What are the best practices for projecting revenue in a new dermatology practice?

conduct clinical trials. At Australian Clinical Research Support Services, we can connect you with CROs/pharma that have trials with your specific patient population in mind.

Understanding one's market can be accomplished initially through all of the points made in this paragraph. However, in addition to accumulating and assessing all of this data, it's highly important to actually get out into the communities and meet the providers and practices which you will serve. There is nothing like in-person meetings to not only hear what is needed by the community and its providers. These meetings also are amazing for establishing tremendous rapport with your current and future referring providers which will pay dividends for many years to come.

Great advice! In addition, physicians prescribe medications every day. Don’t overlook the opportunity to introduce a new revenue stream by offering patients in-office dispensed medications. It’s easy to implement and patients love the convenience.

Do what you do and do it very well. Don't try and get fancy or perform lots of procedures only a few times a year when you could perform a simple procedure consistently and at the highest levels many times per year generating significant more revenue for the overall business. Bread and butter medical and surgical dermatology has to be performed at the highest levels. Doing so not only helps keep the lights on and pay the bills but generates positive feedback that leads to further referrals from one's existing patients leading to the ability to expand to other procedures and treatments including cosmetic ones.

The SBA funds Small Business Development Centers that will assist you in building your projections for free. Using this service gives banks some comfort in the fact that a third party reviewed them with you and is imparting their experience and market data. They have tools to do the research and help you include different factors that you might not have considered, and they likely will have similar businesses that have real data that be scaled to your project.

It is exceptionally important to have the right team within the walls of your practice. The philosophy that I have always desired to follow is "Hire great people, train them very well, provide APPROPRIATE (no oversight is just as potentially problematic as micromanagement!) oversight, and then get the heck out of their way and let them do their job! It's just as important to have an exceptionally strong team outside the office. This is most important when one is starting an independent practice. Having a strong relationship with a banker who understands your business, an attorney who can handle both business and personal issues as they clearly interact and an accounting team who can do the same is vital!