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The Dr. just settled in at Albany Medical Center. Dana Cohen got a job working for one of the most famous doctors in the United States: Robert Atkins, of the Atkins diet.
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Starting Your Own Medical Practice
But after a few years on the job, Cohen decided it wasn’t his place to work for anyone else, not even a famous doctor. In 2002, the doctor resigned and started his own practice in New York.
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“At the time I was young and naive and didn’t really know what I was doing,” Cohen said.
It takes years of training to become a doctor, but that may not fully prepare doctors for the career path some choose: starting their own practice. It’s a scary process and there are many professionals to consider: healthcare attorneys, accountants, and medical consultants.
Additionally, you need some type of financing. He has published a list of small business loans to meet the needs and goals of the owner. We take lender trust and user experience, among other factors, and sort them by income category and how long you’ve been in business, so you know which loan is right for you.
Fewer doctors are starting one or two practices, mainly because it is expensive to get started. Dealing with insurance companies and changing health care laws is also difficult, said Franklin Walker, vice president of rural health care reform at the North Carolina Medical Society Foundation. He also runs PractEssentials, the group’s consultancy.
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Physicians who decide to forge their own path face the same challenges that Walker and others describe. Dr. Linda Delo, an osteopathic family physician in Port St. Lucie, Florida, struggled to bridge the gap between patient care and when her insurance company reimbursed her for the care. Getting patients to pay directly is also a challenge.
“If they walk out the door without paying their portion of the bill, it’s going to be difficult to collect,” Delo said. Between unpaid insurance claims and patients who haven’t paid their bills, Delo said, “I probably have $100,000, if not more, than I owe.”
To increase the chances of receiving payment on time, Delo staff collects the patient’s insurance information and calls the insurer to verify coverage before the appointment. She also talks to patients about how insurance works so they know how much they should pay.
When you start a small business, you need a business plan, financing and legal advice, and you must comply with federal and state regulations. Here are some things to think about as you get started.
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Doctors, like many small business owners, often need small business loans or other outside capital to cover startup costs. Taking out additional loans can be stressful if you are struggling with medical school debt. Explore repayment options that can make this debt more manageable, including financing medical school loans.
Consider your startup costs to determine how much you need to borrow: real estate, construction, equipment and lawyers, accountants and consulting fees. Other expenses include computers, medical records software, office furniture, and disposable items such as gloves, gauze, and bandages. Those things can help, so it might be helpful not to start from scratch, Walker said.
“It’s usually less expensive to buy a practice that expands or replaces a retired doctor,” she said.
Ultimately, Cohen’s first practice failed because she did not bring in enough patients to pay the expensive rent on her New York apartment. In 2009 she opened her current practice, in a commercial space she shares with other doctors to save on rent. This time, she took creative steps to cut costs.
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“There was a time when I had a masseuse sharing a place on weekends and in the evenings,” she said.
You need to go through a process called “authorization” to accept the patient’s public or private health insurance. The entire verification process can take several months. Insurers will often ask about her medical education and residency, and will want to make sure she has the proper license and disability insurance. Not all states require malpractice insurance, which varies depending on her specialty and where she lives. But having it will help protect your personal assets in case a patient sues you. Contact your state insurance department for more information.
Your medical department and the demographics of your area help inform which public health insurance program you should consider. For example, if you are a geriatrician, you want to enroll in Medicare. If you practice in a low-income area, you may want to consider participating in Medicaid. You can enroll in Medicare on the Centers for Medicare and Medicaid Services website and enroll in Medicaid in your state.
Walker recommends researching accredited private insurance providers in your state. Although Medicare and Medicaid pay all doctors the same for performing the same procedures, you can negotiate reimbursement with private insurance providers such as Blue Cross Blue Shield, Aetna, and UnitedHealth.
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“You need to decide [which insurers] are involved and negotiate contracts with each other,” said Margo Williams, a senior researcher at the American College of Physicians, the national internal medicine advocacy group.
As a small business owner, you must choose a legal business structure, which will determine how you will pay taxes and the extent of your personal liability for lawsuits, debts, and losses. Walker said most doctors work as S corporations, where they only pay taxes on their corporate income. This is different from a C corporation, where the corporation pays taxes at the corporate level and on its own business income.
It is worth hiring a healthcare lawyer to advise you on this decision and draft the legal documents (articles of incorporation, bylaws or association agreement) necessary for the system you choose.
Once you’ve chosen your legal system, you’ll need to apply for an employer identification number, or EIN, on the Internal Revenue Service website. This number identifies your company to the federal government for tax purposes. You must also register for state and local taxes; Find information about each state’s registration process on the SBA website.
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Before you can practice, you must comply with relevant federal and state regulations. Many rules are specific to a particular medical practice, but here are some basic rules that most doctors should follow:
State License: You will need a license from your state’s medical board. The Federation of State Boards of Medicine website has a list of links to each state board.
National Provider Identification: All doctors need a national provider number, which you can request on the National Plan and Provider Enumeration System website. Medicare, Medicaid, and private insurance companies use this number to track health care providers.
DEA Registration: To prescribe medications, you need a DEA number issued by the US Drug Enforcement Administration. You can apply online at the DEA website.
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Additional rules: There are other special rules depending on the type of medicine you are taking and the type of treatment you are giving. For example, if you have an office laboratory, you need Clinical Laboratory Improvement Program certification through the U.S. Centers for Medicare & Medicaid Services. If you have x-ray equipment, you must register it with your state, usually through the health department.
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How to name a business: 7 keys to choosing the perfect nickname by Benjamín Pimentel Read more Compare small business loans by Read more The medical sector in all countries is a very fragile region. Special attention is paid to this field due to the professionalism it requires. Furthermore, it is important for the health of the country.
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With this in mind, starting a private practice is a great career move. One that requires a lot of planning.
Starting a health practice is an exciting and rewarding way to take your health care into your own hands.
Unfortunately, few people can achieve this. The process is difficult, long and often expensive, which prevents many from trying.
In addition, many institutions are closely monitored by the medical sector to ensure that the minimum requirements for the establishment of private hospitals are met.
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This is to avoid medical errors, disgrace to the administrative system, or worse, prison sentences in the future.
This article aims to give you a broader overview of what you need to get started.
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