Today’s post is a big learning experience for me. This post will go over terminating my office manager and the red flags that I ignored along the way. We are always learning, especially owning a business and practicing as a physician. I sure learned a lot based off of hiring and firing my first ever office manager.
This post will not get into bashing the manager.… Read the rest
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Starting a new medical practice is an exciting endeavor that requires careful planning and financial consideration. Whether you’re a physician looking to venture into private practice or a group of healthcare professionals aiming to establish a clinic, understanding the financial aspects is crucial. In this blog post, we will explore the various factors involved in determining how much money it takes to start a new medical practice.… Read the rest
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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.
The past 4 years since I’ve started my practice have been hard.… Read the rest
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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
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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
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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
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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.
When you submit a bill to insurance companies, they assign a value to each code.… Read the rest
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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
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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
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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
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