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Physician Ancillary Services: Fad or Fashion? Part 2

Physician Ancillary Services: Fad or Fashion? Part 2


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by John Reiboldt, M.B.A.
Ancillary services are quite fashionable in today?s medical practice, but perhaps you?ve wondered if they were only a fad. If you?re considering adding services to increase your revenue, you?re not too late; this trend seems here to stay. Doing your homework and due diligence is key to the success of your ancillary business. Before introducing a service into your practice or investing in an ancillary venture, make sure that you get off on sound footing. Major investments call for experienced consulting and tapping into financial, operational, and legal specialists to address specific needs. Part 1 defined ancillary services and addressed performing the feasibility study and writing the business plan. In this second part, legal and regulatory issues, financing arrangements, opening, and operational and ongoing management elements critical to success are all explored.