#202: Tactical Tuesday: Open your Practice for Less than 20K

07/27/21 • 13 min

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast discusses how to open a healthcare practice with low startup and low overhead costs for under 20K. He recommends starting small in terms of space and staff. He also highlights certain services that don’t require expensive equipment to help further reduce costs.

EPISODE HIGHLIGHTS:

There are four key factors for starting lean when you open your healthcare practice.
First, start small in terms of size. You don’t need a 7000-10,000 square foot space to launch your business.
Also, sign a short-term lease for one year. Or consider renting an exam room from another clinician’s office.
Most patients don’t care about the physical size of the practice. They care about the quality of care they’ll get and the results you can provide.
Second, open your practice with you as the sole service provider. Be prepared to wear many hats; be ready to chart and manage administrative tasks.
Labor will be one of the highest expenses incurred once you begin hiring clinicians to see and treat patients.
Third, consider alternatives to a physical space such as a mobile, virtual, or home-based practice that allows you to make house calls or provide services at long-term facilities.
Fourth, consider having an aesthetic focus (botox, microneedling, etc.) to help reduce equipment costs. Lower overhead means greater profits.
There’s a misperception that healthcare practices are expensive to launch. If you keep overhead low and work lean, you can open for under $20,000.
Reinvest profits to see more growth.
Build your business and build tax deductions.

3 KEY POINTS:

Start with a small practice or a small clinic.
Start with one or two clinicians. If you want to keep expenses low, be the sole clinician (initially) and then hire a part-time receptionist.
Aesthetics services including botox, microneedling, platelet-rich plasma (PRP) therapy, IV therapy, ketamine therapy, and hormone replacement therapy are some services that don’t require a lot of overhead in terms of equipment and supplies.

TWEETABLE QUOTES:

“We all want overhead to be low because overhead eats into profit.” - Jason Duprat

“There’s a big misconception that all medical practices cost a fortune to get started.” - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

OVERVIEW:

EPISODE HIGHLIGHTS:

There are four key factors for starting lean when you open your healthcare practice.
First, start small in terms of size. You don’t need a 7000-10,000 square foot space to launch your business.
Also, sign a short-term lease for one year. Or consider renting an exam room from another clinician’s office.
Most patients don’t care about the physical size of the practice. They care about the quality of care they’ll get and the results you can provide.
Second, open your practice with you as the sole service provider. Be prepared to wear many hats; be ready to chart and manage administrative tasks.
Labor will be one of the highest expenses incurred once you begin hiring clinicians to see and treat patients.
Third, consider alternatives to a physical space such as a mobile, virtual, or home-based practice that allows you to make house calls or provide services at long-term facilities.
Fourth, consider having an aesthetic focus (botox, microneedling, etc.) to help reduce equipment costs. Lower overhead means greater profits.
There’s a misperception that healthcare practices are expensive to launch. If you keep overhead low and work lean, you can open for under $20,000.
Reinvest profits to see more growth.
Build your business and build tax deductions.

3 KEY POINTS:

Start with a small practice or a small clinic.
Start with one or two clinicians. If you want to keep expenses low, be the sole clinician (initially) and then hire a part-time receptionist.
Aesthetics services including botox, microneedling, platelet-rich plasma (PRP) therapy, IV therapy, ketamine therapy, and hormone replacement therapy are some services that don’t require a lot of overhead in terms of equipment and supplies.

TWEETABLE QUOTES:

“We all want overhead to be low because overhead eats into profit.” - Jason Duprat

“There’s a big misconception that all medical practices cost a fortune to get started.” - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Previous Episode

#201: Shelley Christ: Finding Hope & Healing Through Ketamine Therapy

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast talks with Shelley Christ, DNP, PMHNP, and Co-Owner of Hope for Healing. Shelley discusses her journey as a business owner and the steps she took to open her practice. She also offers advice for people who want to start their own practice.

EPISODE HIGHLIGHTS:

Shelley is a board-certified psychiatric mental health nurse practitioner with a Doctor of Nursing Practice degree and 30 years of experience as an RN.
Hope for Healing opened in January 2021 in Avon, Connecticut. Once she completed the Ketamine Academy course, it took Shelley three months to open the practice. The course taught Shelley about scope of practice, state laws, malpractice insurance, as well as staffing and supply requirements.
Shelley had owned a home health business so she was already familiar with policies and procedures, hiring people, and managing employees.
Her goal for Hope for Healing is to create a spa-like atmosphere with a warm, welcoming environment and to ensure a high level of customer service. This includes someone always being available to answer the phone so patients can schedule appointments with no waiting. Comfort touches include massage and anti-gravity chairs, drinks, snacks, and blankets.
Shelley talks about different models for cognitive behavioral therapy (CBT).
She shares her own experiences with treatment-resistant depression which eventually led her to try ketamine therapy.
Her advice to people who want to start their own practice: If you can’t go without the income from your work, go slow.
Invest in a good marketing agency that understands what you’re trying to get across.
When it comes to staffing, Shelley knew a lot of people already. She hired new staff through word-of-mouth and placed ads on LinkedIn and Indeed.
Services are private pay. She does provide patients with a superbill that they can submit to their insurance companies.
Shelley is passionate about her vision and the people she cares for. Her business focus is to attract, love, and nurture people.

3 KEY POINTS:

Shelley’s previous experiences as a business owner, coupled with what she has learned from the Ketamine Academy course, have helped her launch and run her own practice.
Hope for Healing follows a holistic approach, combining low-dose ketamine infusions, medication management, and a short-term CBT program.
After her own positive experience with ketamine, Shelley feels her purpose is to help as many people as she can—people who suffer from depression, anxiety, and post-traumatic stress.

TWEETABLE QUOTES:

“When we make changes in the way we’re thinking... we feel better and we do better.” - Shelley Christ

“With ketamine - within two weeks and by my sixth treatment - I was back to myself.” - Shelley Christ

“If you want to make it work, you’re going to make it work.” - Shelley Christ

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Next Episode

#203: Matthew Zachary: Blowing Up the Status Quo for Health Equity & Patient Advocacy

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast speaks with Matthew Zachary, Founder, and CEO of OffScrip Media. Matthew talks about launching his nonprofit organization Stupid Cancer and his audio broadcast network, OffScrip Media. As a cancer survivor himself, Matthew also shares his personal experiences and passion for patient advocacy. This interview contains explicit language.

EPISODE HIGHLIGHTS:

Before graduating from college, Matthew was diagnosed with brain cancer. He was given six months to live and told surgery was the only option.
Following the surgery, he remained unhealthy for five years. He found hope and inspiration by playing the piano, which became a part of his rehabilitation.
Matthew launched his nonprofit, Stupid Cancer in 2007. He wanted to provide a voice for young adults living with cancer and build community instead of isolation.
He launched the first health radio show in 2007. He built the first international trade show for young adult cancer survivors and also developed an e-commerce website.
Under his leadership, Stupid Cancer became a powerful brand in cancer advocacy. His nonprofit had an impressive portfolio of revenue channels and used net margin profits to pay the bills and reinvest in growth.
Matthew stepped down as the CEO of Stupid Cancer and became the strategic advisor in 2019.
Matthew advises running a charity like a business. There are challenges when starting a charity.
He references Dan Pallotta as an expert on cause marketing and someone who understands the fragility of the 501(c)(3) tax-exempt status.
You can grow and scale a charity without donors.
You need hardcore customer experience to appreciate volunteer management.
After taking a sabbatical in 2019, Matthew realized he missed being behind the mic. He launched OffScrip Media, the first digital health podcast network focused on patient advocacy, education, and empowerment.
OffScrip Media features nine shows, including Out of Patients, which he hosts.
Today, Matthew is focused on scaling his media company by acquiring and incubating podcasts. He advises on audience cultivation and monetization.

3 KEY POINTS:

Matthew’s cancer diagnosis and personal experiences inspired him to start Stupid Cancer. His nonprofit ignited a global movement advocating for adolescent and young adult cancer programs.
A nonprofit organization is still a business, and running one doesn’t mean you cannot make a profit.
Don’t start a podcast until you’ve done your due diligence.

TWEETABLE QUOTES:

“We did things [for] cancer... because we could, and we kept getting funding for it.” - Matthew Zachary

“If you don’t know how to run a company, don’t start a charity.” - Matthew Zachary

“Even outside of healthcare, Gen X is just a lost conversation.” Matthew Zachary

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea