Considering starting a private practice after fellowship

[Painologist]

Hello everyone, I am beginning my pain fellowship at a well regarded, highly interventional program this July and am highly considering starting a private practice afterwards. I was wondering if someone can provide me with an example business plan I can use as a guide. I am a beginner, but do have some guidance from family and friends with private businesses. I obviously want to consider all overhead, malpractice, staff, ect.

Additionally, I want to get an idea of what I can produce with x amount of procedures, consults, follow ups, ect. Does anyone know where I can look up insurance (medicare / private) reimbursements for bread and butter pain procedures as well as advanced procedures such as stimulators, MILD, kyphoplasty, vertiflex, ect. I will be setting up shop in Michigan if that helps.

Tips and tricks to begin networking with area physicians for referrals would also be appreciated. I plan to get privileges at a few area hospitals and meet with as many primary care and spine physicians I can in order to get my name out there.

Thanks in advance.

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[Laryngospasm]

No one can answer what you will make for x number of procedures. Too many variables. I do think it’s awesome you want to start your own practice though. The thing to realize is that especially initially the number of patients and procedures to break even is quite high and you pay yourself last unfortunately.

 

[callmeanesthesia]

ASIPP has a handy spreadsheet with national rates for most interventional procedures a d office visits. On the Medicare site you can look up specific rates for your locality.

 

[Ferrismonk]

This website will tell you CMS' reimbursement in your area. Individual payors will be all over the place though.

Overview of the Medicare Physician Fee Schedule Search | CMS

Overview This website is designed to provide information on services covered by the Medicare Physician Fee Schedule (MPFS). It provides more than 10,000 physician services, the associated relative value units, a fee schedule status indicator and various payment policy indicators needed for...

www.cms.gov

 

[bedrock]

Hello everyone, I am beginning my pain fellowship at a well regarded, highly interventional program this July and am highly considering starting a private practice afterwards. I was wondering if someone can provide me with an example business plan I can use as a guide. I am a beginner, but do have some guidance from family and friends with private businesses. I obviously want to consider all overhead, malpractice, staff, ect.

Additionally, I want to get an idea of what I can produce with x amount of procedures, consults, follow ups, ect. Does anyone know where I can look up insurance (medicare / private) reimbursements for bread and butter pain procedures as well as advanced procedures such as stimulators, MILD, kyphoplasty, vertiflex, ect. I will be setting up shop in Michigan if that helps.

Tips and tricks to begin networking with area physicians for referrals would also be appreciated. I plan to get privileges at a few area hospitals and meet with as many primary care and spine physicians I can in order to get my name out there.

Thanks in advance.

Best way to truly learn all of this is to take a private practice job for a couple years, figure out billing, marketing, and what you truly will enjoy treating long term in pain. No offense, but you don't know this right now as you haven't even done your fellowship, let alone practiced for a couple years. Just like all your Med school classmates who changed their mind 3rd year regarding their speciality.

That will also provide a nest egg for starting your practice, but invaluable experience. There will be far more you don't know after fellowship than you currently realize, some medical, and a ton of financial/practical information.

You will have a much better chance at a financially and mentally rewarding practice if you don't try to rush everything, though I understand how you would want to be independent right now after a dozen years of medical training.

 

[afob100]

As a new grad, I'm now realizing just how important it is to cultivate a strong referral base - preferably from ortho surgeons (spine of course but also hip/knee and extremities - many of these patients get injections pre or post surgery). Honestly, the referring docs don't care what you do with patients as long as patients are happy (with or without the more advanced interventions).