Doctor starting his own practice

[mattbeckwith]

Hi, I'm in the planning stages of starting my own practice. It's a very exciting process, starting your own business. There's been a lot to learn, but it's been a lot of fun.

One fabulous resource I've found is a product I purchased on the Internet, which is an Excel spreadsheet with macros. It's a business planning tool, with interlocking spreadsheets. You change one number and all the numbers magically get re-calculated, the graphs change, etc. It's really cool.

At first I thought I had all the numbers just right, but then looked at the cash flow portion. My cash flow was negative for a few months late in the first year. So I had to re-evaluate some of my assumptions. Actually had to take a cut in pay the first year to make it work.

I'm looking forward to corresponding with others here starting their own businesses as time progresses, and I get farther into my new endeavor.

I notice this forum is located in the UK. Are there people posting here who live in the United States? I imagine some of the details of running a business vary across the pond.

[Ian J]

Hi Matt and welcome. This is a UK based forum but with members from around the world including USA. There will be some differences between US and UK business practices, mainly commercial law and some finance, but business basics will be similar

[Rachel1980]

Hi Matt,

Welcome to the forum. I am based in New Zealand so yes the site is fairly global Congrats on the start of your new practise. It must be a very exciting yet nerve racking time for you. Once you open your doors i'm sure things will run smoothly for you. When do you open officially?

Good luck and I look forward to "seeing you round" Teneric.

Rachel

[mattbeckwith]

I hope to open my doors April 1st, but this is not yet decided.

As a doctor in the United States, I have to get credentialed on insurance plans before I can see patients. (Not strictly true--I could see them for cash, but nobody with insurance wants to pay cash.) This process takes 3 months, and I'm just getting started on it. Once the applications for credentialing are submitted to all the insurance companies, I'll project a start-of-business date 90 days thence.

Currently I'm in negotiations with the bank on how much money I'll need for the start-up. I think $250,000, they think $210,000. I don't want to be under-capitalized.