Introduction
Starting a private practice may seem scary and is really a business risk a physician needs to take if he wants to separate from the busy environment of the hospital. Here are some simple steps to guide a physician as he ventures more into his career on his own.
Choosing the right place
– Identifying the ideal location of the clinic is one of the most important steps in setting up a physician’s practice. This will include considerations such as foot traffic, reachability from the community, vulnerability to flood and other natural calamities, access to a nearby network hospital for emergencies, and the type of population residing in the area. Some practices may intentionally serve in secluded areas for far more noble reasons while some want to make it big and hence are competitive with other practices in the area. Whatever the reasons are, a physician needs to take a hard look at his goals and weigh these different factors to provide services that can satisfy both the patients and himself. After medical residency training, a physician may come back to his hometown and set up his practice privately in a place close to his heart.
– Leasing or buying a property for practice is another point to ponder since this can take up most of the expense budget. Foreseeing the return of income in a period of time is also necessary and with this, physician transitions from a man of science to a businessman.
Get Certified
– A physician cannot just hop into a place and decides to build practice just because he feels like it. Different states may require different licenses to practice. Aside from that diploma and board certification a physician hardworkingly achieved, these post–educational requirements are needed to be done to avoid certain federal penalties. He may choose to become a member of a certain association of a county of his choice for certain benefits and for advantages keeping him in the loop in the medical society.
– Credentialing is another form of certification for a physician but this is more like a partnership with medical insurance companies. Being heavily known for its reliance on privatized medical insurance, US physicians are submitting themselves to the credentialing process to make sure that they are getting paid for the services that they are about to offer.
– My RCM Group offers this credentialing process as fast as 15 days for its partner physicians with some of the major insurance providers in the country.
Protection and Coverage
– Just like buying a new house, a physician may want to get his practice covered from damages. These damages may not always be physical. Hackers may intentionally get into the computer system and steal sensitive patient health information and may cause a physician to violate HIPAA standards because certain cybersecurity measures were not met. Fire insurance, property insurance, and liability insurance are some of the basics that may protect a physician clinic from unwanted events. In California, earthquake insurance seems acceptable though not very common according to the Federal Emergency Management Agency.
Invest in the Right Equipment
– Let’s be frank about it. Though the practice of medicine is a noble act of healing the sick, it is still a business. Especially in private, non-subsidized clinics wherein the money is self-generating without any government help, it is wise to invest in materials and equipment that can last a long time to ensure a return of income. Medical supplies vary in price and performance. There are schemes to lessen the costs of equipment such as discounts that are offered to medical association members. These medical associations are in partnership with certain providers that will promote their products and in return, offers discounts to the members.
Get to Know your Team
– A dream team is really a dream of every work team. A physician should take good care of his team and the people he gets to work with every day. He should get to know them, offer them training, provide them with the right benefits and create a work environment conducive enough to prevent them from leaving or deliberately causing harm to the practice. As this article previously said, not all damages are physical. Mental health, office bullying, and sexual harassments are some of the sensitive issues that are not to be taken lightly. Immediate action should be done once caught the attention and implement office rules to make sure it will never happen again.
– Part of doing business the correct way is assigning the proper task to the right person with the right skill set. From patient registration and verification to claims submission, My RCM Group can provide manpower to the office virtually. Our HIPAA-certified, trained, and experienced medical billers and coders can strengthen and support new rising office clinics with their basic daily operations.
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