January is often a time of self-reflection for me. As I look back, I think about all the worries I had when starting my medical practice. I think of all the lessons I learned along the way. So much time was wasted on worrying over things that were all in my mind. Have you ever looked back and thought something similar?… Read the rest
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It is expensive to run a medical practice, but have you ever wondered how expensive? At the end of every year, I do a breakdown to see where we might be able to save money. Maybe you’ll find it of some interest.
In an effort to help those of you who are deciding on possibly starting your own practice, let us take a look at my breakdown of where money was spent in 2021 in my practice.… Read the rest
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I’ve been trying to hire a new physician to join my practice. I wanted to share some of the bad behavior that we have experienced while interviewing for a physician job posting. Some of this may be self-explanatory or obvious. Other examples below might not be so obvious. Others are just sad or funny.
Below is our list of things that have prevented us from offering a job to a physician, physician assistant, or nurse practitioner to join our practice.… Read the rest
Let us have a post that looks closer at the “cost of doing business.” Also called financial losses for medical practices.
You may have heard this term before, but it is essentially the financial hit that one takes while running a business.
Every company has these costs. Think of the last time you were at a restaurant, and they messed up your order.… Read the rest
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Like many physicians, I started to feel burnout this past 6 months. Patients more than ever have been demanding various different things from me. Each demand seemed to chip away at my happiness in the profession. This ranges from getting yelled at demanding to change our mask policy to patients messaging me arguing why do they have to pay for a visit when they can see their lab results on Quest.… Read the rest
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Rather than starting your own practice, it is much more common to take a job where there is a potential buy into the practice. Today’s post is going to go through everything you need to know when you are thinking about buying into a medical practice.
Be warned. Today’s post is going to be a long one but a fun one!… Read the rest
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Business is tough and the business of medicine is no exception to that rule. As my practice grows, I have come to realize one truth…staying a small traditional medical practice is not sustainable. No, this post is not me announcing that I am selling out. Instead, it is a realization that growth needs to accelerate. The larger my practice gets I get to realize this one truth: You will either need to grow your traditional insurance based practice or shift to a different model if you want your business to stay alive.… Read the rest
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Solo practice is tough. Hell, its very very tough sometimes. One of the hard lessons you may learn after starting a practice is that your commercial insurance rates are most likely not going to be great. This is especially true for those who are not a specialist. Eventually you will have to negotiate a rate increase from your commercial payers to keep the business profitable.… Read the rest
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This week was a big week. My second clinic location opened! It has been a long road to get to this point. I started to have these discussions to open a second clinic almost a year prior to its opening. Our tentative opening date was January 2, 2021 but things of course got delayed and we opened end of May 2021.… Read the rest
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For those of you who are thinking of starting up a medical practice, I would like to help you by creating a checklist of everything you need to know to start your own medical practice.
Of course, a full list of everything you need to know about starting a medical practice is way too extensive to go through with one post.… Read the rest