Can someone own a medical practice in a field they don't practice in?

[UGAChemDawg]

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My father is an allergist

I have no desire to go into allergy and would like to go into a surgical specialty.

Nevertheless, if the old man retires about the time I'm finished with my residency, is there any way I could take over the practice? I would not work there, obviously, I'd just treat it as the allergy and asthma branch of the group of clinics I plan to start and higher physicians to work there on a contract basis.

What types of arrangements can be made in a situation like that?

 

[DrBowtie]

You could be the business manager without even getting an MD yourself.

 

[UGAChemDawg]

You could be the business manager without even getting an MD yourself.

Yeah, my dad has a business manager that is an MBA. But my dad owns the clinick, so he's the business manager's boss.

In Georgia, there is a law where only physicians can own medical practices. This is to stop snot nosed Harvard MBAs from coming down here with a million dollars and buying a building and equipment and then sticking doctors in it.

I'd basically be the owner and highest authority on the management side, but the allergists that I'd contract to work there would have autonomy and keep the clinck going as usuall and I'd just get a chunk of the profits like a good capitalist robber barron.

 

[Mutt]

Yeah, my dad has a business manager that is an MBA. But my dad owns the clinick, so he's the business manager's boss.

In Georgia, there is a law where only physicians can own medical practices. This is to stop snot nosed Harvard MBAs from coming down here with a million dollars and buying a building and equipment and then sticking doctors in it.

I'd basically be the owner and highest authority on the management side, but the allergists that I'd contract to work there would have autonomy and keep the clinck going as usuall and I'd just get a chunk of the profits like a good capitalist robber barron.

"Clinicks" are kool.

 

[UGAChemDawg]

"Clinicks" are kool.

Ambien will do that to ya.

 

[mshheaddoc]

Yeah, my dad has a business manager that is an MBA. But my dad owns the clinick, so he's the business manager's boss.

In Georgia, there is a law where only physicians can own medical practices. This is to stop snot nosed Harvard MBAs from coming down here with a million dollars and buying a building and equipment and then sticking doctors in it.

I'd basically be the owner and highest authority on the management side, but the allergists that I'd contract to work there would have autonomy and keep the clinck going as usuall and I'd just get a chunk of the profits like a good capitalist robber barron.

You'd have to look into state laws as I believe it varies. But remember you also have self-referral (stark law) implications with owning practices in which is not your specialty.

 

[Old_Mil]

...it does depend on state law. In Texas, only a state-licensed Physician can own a practice. I don't know if it goes further than that and requires you to be board-certified or practicing in that specific field however...

 

[Law2Doc]

...it does depend on state law. In Texas, only a state-licensed Physician can own a practice. I don't know if it goes further than that and requires you to be board-certified or practicing in that specific field however...

I suspect you will find few if any states that allow non-licensed physicians to own medical practices -- that is the general rule in every state I have come across. (Same with law firms needing to be owned by licensed lawyers, actually). But no, you shouldn't have to be in the same specialty, although for business reasons it is probable beneficial to at least be doing related stuff.