The Business Basics of Building and Managing a Healthcare Practice

This book is intended to be a roadmap towards a successful practice for medical students, residents, fellows, and doctors. This roadmap focuses on how to build and manage a medical practice, and can be applied regardless if the reader is employed, joins a small group, or if they are a doctor who decides to start their own practice. Part I covers the basic business concepts that every physician needs to know. Chapters emphasize the benefits that accrue to a physician who understands the basics of business. Part II provides a guide for doctors who are beginning a medical practice. The chapters define the various options for doctors' employment such as solo practice, group practice, and academic medicine. The section also includes the process of negotiating contracts, identifying the advisers who help physicians become successful, and secure within their field and practice. The final part emphasizes strategies on how to build and grow a successful practice by covering topics such as hiring staff, employee motivation, creating a brand, gaining recognition, online reputation and presence, crisis management, integrating new technology, and work/life balance.The Business Basics of Building and Managing a Healthcare Practice serves as a valuable resource that helps doctors make a difference in the lives of their patients, as well as help them make good financial decisions. 

This book is intended to be a roadmap towards a successful practice for medical students, residents, fellows, and doctors. This roadmap focuses on how to build and manage a medical practice, and can be applied regardless if the reader is employed, joins a small group, or if they are a doctor who decides to start their own practice. Part I covers the basic business concepts that every physician needs to know. Chapters emphasize the benefits that accrue to a physician who understands the basics of business. Part II provides a guide for doctors who are beginning a medical practice. The chapters define the various options for doctors’ employment such as solo practice, group practice, and academic medicine. The section also includes the process of negotiating contracts, identifying the advisers who help physicians become successful, and secure within their field and practice. The final part emphasizes strategies on how to build and grow a successful practice by covering topics such as hiring staff, employee motivation, creating a brand, gaining recognition, online reputation and presence, crisis management, integrating new technology, and work/life balance.

Why Doctors Need to Consider Medicine a Business.- Time-Value of Money, or What Is the Real Financial Value of an Opportunity?.- Basic Accounting and Interpretation of Financial Statements.- Revenue Cycle Management.- Contracts and Negotiation.- Entrepreneurship and Formulating Business Plans.- Managing People.- Basic Personal Finance and Investing.- Organized Medicine.- Transition From Training to Practice.- Managing Student Debt.- MIPS MACRA and Payment Models.- Obtaining and Maintaining Referrals from Other Physicians.- Branding Your Medical Practice-How to Make Your Practice Distinctive and Unique.- Legal Considerations in Hiring and Firing of Non-Physician Staff.- Malpractice.- Midlevel Providers (Notes).- Use of Technology.- Academic Practice.- Gaining Recognition in the Community.- Internet and Social Media Marketing.- Crisis Management.- Physician Burnout—Don’t Get Caught in the Flame.- “Divorcing” Your Business Partners.- Life-Work Equilibrium.- Future of Medicine-The Past Cannot Be Changed.  The Future is in Your Power.- Conclusion and Five Essential Metrics You Need to Know.