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Did you know that there are six types of medical practices? Each type represents one phase in the life cycle of a typical practice. Kind of like larva becomes pupa becomes caterpillar becomes butterfly, if you remember your high school botany classes.
Take this simple test to learn what kind of practice you have (and how to best capitalize on the opportunities that lie within your immediate grasp). It should take 4-6 minutes to complete. If you’re not sure on any answer, make your best guess.
 
 
1. Do you work with an extender (PA or NP)?
Yes   No
2. Are you on compensated on a straight salary, salary plus bonus or are you self-employed?
Salary   Salary+Bonus   Self-employed
3. How many patient visits per week do you (and your direct extenders) perform?
4. What is your average collection amount (in dollars) per patient seen?
5. What percent of you current active patient list is insured under Medicaid?
6. What percent of you current active patient list is insured under Medicare as primary insurance?
7. What percent of you current active patient list pay you in cash?
8. How many hours per week do you spend on direct patient care?
9. Do you participate in ancillary revue streams in your practice, like imaging, physical therapy, sleep studies, echocardiography, lab, etc?
Yes   No
10. Do you participate in joint ventures with other providers and local business people?
Yes   No
11. How interested are you in taking more time off from practice?
Very Interested   Somewhat interested   Not Interested
12. How many vacations (not seminars) do you take every year?
13. How interested are you in improving your payor mix?
Very Interested   Somewhat interested   Not Interested
14. How interested are you in increasing your income from practice?
Very Interested   Somewhat interested   Not Interested More income
15. How secure do you feel financially in your current practice?
Very Secure   Somewhat secure   Not secure
16. How interested are you in decreasing your practice stress?
Very Interested   Somewhat interested   Not Interested
17. How interested are you in improving your staff?
Very Interested   Somewhat interested   Not Interested
18. What is the mean income for residents within a five mile radius of your facility?
19. What is the population of residents within a twenty mile radius of your facility?
20. How well does your current practice connect you with your personal ideals?
Very Well   Somewhat  

Not At All
21. How soon do you want to retire?
22. How many new patient referrals do you receive in a month?
23. What is the overall morale level in your practice?
Very Good   Somewhat Good  

Poor
24. How many years have you been in practice?
25. What is your biggest need right now related to your practice?
More income   More enjoyment   Less stress
More time off More patients Less administrative hassle   Other
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