The Physician Practice Business Plan is a continuous document to focus on a practice business strategy, developed and written by each student in Sessions 2, 4 and 6. A portion of the Physician Business Plan is written during these weeks. The HEADINGS for each assignment originate from the assigned reading from the textbook. Minimum 6 pages in length in Sessions 2, 4 and 6 excluding title, table of content and references pages with 5 – 7 scholarly peer-reviewed references. The textbook is not considered a peer-reviewed reference. The title page is first and it will be followed by the Table of Content. Each weekly paper will follow APA format and standards.
Research Paper – Develop Physician Practice Business Plan for your Medical Group. As the practice leader, write a realistic Physician Practice Business Plan# 2. Provide a Continuous Table of Content (TOC). As a continuous document it means this second research paper should start off where your first paper left off so the pages “line up” with your TOC. As an example, if your first paper ended on page 9.Then, begin this paper on page 10. Do this for your final paper was well.
Discuss the below areas this week as part of your Practice Business Plan:
USE THESE HEADINGS IN YOUR PAPER:
Fixed versus Flexible Budgets (Explain the difference between fixed and flexible budget in a paragraph – what are your concerns here? How can it affect your practice?)
Develop and display an Operating Budget (categories and totals only): Operating Monthly Budget – This is an example of categories: the list is not all inclusive – you can add more categories
This is your revenue source from 3rd party: Medicaid, Medicare or the insurance companies you are contracted with refund from insurance companies (what are you expecting? Based on your office fee and schedule
Income – Expenses:
Capital Needs/Long-term needs
Benefits Provided by the Practice (example – vacation – how many vacation/sick, physician & employees? life insurance, 401K? Company match? etc.)
Staff salaries/raises/bonuses/job performance
Accounts Receivable Management