HealthDay News — Physicians who want to transition to private practice need to consider finances, legal matters, and insurance, according to an article published in Medical Economics.
Noting that some doctors have recently decided to return to private practice, the article provides tips for preparation for this transition.
According to the article, it is important to research starting an independent practice and to consult with other physicians who have transitioned to private practice. It is also important to check any agreements signed at the time of starting an employed position, and take legal guidance if necessary. Given the investment that is needed for private practice, it is important to consider finances, and how to finance the costs involved in transitioning to private practice. It can take several months to get set up to accept insurance and Medicare and consequently this should be considered at an early stage. Finally, the team should be checked carefully, with physicians needing to spend time on interviewing and checking potential partners and employees.
To help independent practices survive, the article recommends joining forces with other physicians, looking for high-impact savings, focusing on billing practices to ensure that all services get billed, ensuring collections, and reviewing the fee schedule.
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