physician practice operations This is a topic that many people are looking for. drustvosns.org is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, drustvosns.org would like to introduce to you 5 steps to starting your own medical practice. Following along are instructions in the video below:
“Everyone welcome back to medicine deconstructed. I m your host doctor j rutland. Now on on the last episode or a previous episode. We had talked about why i quit job and you guys understand those reasons.
Now that moving forward there are certain things that you have to do before you can establish your own medical practice. And i m gonna talk about the first 5. Things that i did to establish my own medical practice. So there are things that go through your head right like what s your niche gonna be what are you gonna do what are you gonna focus on and all these things i kind of have worked out in my head.
You also have to be willing to fail. I m willing to fail now. I m willing to attempt something and go through it see it through and if it works it works. If it doesn t it doesn t i can always be a doctor for someone or for a hospital that s easy to do at this point in my life.
So. Now. Let s get into the first 5 steps step number 1 was having a mindset of our own practice. What do i want to do and how do i want to do it i have to get my mind right and understand that what the practice is is my own pulmonary and critical care practice.
That s the first step the second step is i had to ask someone they were willing to help i didn t establish this alone right i established this with my wife and a couple of other friends of mine. Who were willing to help me because this is someone that s been a significant amount of time with me sits next to me every day and helps me out with everything that i do whether it s work already whether it s life in general the third reason or the third thing that you have to do to start your own practice is in california. The only way you can practice medicine is i obtaining an escort really easy to do go to the franchise tax board file an escort it s 800 bucks cost 800 dollars. That s it a lawyer has to file.
It for you my mom happens to be a lawyer. We had a friend do it who spends his life doing these things right and so we did this right. We filed as an s corp. You name the company rutland medical group that s the name of the company.
It s 800 bucks. That s step three simple anyone can do this your position. You can do this step number four malpractice insurance you have to have malpractice insurance in the united states to be able to practice medicine you have to cover yourself so when you re filing or when you re filing from malpractice insurance or asking for malpractice insurance. Again right now.
If you re a physician and you didn t know that your company your hospital is paying your malpractice insurance. That s fine no big deal but here s the thing is when you want to move on or if you want to start your own practice. Get a paper malpractice insurance yourself. I was lucky enough to be in a group practice so since they hired someone else that person got to slide in the might spot and the group malpractice insurance.
But actually ended up helping me because now for me malpractice insurance is cheaper now your first year. You were finishing residents of your fellowship and you re coming out your first year of malpractice insurance. There s about seventeen hundred dollars of holders. Well seventeen hundred dollars every three months.
Let s get you your standard 1 million. 3. Million dollar policy right in the state of california the. Max anyone can get malpractice suit someone is suing you there s 250000.
But again that s what s the attribute you have to obtain malpractice insurance. The fifth thing at this point is you have to get insurance credentialing. So depending on where you live in the country there are different carriers for medical insurance right so medicare is a medical insurance blue cross blue shield was a medical insurance but for a physician to be able to build these companies you have to be credentialed through that insurance company in other words they re gonna establish a rate that they re gonna pay you for doing certain things right so again as a pulmonary critical care guy. I might get this much for a compound or i might get paid this much for a bronchoscopy which you guys have seen you do i might get paid this much for doing a thoracentesis.
I might get paid that much for in debating someone. But that s the point of credentialing for the insurance companies to know who you are what you are and what you re going to be doing for the lives that they re covering they need to know that so these are the first five steps that i took now there s more steps that i m gonna take and as we travel on this journey. Together you guys are gonna gain an understanding of what it takes to be able to do this on your own. But i have full confidence that any physician anybody who s trained anybody who graduates from residency can do this medical school does a very piss poor job of teaching us the business.
Which is why i wanted to do this you know i really hope you guys. Enjoyed the first five steps anybody can do it i hope you guys do it you know get that mindset right. Ask your spouse if they re willing to help you obtain that s corp. 800 bucks obtain malpractice insurance 1700 a quarter and get those insurance credentials so you can get out and start seeing patients on your own develop your own niche.
You ll get it done. I hope you guys continue to follow as we talk about starting our own practice and we ll let you know how things go how things are going and where we re going. ” ..
Thank you for watching all the articles on the topic 5 steps to starting your own medical practice. All shares of drustvosns.org are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.