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Maybe it’s PGY3 and time to decide on a direction!
Whether you are considering a venture into private practice, or a transition from your current practice into a new business model, you may have many questions and very few experts that you bounce ideas or ask for answers. There’s a lot of self-discovery you need to do (probably inverse to the proportion of time available to ponder this now.)
Employment
Is private practice best, or should you join a group? Or should you take a gig as a hospitalist or become an employed physician in a hospital-owned private practice?
Practice Management & Administration
Can you handle billing on your own? Or should you outsource billing to a billing company? And if so, how do you know which one will be the best choice?
Insurance Plans and Contracting
Will you accept insurance, or pursue the direct (cash) practice model or a hybrid of the two? Will you contract with government payers (Medicare, Medicaid) and their agents? These agents are known as Medicare Replacement plans. They trade under a category called “Medicare Advantage Plans” and are health plans that are approved by Medicare and provided by private companies such as Aetna, Cigna, Humana, United HealthCare and many others. Medicare sets the rules for Medicare Advantage Plans and regulates the private companies who operate the plans. They can always offer more than traditional Medicare, but never less. A Medicare Advantage Plan combines members’ Medicare Part A and Medicare Part B into one health plan that provides the same medically necessary services as original Medicare. Some, but not all Medicare Advantage Plans, also offer prescription drug coverage (or Medicare Part A, Medicare Part B and Medicare Part D) at no additional cost.
Finding the Best Solution
You should be skeptical about anyone who attempts to convince you there is a “best” answer without knowing your personal situation, your goals and objectives for the next 5-10 years, and your personal style.
Get a Free Consult Today
Mercury Advisory Group offers guidance from the leading managed care contracting guru in the country. Our consultants will help with strategy and decision support, while our contract helpers will help you get through all the applications and credentialing tasks. Our experts have been through this process for the last 33 years to help you to create your medical practice business model. We can help with everything except the outsourced billing service. But we can point you to experts we trust for this. We don’t accept finders’ fees from any experts to whom we refer. Not software, not consultants, not billing companies. Period.
Our practice development experts have decades of practice experience to evaluate your planned office work-flow, floor-plan and work flow layout, technology comparisons, EMR & ICD-10 planning, and integrating that with hassle- free patient statements and insurance billing. Feel free to contact us for a no-obligation courtesy consult to consider whether the services we can offer are right for you. In the meantime – check out our website by using keyword “Concierge” and “Practice management” for lots of helpful tools, ideas, and worksheets you can download as a pre-graduation present.[/vc_column_text][/vc_column][/vc_row]
