BookNeil Baum, Marc J. Kahn, editors.
Summary: This book is intended to be a roadmap towards a successful practice for medical students, residents, fellows, and doctors. This roadmap focuses on how to build and manage a medical practice, and can be applied regardless if the reader is employed, joins a small group, or if they are a doctor who decides to start their own practice. Part I covers the basic business concepts that every physician needs to know. Chapters emphasize the benefits that accrue to a physician who understands the basics of business. Part II provides a guide for doctors who are beginning a medical practice. The chapters define the various options for doctors' employment such as solo practice, group practice, and academic medicine. The section also includes the process of negotiating contracts, identifying the advisers who help physicians become successful, and secure within their field and practice. The final part emphasizes strategies on how to build and grow a successful practice by covering topics such as hiring staff, employee motivation, creating a brand, gaining recognition, online reputation and presence, crisis management, integrating new technology, and work/life balance. The Business Basics of Building and Managing a Healthcare Practice serves as a valuable resource that helps doctors make a difference in the lives of their patients, as well as help them make good financial decisions.
Contents:
Why Doctors Need to Consider Medicine a Business
Time-Value of Money, or What Is the Real Financial Value of an Opportunity?
Basic Accounting and Interpretation of Financial Statements
Revenue Cycle Management
Contracts and Negotiation
Entrepreneurship and Formulating Business Plans
Managing People
Basic Personal Finance and Investing
Organized Medicine
Transition From Training to Practice
Managing Student Debt
MIPS MACRA and Payment Models
Obtaining and Maintaining Referrals from Other Physicians
Branding Your Medical Practice-How to Make Your Practice Distinctive and Unique
Legal Considerations in Hiring and Firing of Non-Physician Staff
Malpractice
Midlevel Providers (Notes)
Use of Technology
Academic Practice
Gaining Recognition in the Community
Internet and Social Media Marketing
Crisis Management
Physician Burnout-Don't Get Caught in the Flame
"Divorcing" Your Business Partners
Life-Work Equilibrium
Future of Medicine-The Past Cannot Be Changed. The Future is in Your Power
Conclusion and Five Essential Metrics You Need to Know.