Physician ancillary services: fad or fashion? Part 1

Ancillary services are quite fashionable in today's medical practice, but perhaps you've wondered if they are 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 service. 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 of this two-part article defines ancillary services and addresses the following topics: performing the feasibility study; writing the business plan; and addressing the legal and regulatory issues. Part 2 will discuss financing arrangements, opening, operational, and ongoing management elements critical to success.