Senior Moment Consulting

Name: Elizabeth A. Smith

Age: 48

E-mail: seniormomentinc@yahoo.com

Name of Practice: Senior Moment Consulting

Location: Holland, Mich.

Patient Population: Adults ages 50 to 106 who live in long-term care centers, rehab centers and independent living centers

Practice Niche: I visit facilities up and down the Lake Michigan shoreline as an independent contract nurse practitioner.

My primary contracts are with three physicians who are also my collaborators. On specified days, I see sick patients or make routine visits.

I perform as a true hands-on nurse practitioner, and I truly enjoy this job. It is what I am called to.

Startup Costs: I keep my overhead low. My first business cards were $60, and I already owned a computer.

I drove the wheels off my Ford Explorer and had to get another car - my Ford Fusion gets better gas mileage, and I drive about 30,000 to 40,000 miles a year.

My stethoscope was "borrowed" at a nursing home, so I bought a new one for $125.

My cell phone with a family plan is $170 per month, and my home office costs my practice nothing.

Year of Launch: 2003

Financing Sources: Self

Marketing Activities: Word of mouth, advertising at nursing homes

Current Staff: Right now, just me. I have had three medical secretaries over the years, but now I do all my own paperwork, hand write my visit notes and keep all my own books.

Average Number of Patients a Week: 125 to 150

Billing: I leave it to the experts, who know the system and bill through a local billing company.

This saves time and money.

Software and Other Office Tools: Microsoft Office, Quickbooks. My home office fax is invaluable.

I use my personal cell phone instead of a beeper, and the staff can get hold of me anytime during my on-call weeks.

Current Financial Health of Practice: Very healthy!

In a high year, I bill nearly half a million dollars, and in a low year about a quarter million. Take-home pay is quite good.

Future Plans: I hope to expand to have my own wellness office for older adult patients in Holland, Mich., where I live.

What I Wish I Had Known Before Starting Out: I wish I'd known the ins and outs of taxes, bookkeeping and billing. I would not have been so uptight had I understood it better.