Question | Answer |
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 |