Knowing the Different Types of Medical Practices
You are finishing medical school and want to start daydreaming about the type of practice you are going to open. Or maybe you are sick of working for the man, and ready to go out on your own and practice medicine on your own or with some buddies. Maybe you are just curious about the various practice setups that exist nowadays. Well here are some example options for practicing medicine nowadays.
Working for a hospital, FQHC, clinic or urgent care
Stable hours, less stress, and secure setup, with great beenfits. This seems to be the default setup for most. But maybe you are looking for something different. Here are some alternatives:
Locum Tenen, Short term substitute, or traveling Doctor
Maybe you want the freedom provided by being able to travel. You want to cover doctors who are out sick, meet new patients, and experience different types of patients in different locations. You may be covering for a month or a year. It has less commitment and allows you to often make more money, get to stay in hotels, and maybe even enjoy some cool benefits like gym membership or free phone plans. However on the down side this isnt necessarily the road map for becoming partner and getting your own practice. But the experience will definitely come in hand if you do decide to open your own practice. As you will gain a lot of practice and experience, and learn about different communities and patient population needs.
Private Practice - The American Dream!!
Yes, you saved up some money, have been dreaming of this day, and are ready to open your own practice. Awesome. This type of practice is stable, can provide good income if opened and run well. But can also be a huge headache, and take away your time from being able to focus on patients. As the business of healthcare, compliance and regulation, etc. take up more of your day. But on the plus side this lets you run your practice the way you want to. Your patients can get to know you, and you may end up seeing generations of patients and see them grow up and bring their children to you. You will enjoy making your patients happy, and providing high quality care. While your hours may seem to be nine to five, don't expect to be home exactly at 5:30pm. As your multiple roles will often have you working late, or taking away from your ability to work full time seeing patients in order to ensure your practice is running well. Alternatively, you can hire a consultant like us to help out, take over tasks that take up alot of your time, or hire in house staff and managers to take some weight off your shoulders.
Maybe you can join up with some friends, or other specialists. This may help you handle the initial financial weight of opening a practice. help you weather difficult times, as your risk can be lightened, and offer your patients the convenience of being seen when you are sick, on holiday or unavailable.
Whether you are going to set up a single specialty group all providing the same type of medical specialty such as primary care, dental, or specialty work, or joining a multi specialty group, allowing you to get access to better referrals, share space, pool resources, administrative support, etc. these can sometimes be a great setup. Especially if you only need to split the expenses for rent, support staff, and utilities.
Telehealth & Telemedicine Practice
Apps are popping up all over allowing patients to be seen remotely. Additionally with patients getting used to being seen remotely telehealth and telemedicine practices are getting wider acceptance. As patients notice the ease with which they can be seen and have prescriptions ordered. However it is essential to stay up to date with the various changing local, state, and insurance restrictions. As they often vary and seem to be in flux. With a good marketing strategy, platform, and compliance setup this type of practice can be quite enjoyable, as you work from the comfort of your home or office.
You may have heard of this type of practice existing for the rich anf famous. Concierge medicine has been around for some time and seems to be growing in popularity even among middle class people. The benefits of such a set up include the limited overhead, close personal relationships you will have, and ease of billing, as patients pay a flat monthly fee for unlimited calls, texts, whatsapps, or house visits. From the patients side, they get access to a doctor whenever they please, save money on insurance, and have a personal physician on call. Usually these types of practices limit the number of total patients to ensure that patients do not have to wait to be seen. This setup can avoid burnout from seeing large numbers of patients per hour, and not being able to adequately spend the amount of time you would like to educate your patients, as well as document, and address problems.
Which of these options sounds best to you? Regardless of which you choose, we are here for you, to get you started, optimize your practice, and help you get more patients. - Just click here to get started!!