8 Business Considerations for Starting an Independent Practice
"You have to make decisions when you get out and start practicing independently," said Dr. Won. "Where do you want to live? How do you want to operate? You want to avoid having to start all over again."
As a solo practitioner, you must think about business aspects of medicine that were previously the purview of others, according to Dr. Won. Here are eight business items Dr. Won recommends considering when starting a new spine practice.
1. Compensation. "How will you divide overhead? Who gets paid what? If you don't consider carefully, there may be a physician 'divorce.' Being in a group, it's important to create a win-win situation and good opportunities for all partners involved," said Dr. Won.
2. Licensing and credentialing. This may take between two and six months, so plan accordingly.
3. Insurance. Will you be in-network? Will you be out-of-network? Will you accept plans under the Patient Protection and Affordable Care Act?
4. Health IT. For a starting practice, this can be extremely expensive, according to Dr. Won.
5. Billing and collections. "Who will fight for your money? Make sure you have insurance verification and pre-certification in place," said Dr. Won.
6. Staffing. "The most important thing about developing an independent practice is staff and your management team. Physicians must select the right staff and must determine what the practice culture is going to be. Will you be the Ritz-Carlton or a motel? Medicine, more and more, is becoming a service industry," said Dr. Won.
7. Marketing. You must have a website, and consider the value of local ads in print, on billboards and over the airwaves. Get on social media, and Google yourself to determine your current online reputation. Be proactive.
8. Ancillary services. Do a cost-benefit analysis to decide if these are appropriate for your practice, whatever they might be.
Ultimately, the keys to being successful in independent practice include knowing your market, building your brand, controlling your message and marketing it, according to Dr. Won.
More Articles on Turnarounds:
3 Key Legal and Regulatory Issues for Pain Management Practices
4 Reasons to Measure Clinical Outcomes for Pain Management
To Save, Take Back the Supply Chain With Generics, Tracking
© Copyright ASC COMMUNICATIONS 2016. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.
To receive the latest hospital and health system business and legal news and analysis from Becker's Hospital Review, sign-up for the free Becker's Hospital Review E-weekly by clicking here.
- Texas Medical Association names Dr. Carlos Cardenas president-elect: 3 points
- Mederi Therapeutics launches 3rd generation of Stretta technology: 5 things to know
- Boston Scientific's net sales of $1.96B in Q1 2016: 7 key notes
- Vanderbilt University School of Medicine names Dr. Jesse Ehrenfeld education research director: 3 notes
- CMS publishes final fire safety updates for healthcare facilities, including ASCs: 4 key provisions