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