Episode 4: Assessing The Opportunity
In this episode, I talk about assessing an opportunity. For starters, what is an opportunity? Anything that you want to invest in. This may include starting a private practice, adding providers as well as adding a new service line or business. Regardless of what opportunity you are thinking about, the factors to consider are the same.
So what are those factors?
- Demographics–who exactly is your ideal client for this new opportunity? You can check out https://datausa.io for demographic info. Using this site you can get information regarding age, gender, employment, healthcare and more.
- Catch Area–how large is the geographical area needed to provide enough clients to make your new opportunity successful
- Payor Mix–the same website, https://datausa.io, will give you information regarding what is the % uninsured, Medicare and commercial insurance for a particular demographic or catch area.
- Competition–don't let competition scare you. But you do need to understand it.
- Cost of Doing Business–obviously, places with a higher cost of doing business require better demographics, more patients, larger catch area and/or better payor mix
The purpose of this episode is to help you understand the information you need to collect in order to make the most educated decisions in evaluating how great an opportunity is.
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