Yay or Nay on Using a practice management consultant

[mehul_25]

I was wondering if people think using a practice management consultant is worth it and why?

I have heard mixed reviews but we are newly coming out of fellowship.

Thanks.

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[gecko]

I've heard of similar responses, but I believe that if you're in a busy fellowship, and you want to get things off the ground upon completion of your fellowship, it would be much less painful having a practice management consultant help you out. Of course, the price of a consultant varies much, and I'm not sure if it's worth getting a consultant with a big reputation that will charge a much higher price.

I think the biggest step to starting a practice is to establish a referral base first...otherwise, the overhead costs could dig a deep hole in your pocket while your practice is building up.

I'm also in fellowship, and am considering the same things you are...so this is coming from little experience....just word of mouth.

 

[mille125]

I feel that practice management consultants are invaluable to the average doctor. There are a few of us out their who have developed extraordinary business acumen. However, most of us coming out of fellowship (myself included) have no idea on how to manage an office. Is your practice going to be set up by a hospital? If so, they may absorb the cost of a practice management group. It is in their best interest for you to succeed.


Could you do everything yourself? Sure it is possible. However, within a few weeks my practice management group interviewed employees, set up demos for EMR, and arranged meetings with furniture vendors. Lets just take the EMR issue. As you may know there are hundreds out there. You could sift through them and may make a good choice. However, a practice management group could narrow down all of the choices to 3 based on your practice. This saves an extraordinary amount of time (especially for a busy fellow). Most people do not value how important your time is.


How do you find a good one? This is the million dollar question. I went through my state medical society who actually does practice management for new offices. There are a few devoted to pain. Price varies from 10-20K. IT Consultants are usually extra and will cost an additional 4 K or so. Good luck.