral system ```

Scope Experience, diagnostic, planning Decision making

Regulatory issues include these 4:

Local laws State laws Federal laws Ethics

Regulatory Issues: | What is included under local laws?

Zoning

Regulatory issues: | What is included under state laws?

Licensure

Regulatory Issues: | What is included under federal laws?

Medicare, Stark, Anti-Kickback

Market Research: 1. Identify desired _____ (maturity of the ____, ___ for healthcare) 2. Identify the ____ for the location (age, income, ___ ___ penetration, ____- current and anticipated) 3. Providerships available (____ open)

Location, community, climate Demographics, patient care, competition Panels

Business structure includes (2)

Tax structure | Legal structure

What are the tax structured business structures? (2)

For profit | Not for profit

What are the legal structures of business structure? (3)

Sole proprietor Partnerships Corporation

``` Other considerations: Contracting services Choosing 3rd party ___ participation Involvement in ___ health Joint ventures _____ participation ```

Reimbursement Home Network

The Challenging and Changing Environment: Less say in the type of ____ provided. ___ ___ practice, knowledge of ____.

Interventions | Evidence-based, outcomes

The Challenging and Changing Environment: | ______ and clinical work overlap. Greater knowledge of ____.

Management | Both

The Challenging and Changing Environment: Shared interest of ____ and ___ ___ ___. ___ management, outcome expertise.

Provider, third party payer | Risk

``` Ongoing Program Assessment: Review objectives- must know the __ __. Describe the business in a single ____. Identify __ priority goals for the year. Strengths and weaknesses in meeting the goals. ____ of business. ```

Starting point Sentence 3 Vulnerability

Ongoing Program Assessment: Refine your ____. List primary competitors- ___ and vulnerabilities of each, competitive ___. Identify what can be offered not currently available. What gaps in service should be explored? What ___ ___ is there? What ___ do you need to position yourself?

Focus Strengths, advantage Competitive advantage Resources

Lecture 7: The Business Flashcards

(60 cards)