White Coat Investor Podcast

WCI #227: Starting a Medical Practice

Sep 9, 2021
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ADVICE

Start Credentialing And Online Marketing Early

  • Start credentialing and insurer applications months ahead because processing lags are long.
  • Build a website early and learn SEO and Google Ads to drive leads for cosmetic practices.
ANECDOTE

Insurance Rates Forced A Business Pivot

  • Their insurer contracts paid below Medicare rates for some codes, so they declined those contracts.
  • That forced them to pivot to an all-cosmetic, cash-pay business model instead.
ADVICE

Verify Health Plans Before Offering Them

  • Test employee health plans and verify local provider acceptance before offering them.
  • Consider subsidizing individual plans or HRA-style reimbursements if group coverage is too costly.
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