The Business of Building and Managing a Healthcare Practice

Building on the foundation of the previous edition, this book takes readers to the next level of management of medical practices for the 21st century. The road to becoming a physician is not an easy one to travel, nor does it become easier once a doctor completes hisher training. After a long and arduous training process, doctors embark on their professional journey, and there are major crossroads that are fraught with challenges, unknowns and risk. The transition to professional practice is daunting, and many physicians leave their training unprepared for the business of medicine. Even at the peak of their careers, sustaining a successful and profitable practice is not easy. 

Opening chapters revisit the basic business concepts that every physician needs to know, emphasizing the benefits that accrue to a physician who understands the basics of business, from accounting and contracts to managing people and personal finances. The next set of chaptersoffers a roadmap for doctors who are beginning a medical practice and will include new methods and procedures that have become available since the original edition, defining the various options for doctors’ employment such as solo practice, group practice and academic medicine. The final chapters emphasize strategies on how to build and grow a successful practice, including the use of technology and telemedicine, cybersecurity, marketing and much more.

Unfortunately, not every doctor has the background, training and skills to manage a medical practice.The Business of Building and Managing a Healthcare Practice simplifies the process of business management and provides the practicing physician with knowledge to be able to enjoy the business component of hisher medical practice.

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.- Restrictive Covenants and the Law.- Managing People.- Basic Personal Finance and Investing.- Organized Medicine.- Transitioning from Training to Private Practice.- Managing Student Debt.- Advanced Payment Models, MIPS and MACRA.- Physician Referrals.- Branding Your Medical Practice: How to Make Your Practice Distinctive and Unique or Branding Your Medical Practice-Going from Tap Water to Evian.- Legal Considerations in Hiring and Firing of Non-Physician.- Malpractice: What You Need to Know to Stay Out of Trouble.- Role of Mid-Level Providers.- Use of Technology.- Team Building for Healthcare Practices .- Making the Decision for Attaining Community Recognition.- Internet and Social Media Marketing.- Crisis Management.- Don't Let Burnout Take You Out or Don’t Be Blown Out By Burnout.- “Divorcing” Your Business Partners.- Balancing Your Personal and Professional Lives.- The Time for Telemedicine Has Arrived.- Patient Medication Compliance.- Mindfulness and Medicine.- Improving the Health of Populations of Patients.- Concierge Medicine.- Online Reputation Management: What Every Physician Needs to Know.- Developing a 1-Page Marketing Plan.- Surveying Your Practice: Cost-Effective Methods of Identifying the Needs and Wants of Your Patients.- Cybersecurity and Ransomware: Managing Threats and Protecting Patient Data.- The Use and Ethics of Artificial Intelligence in Healthcare.- Conclusion and Five Essential Metrics You Need to Know.- Future of Medicine: The Past Cannot Be Changed, You Can Sculpt Your Future.