overhead in private practice

[sweetlenovo88]

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Can anyone comment? I guess you need a receptionist and billing company or person? Can anyone run the math for a typical month?

How would you convert one private practice dollar to one locums dollar with no overhead?

 

[dl2dp2]

Can anyone comment? I guess you need a receptionist and billing company or person? Can anyone run the math for a typical month?

How would you convert one private practice dollar to one locums dollar with no overhead?

In my area very few psychiatrists take insurance. If that's the road you want to go down, all you need is space and malpractice. Typically for full time, malpractice is about $500-1000 (per month), and rent greatly depends on location.

 

[sweetlenovo88]

In my area very few psychiatrists take insurance. If that's the road you want to go down, all you need is space and malpractice. Typically for full time, malpractice is about $500, and rent greatly depends on location.

Most likely I will take insurance to fill the patient log. There is an abundance of psychiatrists here in South Florida. Do you do your own billing, who fights rejected claims, verifies that patients still have insurance and keeps tracking of the billing?

 

[whopper]

Billing-expect to pay 6-8% a month. Various business can do it for you. Pay someone to do it. Don't do it yourself.
Rent-all depends on the area and the quality of the building. This is a local question.

 

[dl2dp2]

Most likely I will take insurance to fill the patient log. There is an abundance of psychiatrists here in South Florida. Do you do your own billing, who fights rejected claims, verifies that patients still have insurance and keeps tracking of the billing?

Funny--which part of South Florida--what I've heard is that nobody in the wealthy northern suburbs of Miami up to Palm Springs takes insurance. And even then you still can't find anyone.

If you want insurance, there are several steps. 1) You need a receptionist to take billing info, scheduling, etc. 2) You need to contract a biller. 3) You probably need a separate contracted service for dealing with claim rejections, etc. 4) You need to get credentialed, which in itself can take a while. I would expect the set up time is about 6 months or so, so you'll also need a business loan... it's very complicated.

A couple of other tricks--try to credential your office instead of yourself, because once you are on a panel it's hard to get off. Try to go on only one or two panel first and get a feel instead of signing up for every panel. Use a company that automates this process for you.

I would recommend you to take your time and just start with no insurance, and hit it hard on marketing. You may fill faster than you think and the overhead/headache of insurance may not be worth it as a solo.

 

[sweetlenovo88]

Funny--which part of South Florida--what I've heard is that nobody in the wealthy northern suburbs of Miami up to Palm Springs takes insurance. And even then you still can't find anyone.

If you want insurance, there are several steps. 1) You need a receptionist to take billing info, scheduling, etc. 2) You need to contract a biller. 3) You probably need a separate contracted service for dealing with claim rejections, etc. I would expect the set up time is about 6 months or so, so you'll also need a business loan... it's very complicated.

If I do it, I would set it up part time while I do other contracting work and would not need a business loan. I did my residency in South Miami and none of the private attendings did cash pay here. I do tele psych now and a weekend gig in a different city through locums so I don't really know what's out there in south florida beside low paying/high volume employed positions and docs giving out benzos.

Goal of the practice would be to build a large patient base and hire other doctors and expand in the future so I'm not sure if that lends itself to cash pay.

 

[dl2dp2]

If I do it, I would set it up part time while I do other contracting work and would not need a business loan. I did my residency in South Miami and none of the private attendings did cash pay here. I do tele psych now and a weekend gig in a different city through locums so I don't really know what's out there in south florida beside low paying/high volume employed positions and docs giving out benzos.

Goal of the practice would be to build a large patient base and hire other doctors and expand in the future so I'm not sure if that lends itself to cash pay.

Interesting. This is a totally different ball game. You want to set up an outpatient treatment program. I think you'll DEFINITELY need a business loan (if not an INVESTOR).

 

[sweetlenovo88]

Interesting. This is a totally different ball game. You want to set up an outpatient treatment program. I think you'll DEFINITELY need a business loan (if not an INVESTOR).

Dave Ramsey, no loans for me. I would build it slowly until I can hire another doctor and go from there