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Flashcards in 4) The Business of PT Deck (10)
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1
Q

What are the different organizational formats?

A

Solo Practice, Partnership,and Corporation

2
Q

What are the benefits of opening a private practice?

A
  • Financial Incentive
  • Autonomy and control of professional practice
  • Assuming leadership positions
  • Community involvement
3
Q

Small Business

A

Business that employs <20 employees

  • Cost-effective
  • Can react quickly to change (nimble)
4
Q

What are the threats to private practice owners?

A
  • Professional → Corporate entities, POPT’s
  • Personal → Stressful on family life
5
Q

When starting a PP, what do you need?

A
  • Experience
  • A Plan
  • Self-Assess
  • Decide on values
  • Make goals
6
Q

When starting a private practice, who do you need to hire?

A

Attorney, Accountant, and Billing Person

7
Q

What does formal planning/strategic thinking do for your business plan?

A

Incr odds of success

8
Q

What are the parts of a business plan?

A
  1. Cover pg
  2. Executive Summary
  3. Table of Contents
  4. Business Description
  5. Financial Info
  6. Supporting Info
9
Q

Transmittal Letter

A

Explains the nature of the business; Has all the financial details

10
Q

Describe market research

A
  • ID desired location
  • ID location’s demographics
  • ID available providerships