No business experience with the fundamentals of business (how to market, accounting, business development, HR)
Not understanding where and how to get in network with local insurances, which causes you to spend numerous hours of phone calls with insurance representatives, resulting in lost revenue due to delays in seeing your new patients.
Ultimately losing even more by spending around $2,000 – 3,000 + for 3rd party credentialing companies to get you in the network “faster,” which then results in getting lower reimbursements, as most third party credentialing companies won’t negotiate for you.
This causes you to have to change your EMR system multiple times, which results in confusion among staff and providers, decreased patient experience, decreased productivity, and lost revenues.
Resulting in thousands of dollars lost on third party marketers, hours of drive time and visits to doctors who may or may not refer patients to you, slowing the timeline for your clinic’s break even point.
Not knowing how to properly onboard for smooth and professional experiences, leaving your new hires with a bad first impression and experience. Spending thousands of dollars on HR documents and resources, which decreases your startup capital amount.