Career and Life Planning Guidebook for Medical Residents

Understanding The Other Side of Medicine Today’s healthcare is much more than the practice of medicine. Physicians and administrators must be familiar with the non-clinical aspects of healthcare if they are to be sustainable and successful financially. From the basics of government and private insurance, to reimbursement methods, payment models, prac- tice paradigms and new industry trends, this indispensable guide provides much-needed information for medical students and residents on the often-overwhelming requisites, protocols, and regulations of today’s healthcare system. The Business of Medicine chapter reviews essential skills needed to increase your likelihood of success as a practicing physician. Medical billing and coding, practice revenue cycle, physician contracts, and other topics will be presented in a practical format to be applied in multiple practice settings. 1. Why You Need To Understand The Basics Of Business 2. Healthcare as a Business 3. Profit and Not-for-Profit in Healthcare 4. Tracking Business Performance 5. Financial Statements 6. Trends in Business of Medicine • Learn the revenue process and fiscal responsibilities for healthcare organizations and the impact on physicians, organizations and patients. • Analyze how today’s changing health care system, recent reforms, and the economics of practicing medicine are critical to career decision making and professional success. • Review the practical business and administrative tasks critical to “onboarding” as a physician, including, credentialing, schedule planning, budgeting, and benefits coverage. • Assess the medical documentation requirements to support billing and coding, generate revenue, compensation, and healthcare quality. • Read the social media do’s and don’ts for new physicians. L E T ’ S G E T S T A R T E D In This Chapter O U T L I N E G O A L S 115 WWW.PHYSICIANCAREERPLANNING.COM