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Running the Practice
The practice is open when the initial purchases have been made (phone and computer system, medical and office supplies, and more), the staff hired, and the patients coming in.
But the process of running the practice has only begun.
A physician running a medical practice must manage the staff on an ongoing basis. This means training, reviewing, hiring and firing staff on a continual schedule. It's an intricate process made difficult by competing personalities, personal needs, and more.
The health of the business must be continually reviewed. Physician business owners must meet with the accountant on a quarterly basis to compare actual revenue with estimated. Changes must be made and new approaches developed to keep the business running smoothly.
Day-to-day operations must be overseen and implemented. A system must be chosen for patient scheduling, registration and insurance verification. Security systems should be considered to safeguard money, records, computers, office, staff and oneself. In addition the practice must comply with ever-changing insurance regulations, government rules, and health care quality initiatives.
Finally, a physician business owner must guide the practice to the right balance. A practice should be busy and productive to make revenue. But there is a fine line between open and welcoming doors and a patient factory.
Medical students considering opening a practice in the future are much more likely to find success when they know what to expect. With this overview of what is involved in starting and running a medical practice, students who are interested should seek out opportunities to improve their business knowledge. Forge mentorships with practice-experienced faculty, read texts available, and take any medical business electives available. All will prepare you for a bright future of possibility.
Sources for this article include:
Glassheim, Jeffrey W. Managing your Medical Practice - Without an MBA. The Physician's Resource.
MomMD. Starting your Own Medical Practice - One Doctor Tells Her Story.
American Academy of Family Physicians. On Your Own: Starting a Medical Practice from the Ground Up.
Balancing the Practice of Medicine and the Role of Business Owner is a Challenge for Physicians, According to the Medical Practice Monitor by Open from American Express (SM)
About the Author
Amy Lillard was a regulatory and marketing professional at the Feinberg School of Medicine at Northwestern University for 4 years prior to writing on healthcare topics. She is a frequent contributor to netdoc.com.
The author discloses no financial conflicts of interest with the content of this article.
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Resources
- Physician
Practice Management - Netdoc.com - physician practice management,
best practices for small practices.
- Sermo
- A review of the recently launched physician community site,
sermo.com.
