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L & E Chapt 2

Medical Practice Management

QuestionAnswer
What is Medical Practice Managemetn? It is the way a Medical Practice business ir organzied. It deals with the day to day operations.
What is SOLE/SINGLE Proprietorship A medical practice owned by a single individual
What are some advantages of single/sole proprietorship Simplest to run - Owner gets all profits - Pts get to see the same physician each visit
What are some disadvantages ? Insufficient capital - Long working hours - Greater Liability
What are some considerations for a health care employee working for a Sole/Single Proprietorship 1 assistant - Little opportunity for advancement-long working hours
What is a Partnership? A legal association of two or more persons who are co-ownes of a busienss.
What are some advantages for a partnership Greater financial strength - sharing work load - additional resources - smaller initial capital investment
What are some disadvanatages All partners needed to make a decision - Compatibility issues - Needs defined partnership agreements - shares responsibility, resources, liability
What are some considerations for the health care employee Job advancement - job specialization - more employees
What is a Professional Service Corporation A legal entity extablished by law, with legal rights of its own. Designed for professional persons such as, physicians, dentists and lawyers
What are some ADVANTAGES of being a Corporation? Profit sharing - Pension Plans - Medical and Dental Reimbursment - Group Term Life Insurance - Personal Assets
What are some DISADVANTAGES? Expensive to operate - Reg Meetins are required - Complex busienss to run - Considerations for the health care employees
What is Group Practices Three or more physicians formally organize to provide medical care through the joint use of equipment and personnel
What are the 3 MAIN TYPES of GROUP PRACTICE 1)Single Specialty 2) Multispecialty 3) Primary Care Group
What are some Advantages Shared financial investments - Opportunities for consultation with other physicians
What are some Disadvantages/ Compatibility Issues and Lack of Independence for decision making
Created by: spoon6464