Practicing physician Archives

Growing My Practice From A Pseudo-Business to A Real Business

June 5, 2023June 4, 2023 admin 2 Comments private practice

As a physician, our primary focus has always been on patient care and well-being. However, with the evolving landscape of healthcare, many physicians are now starting to question if private practice might be right for them. In this article, we will explore how I transformed my clinic into a thriving business without compromising patient outcomes.

It Is Tough Out There

The past 4 years since I’ve started my practice have been hard.… Read the rest

Practicing physician Residency

How To Avoid Being Rug Pulled By Private Equity

January 23, 2023January 23, 2023 admin 2 Comments private equity

The term rug pull became popular again with crypto. It is a phrase that describes when the owners of shares suddenly sell a majority stake. They do so without the other individuals knowledge who are invested in that asset. This has been happening more often than you might think in medicine with groups selling to PE (Private Equity).

How are doctors being rug pulled by PE right now?… Read the rest

Practicing physician

End Of Year Checklist For Medical Practice Owners

January 9, 2023January 9, 2023 admin 0 Comments physician, private practice

Another year has come and gone. It’s time to celebrate the accomplishments of the past year and look at ways to improve the upcoming year. However, throughout all the holiday parties, you need to make time to complete the checklist that I do every end of year for my medical practice.

The checklist helps me ensure that I keep an eye over the business large picture.… Read the rest

Blog Practicing physician

Why I Have Not Sold To Private Equity

October 17, 2022October 17, 2022 admin 2 Comments

This is one of the most frequent emails that I get from my readers. Why have I not sold a portion of my practice to private equity? You might be thinking about having private equity buying a portion of your practice. Or you might be starting scratch with a private equity group. I’ll go through my opinions on the pros and cons behind private equity.… Read the rest

Practicing physician Residency

RVU Based Contracts And What To Avoid

October 10, 2022October 10, 2022 admin 2 Comments personal finance, physician, private practice, residency

Flat salary compensation models are becoming less common. Instead, production models have become much more popular. These contracts are often called an RVU based contract. Today’s post I will go through RVU based contracts and what you need to know to avoid in these contracts.

RVU

When you submit a bill to insurance companies, they assign a value to each code.… Read the rest

Practicing physician

Why The Rate Negotiation Process With Insurance Companies Is Broken

August 29, 2022August 29, 2022 admin 2 Comments physician, private practice

With inflation reaching record levels, many medical practices are going through the rate negotiation process with insurance companies trying to get better pay. If you have never done this before, that’s okay. I was new to it also until a few years ago. Let me tell you the theme of dealing with commercial insurance companies for rate negotiations. Intentionally difficult and broken.… Read the rest

Practicing physician

AdvancedMD Is A Love Hate Relationship With Our New Medical Record

August 22, 2022August 22, 2022 admin 5 Comments medical record, practice physician, private practice

Electronic medical records, or EMR for short, is a big decision for your company to decide which one will be used. This should be one of the most important things you “stress” over when you start up your practice. We decided to change from Practice Fusion to AdvancedMD. This decision was one that we have been mulling over for about a year.… Read the rest

Practicing physician

Biggest Mistakes I Have Made Managing My Private Practice

August 15, 2022August 15, 2022 admin 12 Comments

Sometimes it is best to learn from others mistakes. Well, today let’s see if you can learn from some of my mistakes in my private practice. This blog is a raw account of what it takes to run a practice. Today I will open up about the biggest mistakes I have made so far while managing my practice. For those hoping to get some accounts on medical mistakes, you will be disappointed by this post.… Read the rest

personal finance Practicing physician

The 2 Year Penalty For A Medical Practice Owner

March 28, 2022March 27, 2022 admin 0 Comments

Maybe you are already a practice owner. Or maybe you are thinking of owning your own practice. Maybe you are just curious what the 2-year penalty is all about. For those of you thinking of owning your own business, congratulations! It is absolutely worth it, if you like the business side of medicine. However, there is a huge downside beyond the work that it takes to run a business.… Read the rest

personal finance Practicing physician

Best Practices: Your Medical Business Checking Account

March 14, 2022March 13, 2022 admin 3 Comments business, financial advice

I recently found out someone tried to fraudulently cash a check from my business account. I got a call from Wells Fargo, my bank, alerting me that someone in a city 4 hours away was attempting to cash a $8,955 check with my business account number on it. The check was written out to an individual, not a business. Wells Fargo immediately tagged it as fraud.… Read the rest