Catalyst Consulting specializes in physician practice startups, providing a wide array of accelerated turnkey services. We specialize in identifying and completing a series of sequential “events” within each practice in order to open your business to the public on a tight schedule.
Our business model uniquely focuses on a team approach wherein experts in each field fulfill each of their minutely-detailed responsibilities on a timely basis. All aspects of this project management are accomplished efficiently, while keeping you, our client, fully informed as milestones are achieved.
We initially seek to reference top level legal and accounting counsel, which is necessary prior to establishing the business & tax structuresthat will benefit you most. The articles of association (incorporation), along with the tax identification numbers are essential for the credentialing and insurance contracting that take place during the startup process, and continues throughout the life of your practice.
An integral part of the startup process is the development of a viable financial pro formathat is used by you, and by lending institutions to provide a basis for your banking needs. Generally, this pro forma provides an overview of your operating expenses and accounts receivables over a three year period.
Catalyst, via a series of orientation visits(office and/or conference calls) with your assistance, will assemble all information as it pertains to your specialty in order to determine your needs and professional goals. We can then specify and request proposals from vendors to meet your personal and professional needs.
Among these third party proposals from reputable vendors that most startups need to consider include, but are not limited to:
|•||Banking Services (free-standing real estate development, leasehold improvements, equipment, revolving line of credit, lockbox & courier services, insurance, business & personal checking, terms and rates; see below for additional information).
Once these needs have been discussed, assessed and decided on, the cost of all products and services are made part of the banking pro forma. All initial and ongoing expenses are incorporated, and together with projected income streams (using medical industry benchmark assumptions for your specialty), we are all now better able to analyze the long term profitability of your practice.
Upon the closing of your bank loan, Catalyst Consulting will assist you with your final decisions regarding all outstanding proposals. Then our project managers will monitor the timely delivery and installation of all products and services as scheduled.
|•||Facility Design & General Construction (architectural designers, civil-structural-mechanical & electrical engineers, general contractors, landscaping, signage, and all other key subcontractors such as plumbing, heating-ventilation-air conditioning, security and electrical trades).|
|•||Insurance (life for collateralizing your bank loan, personal disability, professional liability, property & casualty, special office contents, builder’s risk during construction, worker’s compensation, personal and employee benefits, such as health savings accounts, among others).|
|•||Office Furnishings (office-waiting room-break room desks, tables, chairs, sofas, filing cabinets, lamps, aquariums, refrigerators, window treatments, framed artwork, interior landscaping; delivery and installation).|
|•||Medical & Clinical Equipment (all exam room & facility equipment based on your specialty; delivery and installation).|
|•||Telecom & Office Equipment (telephones, computers, PC tablets, printers, scanners, paging-dictation-PDA devices, paper shredders, IT networking services; delivery and installation).|
|•||Office Staffing & HR Compliance (advertising, interviewing, hiring, compliance).|
|•||Software Packages (electronic medical records, appointment scheduling, and billing among others if a paper-based system is not used).|
|•||Payroll Services (if payroll is not handled Internally, otherwise Catalyst Consulting assists your office manager with these responsibilities).|
|•||Billing Services (if billing is not handled internally, otherwise Catalyst Consulting assists your office manager organize these policies and procedures).|
|•||Marketing Services (strategic marketing consulting, identity & brand creation, printing, event marketing, direct marketing such as mailing campaigns, traditional advertising and interactive marketing, e.g. website development and maintenance).|
During the course of the entire project, the Catalyst Consulting managers in charge of your credentialing and contract management are working diligently to secure your hospital privileges, and to finalize your insurance contracts with PHOs, designated IPAs and other managed care carriers.
The Catalyst Consulting contract manager makes every effort to have in place all of these contract requirements by the time you open your practice, but it should be noted that many insurance carriers often take much longer to secure. The progress made with each request is carefully monitored, and reported to you on a regular basis.
Upon request, Catalyst Consulting can provide you with a separate proposal each to assist you with you with construction management, practice management, and even with your move-in.
Similarly, Catalyst Consulting can provide you with a proposal for ongoing credentialing, contract management, practice management and referral marketing. Please feel free to contact us should you have any questions.