RE: 7 week Practice Update

[Guest guest]

I too am smiling again.

Brent

> Greetings,

>

> I have finally triple checked all the numbers and am ready to

share the news

> with this group. Attached are excel spreadsheets comparing my

actual

> financials with projected financials of both a traditional plan

and my

> original Low overhead/Low flow plan. Also included for interest,

patient

> demographics showing my patient mix based on age and sex. Also for

> interest, I will be sending another email with photos of my office.

>

> For those that prefer verbal instead of graphic information, here

goes.

>

> Total Startup costs have come in at $11k.

>

> I have had patients from day one. (Actually, the first patient I

saw was two

> weeks before I opened, while the office was being remodeled, and I

did not

> have anything really in place.) (LL, I did not charge this patient

> <because, I basically wasn't really ready to see patients, but he

needed to

> be seen> and have 4 patients on my panel that I do charge now,

because of

> it)

>

> February, I saw an average of 2.37 patients per day.

> March (thus far), I am seeing 3.64 patients per day.

> Average from startup 2.83 patients per day.

>

> Average charge per encounter $90.69.

>

> Patient panel thus far 67 plus family members I haven't seen yet,

and others

> that have stopped by to ask to be placed on my panel, but did not

yet want

> to be seen. I lost two patients, one deceased, the other moving

to a

> nursing home.

>

> I have had 3 inpatient admissions, the last admit picking up a

family of

> six.

>

> I have made 7 house calls.

>

> The practice is in the hole a total of $19k including the $11k

startup

> costs. January was a total loss, as I had the bills but did not

yet have a

> place to practice. February saw an actual loss so far of $2123,

but an

> expected loss of only $351. March actual loss is $3101, and

expected loss

> of $440, but we still have 8 days to go. My business plan calls

for seeing

> a profit after month three, April in this case.

>

> I think this covers most of the information. So far the practice

is on

> target and in line with my business plan.

>

> The only problem I have encountered thus far with the current

practice

> model, is that I practice near a good sized community of Amish.

The Amish

> do not use telephones and as this is basically a single person,

appointment

> only model, there have been some problems with my being out of the

office

> when an Amish patient drops by.

>

> Bottom line to all this financial talk is that I am once again

enjoying

> practicing medicine. I am living my childhood dream of what a

physician

> should do and be. I am no longer trying to talk young people out

of going

> into medicine. Instead, I am trying to talk them into going into

Family

> Practice, where with this model, you can have an enjoyable life, a

> satisfying career, and make a decent salary.

>

> And I want to thank Dr. for having the vision to do something

> different, and the courage to share it with others.

>

> TAS

[Guest guest]

Tim, this is great.

If you don't mind, I'd love to see how things play out over the next 12

months (quarterly updates?) if you can stand it. This provides

terrific information for others as they contemplate the leap and try to

project finances.

Thanks

Gordon

At 06:23 PM 3/19/2004, you wrote:

Greetings,

I have finally triple checked all the numbers and am ready to share the

news

with this group. Attached are excel spreadsheets comparing my

actual

financials with projected financials of both a traditional plan and

my

original Low overhead/Low flow plan. Also included for interest,

patient

demographics showing my patient mix based on age and sex. Also

for

interest, I will be sending another email with photos of my

office.

For those that prefer verbal instead of graphic information, here

goes.

Total Startup costs have come in at $11k.

I have had patients from day one. (Actually, the first patient I saw was

two

weeks before I opened, while the office was being remodeled, and I did

not

have anything really in place.) (LL, I did not charge this

patient

<because, I basically wasn't really ready to see patients, but he

needed to

be seen> and have 4 patients on my panel that I do charge now, because

of

it)

February, I saw an average of 2.37 patients per day.

March (thus far), I am seeing 3.64 patients per day.

Average from startup 2.83 patients per day.

Average charge per encounter $90.69.

Patient panel thus far 67 plus family members I haven't seen yet, and

others

that have stopped by to ask to be placed on my panel, but did not yet

want

to be seen. I lost two patients, one deceased, the other moving to

a

nursing home.

I have had 3 inpatient admissions, the last admit picking up a family

of

six.

I have made 7 house calls.

The practice is in the hole a total of $19k including the $11k

startup

costs. January was a total loss, as I had the bills but did not yet

have a

place to practice. February saw an actual loss so far of $2123, but

an

expected loss of only $351. March actual loss is $3101, and

expected loss

of $440, but we still have 8 days to go. My business plan calls for

seeing

a profit after month three, April in this case.

I think this covers most of the information. So far the practice is

on

target and in line with my business plan.

The only problem I have encountered thus far with the current

practice

model, is that I practice near a good sized community of Amish. The

Amish

do not use telephones and as this is basically a single person,

appointment

only model, there have been some problems with my being out of the

office

when an Amish patient drops by.

Bottom line to all this financial talk is that I am once again

enjoying

practicing medicine. I am living my childhood dream of what a

physician

should do and be. I am no longer trying to talk young people out of

going

into medicine. Instead, I am trying to talk them into going into

Family

Practice, where with this model, you can have an enjoyable life, a

satisfying career, and make a decent salary.

And I want to thank Dr. for having the vision to do something

different, and the courage to share it with others.

TAS

[Guest guest]

Tim,

Thanks for the very useful information! I am building momentum thanks to this group.

If it is not too much hassle the breakdown of your startup costs, and monthly expenses would be invaluable.

Blaskowski, MD

7 week Practice UpdateGreetings,I have finally triple checked all the numbers and am ready to share the newswith this group. Attached are excel spreadsheets comparing my actualfinancials with projected financials of both a traditional plan and myoriginal Low overhead/Low flow plan. Also included for interest, patientdemographics showing my patient mix based on age and sex. Also forinterest, I will be sending another email with photos of my office.For those that prefer verbal instead of graphic information, here goes.Total Startup costs have come in at $11k.I have had patients from day one. (Actually, the first patient I saw was twoweeks before I opened, while the office was being remodeled, and I did nothave anything really in place.) (LL, I did not charge this patient<because, I basically wasn't really ready to see patients, but he needed tobe seen> and have 4 patients on my panel that I do charge now, because ofit)February, I saw an average of 2.37 patients per day.March (thus far), I am seeing 3.64 patients per day.Average from startup 2.83 patients per day.Average charge per encounter $90.69.Patient panel thus far 67 plus family members I haven't seen yet, and othersthat have stopped by to ask to be placed on my panel, but did not yet wantto be seen. I lost two patients, one deceased, the other moving to anursing home.I have had 3 inpatient admissions, the last admit picking up a family ofsix.I have made 7 house calls.The practice is in the hole a total of $19k including the $11k startupcosts. January was a total loss, as I had the bills but did not yet have aplace to practice. February saw an actual loss so far of $2123, but anexpected loss of only $351. March actual loss is $3101, and expected lossof $440, but we still have 8 days to go. My business plan calls for seeinga profit after month three, April in this case.I think this covers most of the information. So far the practice is ontarget and in line with my business plan.The only problem I have encountered thus far with the current practicemodel, is that I practice near a good sized community of Amish. The Amishdo not use telephones and as this is basically a single person, appointmentonly model, there have been some problems with my being out of the officewhen an Amish patient drops by.Bottom line to all this financial talk is that I am once again enjoyingpracticing medicine. I am living my childhood dream of what a physicianshould do and be. I am no longer trying to talk young people out of goinginto medicine. Instead, I am trying to talk them into going into FamilyPractice, where with this model, you can have an enjoyable life, asatisfying career, and make a decent salary.And I want to thank Dr. for having the vision to do somethingdifferent, and the courage to share it with others.TAS

[Guest guest]

sure, give me some time to actually get that together. i added things together and just kept the total.

I know this took awhile to answer, but I haven't forgotten.

TAS

7 week Practice UpdateGreetings,I have finally triple checked all the numbers and am ready to share the newswith this group. Attached are excel spreadsheets comparing my actualfinancials with projected financials of both a traditional plan and myoriginal Low overhead/Low flow plan. Also included for interest, patientdemographics showing my patient mix based on age and sex. Also forinterest, I will be sending another email with photos of my office.For those that prefer verbal instead of graphic information, here goes.Total Startup costs have come in at $11k.I have had patients from day one. (Actually, the first patient I saw was twoweeks before I opened, while the office was being remodeled, and I did nothave anything really in place.) (LL, I did not charge this patient<because, I basically wasn't really ready to see patients, but he needed tobe seen> and have 4 patients on my panel that I do charge now, because ofit)February, I saw an average of 2.37 patients per day.March (thus far), I am seeing 3.64 patients per day.Average from startup 2.83 patients per day.Average charge per encounter $90.69.Patient panel thus far 67 plus family members I haven't seen yet, and othersthat have stopped by to ask to be placed on my panel, but did not yet wantto be seen. I lost two patients, one deceased, the other moving to anursing home.I have had 3 inpatient admissions, the last admit picking up a family ofsix.I have made 7 house calls.The practice is in the hole a total of $19k including the $11k startupcosts. January was a total loss, as I had the bills but did not yet have aplace to practice. February saw an actual loss so far of $2123, but anexpected loss of only $351. March actual loss is $3101, and expected lossof $440, but we still have 8 days to go. My business plan calls for seeinga profit after month three, April in this case.I think this covers most of the information. So far the practice is ontarget and in line with my business plan.The only problem I have encountered thus far with the current practicemodel, is that I practice near a good sized community of Amish. The Amishdo not use telephones and as this is basically a single person, appointmentonly model, there have been some problems with my being out of the officewhen an Amish patient drops by.Bottom line to all this financial talk is that I am once again enjoyingpracticing medicine. I am living my childhood dream of what a physicianshould do and be. I am no longer trying to talk young people out of goinginto medicine. Instead, I am trying to talk them into going into FamilyPractice, where with this model, you can have an enjoyable life, asatisfying career, and make a decent salary.And I want to thank Dr. for having the vision to do somethingdifferent, and the courage to share it with others.TAS