Business of Medicine
55 articles from the CareerMedicine archive.
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Physician Job Search: Tips and Advice
Since the physician job search is at its peak nowadays, I am posting a list of topics on physician job search, including physician employment contract etc. I hope summarizing them here will make it…
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Danger Lurks Around With Every Signature!
The truckload of documents on my table every single day waiting to be signed. Some are prescription refills, other are papers from the scooter people and not to mention those requests for prior…
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Why Should Physicians Have a Website? and How to Get One !
Technology is changing all around us. So is the way of doing business. More and more people are using internet to find what they want to find or shop. Patients used to search for doctors in the…
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Buying Medical Equipment for your practice: Caution Advised !
If you own or run a medical practice, or plan to do so, one of the most frequent decision you will have to make is whether or not to buy or lease a medical equipment. As the cost of technology is…
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Inter-Physician Marketing- Tips and Techniques
If you are a Primary Care physician, then Inter-Physician Marketing can boost the growth of your medical practice. If you are a specialist, inter-physician marketing is a must for you. Whether you…
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INTER-PHYSICIAN MARKETING – What is it ?
One of the goals of CareerMedicine (www.CareerMedicine.com) is to talk about topics which even we physicians hesitate to talk about. Physicians not only market their medical practice to patients, but…
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Medical Office Building: Stand Alone or Medical Complex?
If you are planning to be in a private practice of your own, you need to choose an office space. Medical Office space can be leased or bought. I prefer to lease for first few years until things…
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10 Important Tips for Medical Doctors Who Pursue Entrepreneurial Endeavors
The following list of great tips are sent to me by Rock. This is what they teach in the MBAs and MHAs. Rock is a Master of Health Administration student. I am publishing it verbatim (well almost…
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Partnership in medical practice: Pros and Cons
Every graduating medical student has dreamt of owning a medical practice. It is the ultimate goal of becoming a physician. Why do most, if not all physicians want to own their practice. There are…
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Becoming a popular doctor: What is in it for you?
Most human beings strive to become popular. It is a way to get attention in this world. But should a doctor strive to be popular amongst his patients ? Why? But why doctors are usually arrogant and…
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Holidays are here. Jumpstart your PR campaign
Holidays are here again. It is a great time to organize a great PR campaign for your medical practice. Usually sending card out to the doctors in your area is akin to spamming, EXCEPT in the holiday…
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Murky waters of out-sourced medical billing
As a continuation of the previous article, this article will explore the pros and cons of outsourced medical billing for your office vs.. inhouse medical biling. At first I was planning to just write…
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Starting a Medical Practice: Understanding medical billing
We are almost done with setting up the medical practice. Now you have your staff ready , credentialing done , office space , medical insurance contracts, business corporation set up as well as your…
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Starting a Medical Practice: Understanding Medical Insurance Payers
Before we go into more details of revenue generation in a medical practice, let me introduce you to the payers. The term ‘payers’ is a professional slang used by us doctors referring to the medical…
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Starting a Medical Practice: Credentialing with Insurance Companies
CREDENTIALING according to wikipedia is defined as the administrative process for validating the qualifications of licensed professionals, organizational members or organizations. This is the fun…
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Starting a Medical Practice: Interviewing for the new staff
Once you get enough candidates to apply ( Refer to these articles for how to hire your new medical staff ), the next challenge is to sift through the applications to find out who is best suited staff…
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Starting a Medical Practice: Hiring your first staff PART-2
We will now talk about advertising your medical office job positions effectively, so you can get some good job applicants pool. Here are a few methods to look for suitable job applicants for your…
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Starting a Medical Practice: Hiring your first staff – PART 1
Now you are getting close to opening your doors for business. Your company is formed, medical office vendors are lined up, attorneys and accountants are ready. It is time for you to hire your medical…
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Starting a Medical Practice: How to find medical supplies
One of the best kept secret in the business of medicine is where to find the suppliers of medical supplies? There are lot of companies which cater to medical offices, physicians, hospitals etc. But…
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Starting a Medical Practice: How much loan to ask for?
BUSINESS DIES IF CASH FLOW DRIES: quote by me!!. When you go to a bank to ask for loan for starting your medical practice, what is the usual thought process? There is a tendency to ask for minimum…
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Starting a Medical Practice: to Lease or to Buy the medical office
Now you have funding. Lets start spending it. But carefully! Remember you have to return the OPM after you use it. Should you buy an office space right now or lease a medical office space. If you…
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Starting a Medical Practice: Getting Financed and the secret of OPM
Since cash flow is the lifeline of a business, you cannot start one without it. This is the single most deterrent which stops many physicians from opening their own practice. When you put your money…
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Starting a Medical Practice: Learning Small Business
I was discussing this with a general surgeon yesterday. We both agreed that the biggest deficit physicians have is not ‘how to run a medical practice’ but ‘how to run a small business’. I believe the…
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Personal Finance for Medical Residents
Let’s take a break from ‘starting a medical practice series’. I will talk about what is personal finance and why medical residents should start taking financial responsibility ASAP. Here are the…
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Starting a Medical Practice: Hiring the henchmen –the attorney and the accountant.
Before you start a practice you will need to get an attorney and an accountant. They both have unique roles in your business and many a times work synergistically. The attorney is responsible for…
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Starting a Medical Practice: Name it right, the first time !
So lets get to the first step. Naming your new medical practice. This is where emotions and trademarks collide. One of the funniest thing to do will be to name the medical practice after your name or…
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Starting a Medical Practice: Bird’s eye view
It has been hard for us doctors to find out information about how to start a medical practice. Well! Not anymore. I will be writing more on how to start a medical practice from scratch. Most of the…
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Starting your own Medical Practice after Residency
If you want to start your own medical practice after residency here are the few options you have to satisfy your entrepreneurial urge: 1) LOCATION: Decide where would you like to practice medicine.…
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Starting a Medical Practice right after residency. Is it Possible?
One of our readers about to graduate emailed me this question. The question is : "Is it possible to start a medical practice right after a residency program? My answer to this question is:…
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Running a Medical Practice. Is it a business?
We physicians are really not taught anything about business in our medical school or residency programs. That is one of the biggest reasons why almost all of the residents end up looking for…
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Strategies to consider while negotiating
PRINCIPLES OF PHYSICIAN CONTRACT NEGOTIATIONS: It is always a good idea to read a book on negotiations before you try to negotiate a contract. But here are few pointers to help you out: START HIGH.…
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The art of physician job contract negotiations
WHO SHOULD NEGOTIATE? Most the medical residents or physicians shy away from negotiations during their physician job search and would want their lawyers to negotiate with the employer. But remember…
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How to get ready for your first physician job
After your physician employment contract is signed there is still a lot to do so you can start the new physician job on time. Proactive approach from the physician employee is always appreciated.…
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PREDICTION on salary trends: Family Practice
There is a shortage of primary care. and it is going to get worse as the US population reaches 50 million. Number of physician visits are directly proportional to the population. As the population…
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Contract Negotiations
Welcome to the world of business. For us physicians, negotiating seems to be trivial, too downgrading a process reserved only for self centered people, selfish enough to ask what they want. WRONG!…
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Should I get my Physician Employment Contract reviewed??
Every single day we commit ourselves to a contract – it can be expressed or implied. When you drop your clothes to the dry cleaner, when you send in your car for repair, when you buy a cup of coffee…
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Physician employment Benefits
Compensation as a physician employee consists of salary plus benefits. You need to know what benefits you can get before you begin negotiations. If the physician employer is not willing to raise the…
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Physician Employment Contract
Ah! At last the dotted line. Hopefully by now you have the physician employment contract in your hand. This section helps you understand a Physician Employment Contract (PEC) also called Physician…
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FRAUD ALERT: Medispa business for physicians
For several reasons we physicians are an easy target for scamsters. We as physicians trust people easily, we have money (may not be the truth anymore), we are poor businessmen (Finally lets admit it–…
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Partnership in Medicine
PARTNERSHIP TRACK: If you are moving to a physician job opportunity where you may want to stay permanently then partnership track is recommended. You would want to be part-owner of the medical…
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Personal factors to consider in evaluating a Job Opportunity
Many a times I have been asked by medical residents going into a new practice that how does one know that the medical job is the right one. While you may feel a physician job opening is not right for…
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Reading the Physician Recruiters Ads
Well, on a lighter note , here is the code for understanding those mailers sent to you by the Physician recruiters: 1) Located in the heart of paradise = a very very rural area. 2) Charm of a small…
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PREDICTION on salary trends: Radiology
Radiology was an underpaid medical specialty in the early 1990s. Then came the redemption in the mid 90s. Number of imaging done in the hospital increased multi-fold. Hospitals and Doctors felt the…
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The Interview Dress Code
DRESS CODE “To be successful, look successful” Men : Conservative business suit (preferably two different ones for more than one dayphysician job interviews!). If you have only one suit then change…
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PREDICTION on Salary trends series: INTERNAL MEDICINE
Layout in the business of medicine is changing rapidly. Historically also every 8-10 years there is always a significant change in policy and market trend which makes a noticeable change in the…
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In the restaurant with prospective physician employers
THE RESTAURANT In interviews for private practice openings, most of the discussions regarding salary, benefits, job requirements etc take place over a lunch or a dinner at an upscale restaurant.…
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THE RENDEZVOUS – Handling the Physician Job Interview
THE SCENARIO Private : Most physician job interviews for private medical practice are conducted over one to two days, one day being more common. The job interview of physicians is generally informal.…
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The Do’s and Dont’s in a job interview (Summary)
Here are the pointers from my previoius post on the job interview process THE DO’S Be punctual Give a firm hand shake Do not interrupt when someone is talking Listen Make notes Keep pagers and cell…
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Getting your job application ready
Fortunately the application process to apply for a physician job is very simple. All you need is a cover letter and a resume or curriculum vitae . There is no need to send your credentials,…
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How to handle physician job telephone interview
Before a face-to-face interview the physician candidates the prospective employers screen them over the phone. This is because interviewing involves a significant monetary and time commitment. Hence…
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Physician Job Hunting Timeline
Introduction What is the right time to start a physician job search? This question haunts every final year medical resident. There is one myth that needs to be clarified. Most of us are not sure how…
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Some Phone Interview Etiquettes
To return these physician job telephone interview calls try to go in a quiet room. If you accidentally find yourself at a noisy nurse station, then excuse yourself and offer to call them back right…
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The Physician Job Interview process
INTRODUCTION Hiring decisions in the world of medicine are not made without face-to-face interviews . Interviewing techniques for the academia and the private sector differ markedly. The expectations…
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Tips on writing a Cover Letter
Cover letter is a very important part of your physician employment application. Your application has only two papers in it, which is your cover letter and your resume or curriculum vitae. The…
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What the Physician employers want
As a candidate for a physician job you make an assessment largely based on background research, compensation, and location etc. most of which you know beforehand. The prospective employer makes a…