SERVICES

Whether you are looking to start a practice, or optimize your current practice, we can offer you support, tools, resources, and guidance to help you through the process.

OPTIMIZE OR GROW YOUR PRACTICE

We can support you to optimize your current practice based on current challenges. Whether you need support with managing people, streamlining operations, improving profitability, or planning for expansion, small improvements and data driven analysis can help inform the steps to further develop your clinic.

START YOUR SPECIALIST PRACTICE

Hive can support you to create a business plan and a financial forecast to help your vision become a reality. Throughout the startup process, we can provide you with insights, guidance, and resources to determine the feasibility of your vision, and put a plan in place to seek financing and outline next steps.

HOW WE CAN HELP

Practice Startup

Develop a business plan to help refine your vision and to summarize all relevant aspects of your business that needs consideration prior to investing money or taking on liabilities.
Develop a clear and accurate financial forecast to share with investors or commercial bankers, or if you’re financing personally, to understand your start-up costs, the impact of various scenarios, and profit potential of your venture.
Complete a location analysis to determine where demand for your clinic and services might be most optimal given competitors, market rates, and patient access.
Identify key risks to your business and implement plans to mitigate those risks before they become unsurmountable.
Identify key success factors to make your practice stand above the competition. For example, recruitment of other providers could be a challenge for you, what approaches will you use to differentiate yourself and how will you compete with other local clinics
Explore how to properly onboard and hire staff for your clinic at the appropriate levels and with clear job descriptions, task delegation and competitive remuneration levels.

Optimize or Grow Your Practice

Explore your current clinic bottlenecks or inefficiencies, and unpack how new processes, policies, or technology can help to alleviate inefficiencies.
Analyze current utilization of your physical clinic space and understand how optimization of both in-clinic and virtual work can lead to revenue generating opportunities.
Track and improve practice metrics to increase profitability such as rate-of-rejections, billed-to-paid ratio, time to task completion, private payment conversion rate, and no-show rates.
Complete feasibility analysis for opening additional clinic locations including identifying opportunities for economies of scale and profit potential with this growth.
Refine your practice’s recruitment and retention strategy and explore how staff might be incentivized or motivated to improve practice metrics.
Explore physician retention strategies including adding flexible remuneration structures, partnership benefits and profit-sharing options.

TESTIMONIAL

“We started working with Hive when the vision for our clinic was only conceptual. They helped us create a financial model and business plan that we continued to revisit even after our clinic was established. In addition, they helped us navigate difficult business decisions by relying on data, research, and experience. The team at Hive worked with us extensively through all elements of the clinic startup process and saw us all the way through to the clinic launch.”

— Nabihah, Director of Finance, Canadian Pain and Regenerative Institute