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Opinions on a business venture.

Entrepreneurs   (463 Views | 6 Replies)

RickTodd11C has 2 years experience as a RN and specializes in TICU, Acute Inpatient Rehab.

1,013 Profile Views; 65 Posts

Bare with me on this one.

I am currently an RN in the MSICU and enjoy my work as a critical care nurse. I also play to my passions in flirting with the idea of opening an, "integrative/Holistic Psychiatric Service" practice.

I have dived into the depths of the Florida Board of Nursing Practice act, and haven't found much in regards to what I can legally do with potential clients.

Basically I would utilize the nursing process and offer holistic psychiatric care to potential clients. I have a friend who is a physician and doesn't mind playing "collaborator" for legal reasons. I would go on "wellness Walks" with patients, let them speak about what is on there mind. Offer nutritional, and coaching type advice, etc.

I would of course be careful with the verbiage I utilize to not cross into the realm of "practicing medicine".

I would offer concierge-based care, cash only practice, and utilize this holistic approach until I complete my PMHNP where I can then obtain a DEA license and expand my practice abilities.


Any thoughts?
 

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adammRN has 11 years experience and specializes in DNP/PMHNP student.

278 Posts; 5,259 Profile Views

So, of course I'll preface with; spend your time how you wish. But, I think the primary thing you need to look into is billing and coding. This dictates what you are going to make money for and unfortunately is a large part of practice as a PMHNP and if you were on your own as an RN. I heard about concierge medicine, cash only, etc. There are doctors that charge clients monthly retainers and they can reach their doctor and get an appointment at any time. If you are doing cash only and focus on older wealthy people, you would focus on just that top echelon, acquire a certain number, and stop. I remember hearing on the radio that there is some problem with cash only practice. One of these older doctors said there aren't enough doing it and therefore he had X problem. I think there is a ceiling you will hit by yourself for some economic reasons even with cash only. 

I'm sure you have to establish an entity, like PLLC or independent contractor. I have no idea which is appropriate. You always have to be careful practicing outside your scope, as I think things become more grey the more autonomy you attain. I think many NP end up practicing outside their scopes. I know from looking at the practice acts, they can be very vague.

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Elizabeth Hanes has 12 years experience as a BSN, RN and specializes in Freelance Writer, 'the nurse who knows content'.

7 Followers; 13 Articles; 284 Posts; 10,070 Profile Views

Congratulations on developing an idea to become a solo practitioner! It's an exciting experience, I'm sure.

I'm not a lawyer, and I, personally, would consult one before ever venturing into a clinical practice.

That said, have you considered hanging a shingle as a "coach" who specializes in "psychiatric wellness," as opposed to opening a more traditional type of clinical practice? Some advantages I could see are: limited liability; no risk of running afoul of any practice acts; no need for a physician collaborator.

Health and wellness coaching is a multibillion (with a B) dollar industry these days, and someone with an advanced nursing degree who specializes in mental health certainly could grow a very satisfying practice.

Wishing you all the best with this exciting new venture!

Beth

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RickTodd11C has 2 years experience as a RN and specializes in TICU, Acute Inpatient Rehab.

65 Posts; 1,013 Profile Views

Thank you for the replys;

Yes, as of now...this is a rough draft of business model:

I will continue working my three 12's in the ICU (Friday, Saturday, Sunday)...allotting four days to focus on the business growth (handing out cards, establishing web presence, etc)..

 

Fast forward to first customer.

- I will meet them face-to-face for a 15-20 minute personal assessment, (think H/P), outline goals, and build a personalized profile of the pt. This allows pt to meet the owner, and establish trust. This is when I will collect payment and schedule pt for there 1 hour session. Explaining that the sessions will be conducted by one of my RN's or " Personal Psychiatric Coaches". (I have people willing to perform in this capacity)

- I will try and book 2-4 pts for Saturday and the same for Sunday (hopefully this is obtainable)

- I will then call one of my RN's or Coaches (depending on the person I can get for availability) and give report on the patient(s) they will be seeing for the day.

- I will outline a rough SOP for my RN or Coach to follow keeping everything within the legal scope of practice of an RN or "coach".

- Following completion of the day I will then call the pts seen. This will serve as a quality control and to ensure the patient was satisfied with his/her session.

 

I would be a concierge based business, cash-only. Making 60.00 off each session, paying my RN or Coach 25.00 for each 1 hour session completed. (Hence the ideal 2-4 pts to make it monetarily worth it for them)

 

Ideally I would like to scale this model.

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derickatogo has 2 years experience and specializes in Business Consulting.

1 Post; 19 Profile Views

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TriciaJ has 39 years experience as a RN and specializes in Psych, Corrections, Med-Surg, Ambulatory.

14 Followers; 3,697 Posts; 38,413 Profile Views

I'm with Beth.  I would check into the regulations for Wellness Coach, Life Coach and Counselor.  In many places I believe these entities are marginally regulated (if at all).  That means you can hang out your shingle with limited chance of stepping on toes.

I second the advice to consult with an attorney to make sure there's something you aren't missing.  It sounds like a worthwhile venture to me.  Good luck!

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