Starting an Internal Medicine Practice Margo Williams Senior

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? • 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? 2

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? 3

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 MAs can help stock exam rooms, work in the EHR, provide patient support, and do many ancillary tasks to allow you to be the physician 4

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

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! 6