FAQs
What sets you apart from other consulting companies that do practice startups?
Some people play golf, Tiger Woods is a golfer. Some cook, Mario Batali is a chef. Some invest, Warren Buffett is a financial expert. Practice startups are what we specialize in. MPSG has the unique blend of business and health care expertise that medical practices require to succeed in today’s challenging market. We are passionate about our work but we limit the number of setups we do each year in order to control quality. Our 21st century “business without walls” structure means we can charge leaner consulting rates because you are not paying for expensive office buildings and burdensome infrastructure. A return on investment focus, do-it-yourself options, best in class financial analysis and the health care consulting industry’s only satisfaction guarantee.
Do I have to pay a flat fee for any services?
No. We bill by time and you will always know in advance how long practice setup project components will take, so there are no surprises and no payment for unused services.
How long will it take to set up my practice?
We can do it in a month, we can do it in 12 months, some take longer. It depends on the complexity and urgency of your situation. If you are building or renovating space, need to hire staff and obtain financing, we suggest that you give yourself plenty of extra time; 7 - 10 months is recommended.
Are you able to set up my practice if you are five states away?
We find that great results trump proximity every time. The core of MPSG’s strategy is detailed and efficient execution of a well-planned and informed set up project. We will achieve timely and successful implementation through our unique combination of project management skills, sophisticated information technology, and hands-on health care experience. With our discounted travel rates, our average travel expenses account for less than 4% of the startup budget - less than one month of office supplies.
How can I be sure that I get your best employees rather than someone who is simply not busy at the time?
By design, our quality, speed and agility are controlled by our size and selectiveness. We are a small group of independent specialists having strong relationships with trusted industry-leading vendors. We are passionate about our work so we limit the number of startups we do each year to control quality, and strange as it may seem, limit our size.
I’m unsure if I am able or willing to start a new practice. Can you help me decide?
We believe our startup feasibility analysis is best in class. Our uniquely precise process includes professional and personal goal clarification, financial projections, cost-benefit analysis, market and competition overview, and real estate inventory overview. The feasibility analysis is perhaps the most critical of start up steps for any business because it can not only help you make the right decision, it can ensure a more timely and efficient practice start up. Banks and realtors love MPSG and we’ll tell you why. They know that behind their client stands a smart, experienced health care business professional who is going to maximize gain and minimize risk. Recently, we had a loan officer tell us that he had never seen, in his 23 years, as well put together a business plan as the one put before him by MPSG.
Do you help hospital-owned practices?
Hospitals are not immune from the challenges of practice startups. Our lengthy experience in managing hospital-based practices makes for an effective and efficient startup of these owned practices.
I have a small practice and a small budget. Can you still help me?
We have this little game we play at MPSG. Our goal is to make up twice our total fees in money you would have otherwise spent. Buttoned up financial pro forma and a well-crafted business plan are likely to get you better finance rates with a bank. Our vendor relationships - office supply, medical equipment, architectural, IT, phone equipment - save you lots of money. Micro to Macro, MPSG can handle it.
How can I be sure I am getting the specialized expertise my practice deserves?
Don’t take our word for it, call our past clients and vendors and ask them what they think of us. In fact, we are so confident you will shout our praises from the roof of your new practice, we back our work with perhaps the health care consulting industry’s only guarantee. We believe new medical startups require significant depth and breadth of knowledge assets - business, health care, project management, leadership. At Medical Practice Start up Group, startups are the core of what we do.
I am fresh out of residency and have significant debt. Is it realistic to take on more debt to start my practice?
Perhaps, perhaps not. What we can tell you is that if you take us up on our free consultation offer, you are going to have a leg up on what your next professional move should be. And if you hire us to conduct a feasibility analysis, you are going to have a very detailed and accurate answer to the various “what if” scenarios you’ll need to consider.
I am joining a group practice. Can you help with that?
In a word, yes. Evaluating a group practice opportunity is as important as an independent start up. The key operatives here are fit and agreements. Is the practice the right size, location, philosophy and culture for you? If so, can you create the necessary contracts (governance, buy in, buy out) that protect you and your patients while promoting good will among the partnering providers? MPSG can.
I think I have the knowledge, resources and budget constraints to set up my own practice. Do you have a “Do It Yourself” option?
Chances are, as a physician, your time is better spent with patients, and taking on a startup on your own could prove to be a time consuming venture but who are we to judge? You can buy our “Practice Set Up Guidebook” for a fraction of the cost and with minimal, but focused guidance from MPSG, you’ll be off to the races.
I am leaving a group practice. Can you help me with that?
For doctors in transition, starting or relocating a successful physician practice calls for vital knowledge and expertise in a wide range of issues - operations, human resources, financial management, legal and compliance rules, real estate, facility design and construction, information technology, leadership, and professional credentialing to name a few. Our expertise in practice governance and contracts can help create a smooth exit from your existing practice. Our marketing research can help you choose the best re-location. MPSG will ensure that your practice transitions fully in tact and ready to flourish.
My last experience with a health care consultant left me with unchanged operations, a $40,000 bill and a pretty report that sits on a shelf. How can you achieve different results?
The unique MPSG practice improvement model avoids the “consult-and-run” style of client interaction that commonly leaves practices wanting. We find that the traditional three-week flurry of concentrated consulting activity generates good intentions that are soon eclipsed by the every day demands of the practice. MPSG is reinventing health care consulting with a work model that focuses on lasting improvements. Less talk, more doing. Less report writing and more change installations. Our consulting program limits the number of clients we can take on in a given year, but we’ll take superior results with 10 happy clients over 50 unhappy ones any day.