The Business of Medicine
Recently, I was asked to give an overview of what it means to be an Administrator for a Medical Practice. The round table consisted of 8 physicians of other specialties. The common element is that they each owned their practice.
They asked me to navigate and explore the following topics:
👉 What to watch for with Insurance: A review of the “basics”
👉 What to do when Insurance says “No”
👉 Contract Negotiations
👉 Coding and Billing Essentials
Halfway through the morning session, I stopped.
It was an abrupt hard stop.
I did not say another word.
I was looking at each of the 8 faces looking back at me.
I asked if I should keep going. Silence.
I had this sinking feeling that I had bombed.
Then, one colleague spoke up and told me that she was stunned at how much she did not know about the business of medicine.
I could feel my pulse coming back.
Others nodded. Some nervous laughter.
The “Business of Medicine” is just as important as the practice of medicine.
If you are considering going out on your own or even auditing what/where you are at: DO IT.