No business experience with the fundamentals of business (how to market, accounting, business development, HR)
which leads to wasted time/money and causes you to get overwhelmed and lose confidence from the very start.
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.
Most will base their decision on an EMR system on lowest cost without understanding their long term goals and their billing style.
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.
Not knowing where and how to acquire patients
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.
Wasting multiple weeks or even months trying to find the right clinic that you may end up spending too much on, resulting in significantly lowering your startup capital.
Not getting the right size clinic by either overpaying for unused space or not having enough space for growth.
Not knowing where to recruit the ideal clinicians and office staff.
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.
Most new practice owners encounter one or more of the following that causes their practice to ultimately fail or see very slow growth in their first year:
Staring at the phone and fax, waiting for new patients increases and referrals
Not knowing how to solve patient drought
The feeling of not doing enough
Not having enough legitimacy as a brand or company
Not knowing how to keep your team motivated until you start getting traffic
Not having the right management style/ benefits/ facilities that retain talent
The feeling of financial instability due to ongoing costs without the consistent income
Not knowing where to spend and how to manage your finances for growth
Not knowing how to handle the digital marketing
Not knowing how to set the right operational processes
Lacking in innovation and keeping up with newer technologies
Constant confusion on billing, credentialing, and authorizations
Not knowing how to pivot and adjust to rate cuts from insurances to ensure continued profitability and growth
It’s not rocket science. We assist with setting up a solid foundation for your practice which includes tasks like your logo-website/domain-emails-office phones and fax- business license / tax ID – Bank account- Accounting softwares- marketing materials- contracts- HIPAA Compliance.
Example: A simple startup task – Obtaining a business license:
Hiring someone to get business license $1,000 – $2,000
Maven shows and guides you on how to obtain your business license in 10 min and spending only the cost of the license of $300.
We will guide you to the exact credentialing applications and assist in what is needed for every insurance you are interested in.
We help negotiate rates for you and guarantee your application is approved within 30-90 days of submission, which results in months of gained revenue at a higher reimbursement rate, and all without spending thousands to 3rd party credentialing companies.
We will help find the best EMR system based on your short and long term goals.
An ideal EMR will include features that fit your billing style at a small and large scale, make your onboarding process for new staff seamless, and make your run more efficiently. This ensures no future EMR changes as you grow, which results in increased productivity and revenues.
Show how to effectively approach physicians to get referrals using proven methods and marketing scripts.
Accelerate your client acquisition by showing effective ways of targeting clients online using social media and SEO, which results in creating a direct funnel of patients without being dependent on others referring to you. Additionally, we will connect you with the right vendors for the effective marketing materials to buy from the very start, saving you time and money.
Assist in showing where and how to recruit talent in a more cost effective manner.
We provide all HR documentation and resources. We also assist in setting up an HR infrastructure that gives the smoothest and most professional experience for your new hires.
Maven assistance in your first year:
Assist in creating a first year business road map that has clear goals according to your vision
Business assistance and motivational guidance to keep you in a positive and entrepreneurial mindset for your first year. Fact: Self doubt is one of the biggest reasons for one’s failure.
Assist in continuous and effective marketing with quarterly reviews
Assist in developing a 5 star patient experience by improving your practice’s customer service.
Complete understanding of your financials on a month to month basis
Advise on how to handle certain billing and credentialing problems
Assist in HR duties- managing employee conflicts, understanding what benefits should be implemented in the first year, recruiting good talent as you grow, and setting policies and procedures
Assist in developing the operations and a workflow process so that you minimize waste and set yourself up for scalability by running more efficiently
Assist in creating clinic metric reports (KPI metrics) to help you understand your practice’s performance