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Starting an Internal Medicine Practice

Starting an Internal Medicine Practice. Margo Williams, Senior Associate, Practice Management, Governmental Affairs and Public Policy. It’s more than just a medical practice. It’s a business! Key considerations Size – Solo ? Small group? Primary care?

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Starting an Internal Medicine Practice

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  1. Starting an Internal Medicine Practice Margo Williams, Senior Associate, Practice Management, Governmental Affairs and Public Policy

  2. It’s more than just a medical practice • It’s a business! • Key considerations • Size – Solo? Small group? Primary care? • Location – urban/suburban/rural? Medical office building or your own location? • Type – Independent or part of a larger entity? • Build or buy? – Start from scratch? Acquire from a retiring physician?

  3. Key Advisors • Attorney • Corporate structure • Contracts and lease review • CPA/Financial • Tax structures • Chart of accounts set up • Insurance broker • Understanding what needs to be insured, which kind of insurance to buy as a business, health insurance for employees, employment insurance • Healthcare consultant?

  4. Hiring Key Staff • Office manager – Can help with space build out, setting up office, selecting EHR/PMS, purchasing furniture and equipment, setting up billing and personnel systems • Will manage things until more staff added • Clinical staff – nurses or MAscan help stock exam rooms, work in the EHR, provide patient support, and do many ancillary tasks to allow you to be the physician

  5. ACP Online Resources • Office Management (www.acponline.org/practice-resources/business-resources/office-management) • Patient Care and Office Forms – chart and screening forms, office signs and forms • Billing, Collection, and Financial Management – billing and collection, payorcontracting • Personnel Management - hiring, firing, managing staff as well as clinicians • Insurance – business, professional liability, and personal • Ownership – buying, selling, growing your practice

  6. Over 45 modules provide self-paced practice improvement tools in the following broad categories (www.practiceadvisor.org/): • Building the Foundation – 13 modules covering core practice areas, e.g., access, technology, care coordination, transitions, population management, communication, patient engagement • Improving Clinical Care – 15 modules to help manage various conditions, medication management, immunization, opioids • Specialty Practice Recognition – 6 modules • Managing Your Practice – 8 modules covering basics, HR management, and coding Many resources to help a new practice!

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