I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
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Practice plan outlines vary in their complexity. Depending on your situation, you may just want to follow a fundamental practice plan outline. Regardless, the process of sitting down, creating your practice plan outline, and writing a practice outline is one of the most valuable exercises you will do.
What a basic physiatry practice outline entails
Your practice outline is similar to a business plan in that it can not only inform potential partners and investors, but it also serves as your compass. As with a business plan, your practice outline should include several components. Here’s a guide for a basic outline:
List your practice credentials
Why are you qualified to start this practice, provide these services, and/or sell these products? Consider past and present employment, volunteer opportunities, and even articles you may have written. Just make sure it’s all relevant to the service and/or product offered.
List your staff
Is it going to be just yourself? Or do you have a definitive plan regarding when you will hire marketers, technical staff, administrative staff, or even sales staff?
Project revenue
Will you be selling services along with providing your medical care? Will you be selling products, or will it be a combination of both? How much revenue will come from your products? How much profit will come from your products? How much revenue will come from your services? How much profit will come from your services?
Sales and marketing plan
Outline your major sales and marketing activities: the things you’ll do to bring in key, ideal patients. Talk about what you are doing on a month-to-month or week-by-week basis. How much time do you think it’s going to take up? And how much money do you think it’s going to cost you to execute?
Operations
Where will you be located? Is it a home office, online, or even a rented space? How will you get to your patients’ place of comfort? Will you need a personal car, or will you lease the vehicle? Will you need to rent facilities from time to time for meetings, seminars, or other critical practice related gatherings?
Finance
What capital do you need to start? Where will you get this capital? Where will you get additional money during your first year in practice?
Salary and payroll
What are your expectations for your paycheck or drawings? Do you have to pay staff as well? This is your compass, so remember to be detailed and realistic.
The expertise of principles
What kind of skills and experience do you bring to the table that will value this practice venture and be valuable to the patients you want to join your practice? Consider the hard (e.g., licenses, degrees, certificates, etc.) and soft skills (e.g., good bedside manners, emotional intelligence, listening skills, etc.).
The bottom line
Practice plan outlines can be as detailed as you want. The most important aspect is that your physiatry practice plan outline covers the basics. Ensure the practice plan outline you adopt allows you to answer the Five W’s, and provides you with a plan for how you will start and operate your practice.
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I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Follow me on social media @DrHassanRehab.
