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View Full Version : Starting our own anesthesia conference business, have questions!!



wheil17
12-01-2011, 07:20 PM
A few CRNA friends and I are starting a business putting on our own anesthesia conferences. We would be doing these conferences in areas conducive to sportsman or outdoor activities. There's a few questions I hope you folks might be able to answer:

1- how much do speakers cost? We'd be doing some of the presentations ourselves it may need to hire a speaker or two... We would be doing CEUs only to start.
Anyone here doing there own conferences?

RAYMAN
12-01-2011, 07:39 PM
Speakers are very expensive, some more than others. I don't remember exact figures, but it seems like many are $100/hour and some with a minimum hour amount plus expenses including travel

wheil17
12-01-2011, 08:00 PM
By $100/hr you're talking about speaking time, correct?

RAYMAN
12-01-2011, 08:01 PM
By $100/hr you're talking about speaking time, correct?

Yes...it's a good gig

Bad Apple
12-01-2011, 08:04 PM
By $100/hr you're talking about speaking time, correct?
That's the very minimum.

MmacFN
12-01-2011, 08:04 PM
Hey

Speakers get an honorarium for speaking which ranges from 400-800$ plus hotel and travel It can go higher depending upon demand and it varies. Often speakers will do it for less at state meetings than they will at for profit conferences. Additionally, you will find alot of speakers weary of being associated with a new venture.

yoga
12-01-2011, 08:07 PM
Lots of competition out there. People pick locations, topics and speakers and not necessarily in that order.

Most speakers charge about $250 and up per lecture hour + expenses. Expenses include airfare, hotel, meals, cabs, etc.

Before you invest a lot of money in this business, do a good business plan and overestimate expenses and underestimate income. It has worked for a lot of people and groups, but like I said, there is a lot of competition out there.

Example of expenses include, marketing, purchasing mailing lists, printing of brochures, coffee at the meetings (very expensive), travel, speakers fees and office type expenses.

I don't want to discourage you, because I believe in setting up businesses, but only if they are a success.

Jan Mannino

Bad Apple
12-01-2011, 08:10 PM
Facility rental will also be a major expense, and some facilities will require a guaranteed number of hotel room sales before booking.

RAYMAN
12-01-2011, 08:46 PM
Some hotels charge $500 for a pot of coffee...and that was in Arkansas!

ethernaut
12-02-2011, 06:34 AM
Some hotels charge $500 for a pot of coffee...and that was in Arkansas!

is it really that good there? maybe they oughta call it razorbucks coffee.

Bad Apple
12-02-2011, 06:52 AM
For $500 I can travel to Jamaica and have a cup of Blue Mountain. That's ridiculous. I hope there was a secret ingredient (like opium, or maybe the breast milk of an angel) in that coffee.

RAYMAN
12-02-2011, 07:29 AM
is it really that good there? maybe they oughta call it razorbucks coffee.

Just hotel coffee...albeit one of those big commercial jobs, nevertheless 500?!?

wheil17
12-02-2011, 03:08 PM
Before you invest a lot of money in this business, do a good business plan and overestimate expenses and underestimate income. It has worked for a lot of people and groups, but like I said, there is a lot of competition out there.

Example of expenses include, marketing, purchasing mailing lists, printing of brochures, coffee at the meetings (very expensive), travel, speakers fees and office type expenses.

I don't want to discourage you, because I believe in setting up businesses, but only if they are a success.

Jan Mannino

thank you, that's exactly what we're doing. there's 5 of us running it, each taking a chunk of work. i thought 5 seemed like a lot but it's more work than i anticipated. opinions?

yoga
12-02-2011, 05:32 PM
thank you, that's exactly what we're doing. there's 5 of us running it, each taking a chunk of work. i thought 5 seemed like a lot but it's more work than i anticipated. opinions?

Have a partnership agreement that delineates everything--initial capitalization (investment), duties, responsibilities, and most important, a termination clause. I can assure you that some people will do more work than others, some will not agree on location, speakers, budget, etc. and some will bulk at the need for additional capitalization. My advise is to retain a good business attorney who can set it up for you and a good accountant to assure you do the financial aspects correctly.

As an aside five people is a lot for a new business unless they totally understand what is going on. Also, be cautious of spouses. I have seen more than one great business partnership go down because of spousal issues.

From my perspective, some of the long term CE businesses have gone from very complicated with lots of meetings and locations, to quite simple and a few meetings a year. Check out NWAS (Northwest Anesthesia Seminars) and IPGE (Institute for Postgraduate Education), both are long term CE business started by CRNAs. You will be competing against them and other CE businesses, AANA and the state association meeting.

Jan

MmacFN
12-03-2011, 04:18 PM
Additionally hotels often require you to GUARANTEE a certain number of rooms. This means you will have to pay the difference if not enough show up. On two occasions this costs our state assoc. to LOSE money on our conference. Be very careful with contracts.

medcityanesthesiaseminars
10-23-2013, 08:40 AM
Med City Anesthesia Seminars, who shares its home with Mayo Clinic, hosts fantastic CRNA anesthesia conferences.

They are CRNA owned and operated.

For more information: www.medcityanesthesiaseminars.com

squeezingthebag
10-23-2013, 09:23 AM
Yes...it's a good gig

I have done a few but not a ton of talks, CME conferences, state meetings and drug rep dinners ...average honorarium is between 300-500$ for a one hour lecture at a conference. Speaking for a drug company double that. Whomever thinks its a good gig...hasn't done many talks. A good one hour lecture requires hours and hours of reading literature, putting together power points, references, CME applications etc. If you consider you make even close to 100$ a hour for clinical work...you are losing money putting that time towards lectures. That being said, once it's "in the can" you can recycle the talks and travel a little for free. It's hardly lucrative though.

etherscreen
10-23-2013, 11:27 AM
I have experience with this. I have served as a committee member for the Virginia association of nurse anesthetists district 5 meeting for the past 7 years. We routinely draw about 200 CRNAs from several states. It is an excellent meeting with an optional workshop.

Additionally, I'm starting a new project with details to follow next year, so I've recently been through all of this stuff.

For speaker costs expect $300-400 plus travel expenses. Some folks will be higher than this. Just starting out it will be a bit of a juggle to balance cost with name recognition.

Venue is critical. Some places will nickel and dime you. Since you are planning meetings far from home it will be difficult to get a good feel for places without seeing them first.

Jan and others gave some excellent advice, so no need for redundancy.

5 equal partners will present a variety of challenges. Figure out how decisions will be made ahead of time and plan for contingencies. A good business attorney will be of great service. Furthermore, a thoughtfully designed business plan will provide guidance when you reach an impasse. Also do your best to assure that each partner has a similar level of long term dedication.

Think of your marketing budget then triple it.

How to run the finances. Plan how you'll allocate funds once you become profitable. Enjoy the spoils or plow it back in the venture? Make sure everyone is on the same page.

Do not forget about vendors. Offer then tables and various levels of sponsorship with donations. These dollar are much harder to come by than in years past. Now they want you to apply for a company grant to receive funding. This takes time.

Have an exit strategy. What happens when someone wants out?