5 Key Foundational Steps for Your Private Vascular Practice

Once you feel ready to officially exit the frantic world of hospital care, you’ll likely gravitate toward the temptation of opening a private vascular practice. It makes sense; after all, not only will you have more control over your daily schedule, but you’ll get the final say in how your practice is run, how your patients are treated, and how your staff is managed.

In effect, you can take all of the lessons you’ve learned in other facilities and use them to enhance the overall outpatient experience for your community.

If you’re considering this as your path forward, we’re here to help you understand five key steps you’ll want to take in establishing your new practice:

• Develop Your Site 

Our first point is straightforward: You cannot get your vascular practice off the ground if you have yet to break ground on a specific location. Thus, you’ll need to hunt for a site that is not only ideal for you but is well-positioned within your community.

This may involve building closer to facilities where referring patients will come from, such as a hospital or podiatrist’s office.

Remember to also prepare a market analysis, review leasing agreements, and generate a three-year financial projection, among other things.

• Focus on Center Management

From hiring your staff to equipping them, developing policies and procedures, and overseeing all of the other logistics in between, the day-to-day management of your practice’s OBL is nothing less than critical.

Thus, we recommend you begin by searching for state-of-the-art EMR software. Also, consider how much help you might need in…

1. 1. Organizing relevant documents
   2. Managing credentials and permits
   3. Tracking patient files and bills
   4. Delegating administrative tasks
   5. And more

• Manage the Revenue Cycle

Regardless of where you are in the process of establishing your vascular practice, you always want to do your best to make sure you aren’t leaving any money on the table. And this especially comes into play when you face revenue cycle management.

But remember this cycle doesn’t only involve payment collection and monthly reporting. You’ll also want to be prepared to handle:

1. 1. Intake optimization
   2. Government contract involvement
   3. Key indicator tracking
   4. And more

• Create Your Brand Identity with Marketing

Your private practice is more than just a place to treat patients. With time, it also develops an identity of its own — and, in that regard, you want to make sure you’re the one in control. That’s where marketing and branding come in.

Ideally, your ongoing business plan will involve social media, traditional advertising techniques, and other mediums for getting your message across to would-be patients. After all, engaging your community will help you build the necessary relationships.

Finally, another way to maintain a credible reputation is to provide/distribute hard-copy versions of branded educational content (think brochures, flyers, or newsletters).

• Establish a Joint Partnership

Last but not least, don’t forget about the benefits of innovative collaboration. Specifically, the right joint venture partnership can take your new center to an entirely different level.

The unique American Vascular Associates joint venture program, for example, is designed to add an optimized layer of sustainability and synergistic growth.

Our team is committed to providing you with the knowledge and resources you need to achieve the aforementioned steps — thereby allowing you to return to your patients’ sides.

In other words, we remove the burden of running the business from your shoulders.

Are you ready to learn more about our model of outpatient care which is both physician-driven and patient-focused? If so, we’d love to help you develop your new private vascular practice! To join America’s fourth-largest vascular network, contact our corporate office today by calling (877) 685-3281!