Many smaller practices have a good patient base, often by serving their immediate communities. Despite committed patients and active days, some physicians still find that the overhead costs of running their own shop overwhelming. Often, these physicians turn to hospital employ to solve their cash flow problems, but this situation often has problems of its own.
Hospital employ always means a loss of control. Staff may be supplied by the hospital and it is often difficult to obtain the goods and services that are a part of your normal routine. Large hospital corporations are not especially suited to a personal relationship with each physician and you may find yourself somewhat invisible in a large crowd.
One alternative is to seek a partnership with a large established private practice in your area, even if this practice is not aligned with your particular specialty. These partnerships have proved very successful for a large number of physicians and can be tailored so that you keep more of your independence, while profiting from the protection of a larger revenue source.
The physician may find that in most cases, he or she will be able to maintain their practice address and even the majority of their employees. Instead of outsourcing for billing, many of the larger private practices have enjoyed great success in revenue collection and this will ultimately save the physician from the monthly costs associated with a billing company.
Parent corporations will often also make an investment in the look of your practice, completing necessary updates to hardware and software as well as office decor and furniture. Bills from the physicians practice will be paid by the parent corporation as well and deducted from a bonus structure as overhead.
Suddenly, the physician who joins a large group will find themselves able to dedicated more of their time to patient care and less to the stresses of running and paying for their practice costs.
Prior to any commitment, the physician must take a realistic look at their annual salary expectations. Contracts for these types of arrangements usually mean that you will be paid a salary for your services and a quarterly or annual bonus minus overhead for your contributions to the parent company. You can expect both your salary and bonus structure to grow since you will now enjoy the benefits of a new referral source and any marketing efforts the parent company makes on your behalf.
You will be dedicated not only to your own practice but to the success of the parent company as well and will enjoy an easier one on one for meetings and negotiations than you would find in a hospital setting. Private practice management is at your disposal and less distracted by hospital expectations. In addition, you will have staff coverage for vacations and personal time.
Make sure that your agreement allows you access to statistics regarding your billing reimbursements. You may need to reassign your Medicare and private insurance benefits, so you will need to prepare for the changes well in advance to any agreed upon start date in order to assure that your personal revenue remains on track.
Joining a private practice can afford you a new support group for your goals and future ambitions. Growing your practice is beneficial to the parent corporation so you should gain a new sense of encouragement and a team behind you to assist you in moving ever forward.
Hospital employ always means a loss of control. Staff may be supplied by the hospital and it is often difficult to obtain the goods and services that are a part of your normal routine. Large hospital corporations are not especially suited to a personal relationship with each physician and you may find yourself somewhat invisible in a large crowd.
One alternative is to seek a partnership with a large established private practice in your area, even if this practice is not aligned with your particular specialty. These partnerships have proved very successful for a large number of physicians and can be tailored so that you keep more of your independence, while profiting from the protection of a larger revenue source.
The physician may find that in most cases, he or she will be able to maintain their practice address and even the majority of their employees. Instead of outsourcing for billing, many of the larger private practices have enjoyed great success in revenue collection and this will ultimately save the physician from the monthly costs associated with a billing company.
Parent corporations will often also make an investment in the look of your practice, completing necessary updates to hardware and software as well as office decor and furniture. Bills from the physicians practice will be paid by the parent corporation as well and deducted from a bonus structure as overhead.
Suddenly, the physician who joins a large group will find themselves able to dedicated more of their time to patient care and less to the stresses of running and paying for their practice costs.
Prior to any commitment, the physician must take a realistic look at their annual salary expectations. Contracts for these types of arrangements usually mean that you will be paid a salary for your services and a quarterly or annual bonus minus overhead for your contributions to the parent company. You can expect both your salary and bonus structure to grow since you will now enjoy the benefits of a new referral source and any marketing efforts the parent company makes on your behalf.
You will be dedicated not only to your own practice but to the success of the parent company as well and will enjoy an easier one on one for meetings and negotiations than you would find in a hospital setting. Private practice management is at your disposal and less distracted by hospital expectations. In addition, you will have staff coverage for vacations and personal time.
Make sure that your agreement allows you access to statistics regarding your billing reimbursements. You may need to reassign your Medicare and private insurance benefits, so you will need to prepare for the changes well in advance to any agreed upon start date in order to assure that your personal revenue remains on track.
Joining a private practice can afford you a new support group for your goals and future ambitions. Growing your practice is beneficial to the parent corporation so you should gain a new sense of encouragement and a team behind you to assist you in moving ever forward.
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