Course Name: Rx for the Business of Medicine
Course Number:
Semester Offered: Per clinical rotation schedule
Course meeting Day(s), Time, and Location: This is a self-directed virtual course requiring approximately 80 hours of effort (or 65 hours for the shortened version), to be completed within a 4-week period. To stay on track, students should plan their time wisely and allocate sufficient hours to complete the various tasks and assignments. On average, students should expect to dedicate 20 hours per week (or 16 hours per week for the shortened version) to successfully complete the course.
Instructor: Reagan Anderson, DO
Office Location: Colorado Springs, CO
Hours: Daily (8:00 AM to 5:00 PM MST)
Office Phone: 719-345-8761
Email Address: [email protected]
RxTBOM Chief Development Officer: Frankie Gales
Office Location: Colorado Springs, CO Office
Hours: Daily (8:00 AM to 5:00 PM MST)
Office Phone: 719-345-8761
Email Address: [email protected]
If you encounter learning difficulties related to the course content, please contact the RxTBOM Chief Development Officer for support. Concerns about your final grade, professionalism, or other non-content-related matters should be directed to your university, as they oversee these areas. Additionally, any requests for extensions must be coordinated with your university.
How to Register:
Your educational institution will facilitate your enrollment in the Rx for the Business of Medicine course. Once enrolled, you will receive an email confirming your enrollment and providing access details. This email will include an express sign in link with a username and password. Please check your spam folder if necessary. If you do not receive the express sign-in link by your scheduled start date, please contact the RxTBOM Chief Development Officer.
Course Description:
Rx for The Business of Medicine is an intensive online course designed to equip healthcare professionals with evidence based strategies to address administrative burdens and foster healthy work environments, ultimately mitigating provider burnout. Over the past decade, administrative burdens have emerged as a significant contributor to the alarming rates of burnout among healthcare providers. This course offers a comprehensive approach to understanding and navigating the complex administrative landscape within the healthcare industry.
Course Learning Objectives:
At the conclusion of Chapter 1: Fulfillment, students will be able to:
• Understand the importance of mindset in achieving success and personal fulfillment in the medical profession.
• Analyze different mindset theories presented by Dr. Anderson, Reagan Anderson, DO, Simon Sinek, and Tony Robbins to identify their relevance to leadership and motivation.
• Apply the concept of "Start with Why" by Simon Sinek to develop a clear sense of purpose and direction in medical practice.
• Evaluate holistic strategies to prevent stress and burnout among medical professionals, considering the unique challenges they face.
• Assess the impact of workplace stress, fatigue, and burnout on individual well-being and organizational performance.
• Examine organizational factors contributing to workplace stress and burnout and propose effective mitigation strategies.
• Recognize the significance of patient-centered care and its role in enhancing patient satisfaction and overall healthcare quality.
• Explore the distinction between viewing patients as customers and nurturing patient relationships to foster a paradigm shift in medical practice.
• Analyze the elements of patient experience and satisfaction and their influence on healthcare delivery and reputation management.
• Prepare for residency interviews by mastering composure, understanding common interview questions, and addressing potential burnout factors faced by medical students and residents.
At the conclusion of Chapter 2: Prevail, students will be able to:
• Understand the role and importance of human resources management in the medical field.
• Analyze strategies for navigating performance management and conflict resolution in healthcare settings.
• Demonstrate knowledge of employee and patient safety regulations, including OSHA standards and CDC guidelines.
• Understand the legal and ethical considerations of HIPAA compliance in protecting patient privacy and security.
• Identify essential medical equipment and supplies, and understand best practices for their procurement and management.
• Develop basic accounting skills relevant to medical practice, including understanding financial statements, budgeting, and cash flow management.
• Gain proficiency in medical billing and coding processes, including fee schedules, CPT codes, and claims management.
• Understand the implications of healthcare reform, including the Affordable Care Act and alternative payment models, on medical providers.
• Explore government protection laws applicable to medical providers, including fraud and abuse laws, Medicare regulations, and legal compliance requirements.
• Explore referral management practices and legal compliance requirements for healthcare providers.
At the conclusion of Chapter 3: Thrive, students will be able to:
•Gain a thorough understanding of the significance of location in medical practice and develop the skills necessary to make informed decisions when selecting practice locations, considering factors such as accessibility, patient demographics, and competition.
• Develop a strategic approach to personal and practice finances by acquiring knowledge of financial planning, compensation models, and wealth management techniques tailored to the unique needs of medical professionals.
• Master the art of negotiating and interpreting medical employment contracts, ensuring clarity, fairness, and mutual benefit in contractual agreements between healthcare providers and employers.
• Acquire a comprehensive understanding of medical malpractice insurance, including coverage options, essential terms, and strategies for mitigating risks associated with medical errors and burnout.
• Explore various insurance options available to medical professionals and their families, including healthcare insurance, disability insurance, and life insurance, to ensure comprehensive coverage and financial security.
• Understand the intricacies of business owners' insurance and learn how to safeguard healthcare practices against potential risks, liabilities, and interruptions through appropriate insurance coverage.
• Navigate the complex process of medical credentialing and hospital privileges, mastering the steps involved in securing credentials and maintaining compliance with regulatory requirements.
• Gain proficiency in provider enrollment and insurance panel credentialing processes, ensuring smooth transitions into healthcare networks and successful negotiations with healthcare plans.
• Recognize the indispensable role of trusted advisors in healthcare business management and develop the skills to select and collaborate effectively with professionals such as attorneys, accountants, insurance brokers, and financial advisors.
• Integrate ethical considerations and regulatory guidelines into decision-making processes within healthcare management, ensuring adherence to legal frameworks and ethical standards while addressing challenges and opportunities in the healthcare industry.
At the conclusion of Chapter 4: Business Planning, students will be able to: (80-hour course only)
• Analyze the advantages and disadvantages of being an employee versus self-employed in the medical field, considering factors such as autonomy, financial stability, and career advancement opportunities.
• Evaluate personal readiness for change in professional practice, integrating insights from medical leadership, decision-making strategies, and project management techniques to adapt to evolving healthcare environments effectively.
• Develop a strategic approach to selecting practice names and locations, considering branding, accessibility, and patient demographics to establish a strong presence in the healthcare market.
• Understand the significance of business models in medical practice, comparing and contrasting employee and private practice perspectives to formulate effective strategies for sustainable growth.
• Evaluate different business structures available to medical providers, such as sole proprietorships, partnerships, and corporations, to determine the most suitable option for their professional aspirations and financial goals.
• Establish a comprehensive budget for personal and practice expenses, integrating student loans, revenue projections, and startup costs to ensure financial stability and long-term success.
• Navigate personal financing options for medical providers, including small business loans, real estate investments, and commercial financing, to secure funding for practice development and expansion.
• Develop a robust business plan tailored to the unique needs of medical providers, incorporating mission and vision statements, SMART goals, and financial projections to guide strategic decision-making and operational success.
• Recognize the importance of succession planning for medical providers, outlining essential steps and legal considerations for selling a medical practice and ensuring a smooth transition for patients, employees, and stakeholders.
• Apply critical thinking and problem-solving skills to assess the financial, legal, and ethical implications of exiting a medical practice, avoiding common pitfalls and legal mistakes while maximizing value and minimizing risk.
Course Completion Requirements:
To receive credit for this course, students must successfully complete all lesson videos, reading assignments, case studies, challenges, podcasts, and exams. A minimum score of 70% or higher on the first attempt is required to pass. The decision to allow remediation for students who do not meet this requirement is at the discretion of their educational institution.
In addition to course content, students must complete outside-the-course activities for each chapter, including reading an assigned book, completing a challenge, and listening to a podcast.
To generate a completion certificate, students must complete the Before You Go survey at the end of the course.
• Time Documentation: Students must accurately document their participation time for outside-the-course activities, including reading required books, listening to podcasts, and completing challenges. This information must be recorded using the course’s reporting tool, which is available at the end of each chapter exam. Participation records may be shared with the student’s educational institution upon request.
• Assessment of Outside Activities: Each chapter exam will include questions on the assigned outside-the-course activities.
Workbooks: Students are required to complete the downloadable/printable workbooks for each chapter which serves as a hands-on resource to reinforce key concepts. The workbook includes reflection exercises, self-assessments, interactive activities and high-quality "Pearls" or reference tools designed to help students apply business principles in real-world healthcare settings.
Details Regarding Activities outside the course:
Students are required to complete additional activities outside the course, including reading a book, completing a challenge, and listening to a podcast for each chapter. These activities are designed to enhance understanding, encourage practical application, and reinforce key leadership concepts. Completion of these tasks is an essential part of the course and will be assessed in each chapter exam. Additionally, you must log the time spent on these activities in the course’s reporting tool located at the end of each chapter exam.
Books:
• In addition to the articles provided in the course, students must read the assigned book for each chapter.
• To fulfill this requirement,students must report the time spent reading each book using the provided reporting mechanism embedded in the course at the end of each chapter exam.
• Students may obtain the book from their university library or purchase it in various formats including paperback, e-books, Kindle books, and audiobooks.
• Books may be sourced from:
o Online retailers such as Amazon, Barnes & Noble, and Book Depository.
o Local bookstores or chains like Waterstones, Powell’s Books, or independent bookshops.
o E-book platforms like Kindle Store, Apple Books, or Google Play Books.
o Audiobook services such as Audible, Audiobooks.com, or Libro.fm.
• Students will be tested on key concepts from the book in each chapter exam.
Challenges:
• Each chapter includes a challenge designed to reinforce self-care, business skills, or personal development.
• Students are required to complete the assigned challenge and document their participation time using the reporting tool embedded in the course at the end of each chapter exam.
• Students will be tested on the significance of the challenge in each chapter exam.
Podcasts:
• Each chapter includes a required podcast related to self-care, business, or healthcare.
• Students must listen to the assigned podcast and document their listening time using the course’s reporting tool embedded in the course at the end of each chapter exam.
• Podcasts can be accessed on major platforms, including:
o Apple Podcasts
o Spotify
o Google Podcasts
o Stitcher
o TuneIn
• Students will be tested on the significance of the podcast in each chapter exam.
Details for activities outside the course:
Summary of Required Activities
Chapter
Book & Estimated Time
Challenge
Podcast
1: Fulfillment
Start with Why: How Great Leaders Inspire Everyone to Take Action (5 hrs. & 20 min.)
Three Gratitudes Challenge (3 to 5 minutes/day for 5 days)
The Science of Happiness by the Greater Good Science Center at UC Berkeley (20 minutes/day for 5 days)
2: Prevail
Healthcare & Medical Office Accounting: Medical Practice Finance and Accounting Basics for Doctors, Medical Assistants, and Bookkeeping Professionals (3 hrs.)
Exercise (10 minutes/day for 5 days)
The Art of Happiness by Arthur Brooks (30 min)
3: Thrive
Field Guide to the Business of Medicine: Resources for Health Care Professionals (5 hrs.)
Random Acts of Kindness (10 minutes/day for 5 days)
The Better Life > Better Business with Shawn Ellis (30 min)
4: Business Planning (80-hour course only)
Great by Choice (8 hrs.)
Close Your Eyes and Focus on Your Breathing (3 minutes/day for 5 days)
Akimbo: A Podcast from Seth Godin (30 min)
What You Need To Do:
Obtain the book through a library, bookstore, or digital platform.
Read or listen to the book.
Log reading time in the reporting tool at the end of the chapter exam.
You will be tested on key concepts from this book in the chapter exam.
See each chapter below for challenge details.
Log the amount of time spent completing the challenge in the reporting tool at the end of the chapter exam.
You will be tested on the significance of this activity in the chapter exam.
See each chapter below for podcast episodes.
Write a journal entry reflecting on how the insights from this podcast relate to your own experiences in healthcare.
Log the amount of time spent listening in the reporting tool at the end of the chapter exam.
You will be tested on the significance of this podcast in the chapter exam.
Chapter 1 - Fulfillment:
• Book: "Start with Why: How Great Leaders Inspire Everyone to Take Action" by Simon Sinek.
o ISBN 13:9780241958223.
o Estimated reading time: 5 hours and 20minutes.
o Rationale: This book challenges you to rethink leadership by understanding your "why", the core motivation behind your actions. Developing a purpose-driven approach will strengthen your leadership skills and enhance fulfillment in your career.
• Challenge: “Three Gratitudes Challenge” developed by Shawn Ellis, a motivational speaker. (3 to 5 minutes/day for 5 days).
o Rationale: This challenge, developed by motivational speaker Shawn Ellis, helps retrain your brain to recognize positive aspects of your life, fostering a mindset that leads to greater personal and professional fulfillment.
o The Challenge:
▪ Each day for 5 days, write down three new things you are grateful for.
▪ Each gratitude must be different each day. Avoid repeating the same responses.
• Podcast: "The Science of Happiness" Podcast produced by the Greater Good Science Center at UC Berkeley. (20 minutes/day for 5 days).
o Rationale: This podcast provides research-backed insights into happiness and well-being, giving you practical strategies to enhance your resilience and overall fulfillment.
o Episodes:
▪ Listen to the following episodes 20 minutes per day for 5 days on a major podcast platform:
• Episode 1: Three Good Things | Greater Good
• Episode 2: Quieting Your Inner Critic
• Episode 3: How to Fall in Love with Anyone
• Episode 4: Why Laughing Is Good for You
• Episode 5: Walk Outside with Inside Out's Pete…
o Write a journal entry reflecting on how the insights from this podcast relate to your own experiences in healthcare.
Chapter 2 - Prevail:
• Book: "Healthcare & Medical Office Accounting: Medical Practice Finance and Accounting Basics for Doctors, Medical Assistants, and Bookkeeping Professionals" by Dr. Wayne A. Label, CPA, and Dr. Weldon E. Havins, MD.
o ISBN: 9780986099809.
o Estimated reading time: 3 hours.
o Rationale: This book equips healthcare professionals with essential financial knowledge necessary for effective medical practice management. Understanding financial operations within healthcare settings is crucial for making informed business decisions and ensuring long-term success.
• Challenge: “Exercise” developed by Shawn Ellis, motivational speaker. (10 minutes/day for 5 days).
o Rationale: Beyond the evident physical benefits, this challenge is a gateway to a profound mental shift. Committing to daily exercise, even for just 10 minutes, reinforces the belief that your behavior matters, a principle that extends beyond fitness into other aspects of life. This challenge trains your brain to carry a positive and disciplined mindset throughout your day.
o The Challenge:
▪ Dedicate a minimum of 10 minutes each day for 5 days to intentional physical activity (e.g., walking, stretching, yoga, strength training).
▪ Choose an activity that is realistic and sustainable for you.
• Podcast: "The Art of Happiness” by Arthur Brooks. (20 minutes/day for 5 days).
o Rationale: This podcast offers expert insights and practical strategies for cultivating happiness and wellbeing. By listening to "The Art of Happiness," you will gain valuable tools to develop resilience and positive habits that help you thrive in the face of challenges.
o Episodes:
▪ Listen to the following episodes 20 minutes per day for 5 days on a major podcast platform:
• Happiness from All Things New
• Designing Happiness
• Achieving Effortlessness and Greater Happiness
• How to Buy Happiness
• Healing Collective Trauma
o Write a journal entry reflecting on how the insights from this podcast relate to your own experiences in healthcare.
Chapter 3 - Thrive:
• Book: "Field Guide to the Business of Medicine: Resources for Health Care Professionals" by Christopher A. Clyne and Britton Jewell.
o ISBN: 9781496396235.
o Estimated reading time: 5 hours.
o Rationale: This book provides essential knowledge and resources for navigating the complex business aspects of the healthcare industry. By understanding these principles, you will be better equipped to facilitate career growth, manage financial operations, and optimize success in medical practice.
• Challenge: “Random Acts of Kindness” developed by Shawn Ellis, motivational speaker. (10 minutes/day for 5 days).
o Rationale: This challenge focuses on spreading positivity and fostering a sense of connection and support. Engaging in random acts of kindness not only benefits others but also enhances your own social and emotional well-being. Research shows that practicing kindness can reduce stress, improve relationships, and create a ripple effect of positivity in both personal and professional environments.
o The Challenge:
▪ Dedicate at least 10 minutes per day for 5 days to performing simple but meaningful random acts of kindness (e.g., compliment someone, help a colleague, or send a thank-you note).
▪ One suggested activity is writing one positive email per day to praise or express gratitude to someone in your life.
• Podcast: "The Better Life > Better Business Podcast with Shawn Ellis" (20 minutes/day for 5 days).
o Rationale: This podcast blends personal development and business acumen, offering strategies for work-life balance, professional success, and overall well-being. As a healthcare professional, it’s important to thrive holistically—balancing career demands while maintaining personal fulfillment.
o Episodes:
▪ Listen to 20 minutes per day for 5 days on a major podcast platform:
• You Should Do That!
• 5 C’s to Adapt and Thrive in Times of Change
• This Moment Matters: Part One
• Lead Like Elmo: The Power of Whole-Person Leadership
• Coconuts, Lies, and Letting Go
o Write a journal entry reflecting on how the insights from this podcast relate to your own experiences in healthcare.
Chapter 4 - Business Planning: (80-hour course only)
• Book: "Great by Choice" by Jim Collins & Morten H. Hansen.
o ISBN: 9780062120991.
o Estimated reading time: 8 hours.
o Rationale: "Great by Choice" explores principles of high-performing organizations, offering valuable lessons on effective leadership, strategic decision-making, and resilience in uncertain environments. The book’s insights are highly relevant to healthcare professionals looking to lead with confidence and navigate complex challenges.
• Challenge: “Close Your Eyes and Focus on Your Breathing” by Jon Kabat-Zinn. (3 minutes/day for 5 days).
o Rationale: Mindful breathing is a powerful tool for stress reduction, mental clarity, and resilience—all essential qualities for effective business planning and leadership. Taking just 3 minutes per day to center yourself enhances focus, emotional regulation, and decision-making abilities, preparing you to tackle challenges with a calm and strategic mindset.
o The Challenge:
▪ Dedicate a minimum of 3 minutes per day for 5 days to engage in a mindful breathing space.
▪ Find a quiet space where you won’t be disturbed.
▪ Close your eyes and focus on your breathing for 3 minutes each day.
▪ If your mind wanders, gently return your attention to your breath.
▪ Treat this exercise as a daily mental retreat, allowing you to reset and refocus.
• Podcast: " Akimbo: A Podcast from Seth Godin” (20 minutes/day for 5 days).
o Rationale: Hosted by renowned entrepreneur and author Seth Godin, Akimbo provides valuable insights into marketing, creativity, entrepreneurship, and leadership. In the fast-evolving world of healthcare, understanding innovation, strategic positioning, and the forces shaping industries is essential for professional success.
o Episodes:
▪ Listen to 20 minutes per day for 5 days on a major podcast platform:
• Solving interesting problems
• Patient Capital (E)
• The Great Pretender
• Opportunity Cost (E)
• Selfish Ideas (E)
o Write a journal entry reflecting on how the insights from this podcast relate to your own experiences in healthcare.
Chapter I: Fulfillment – There is evidence that students entering medical school have lower burnout, less depression, and higher quality of life than college graduates pursuing other fields; and yet something goes awry. There are also studies that show 75% of medical students are suffering from burnout. Rx for The Business of Medicine ® helps medical students focus on their "why” and respect their self-worth so they find fulfillment instead of stress, anxiety, and burnout. We even provide them with tips on h ow to knock their residency interview out of the park!
Lesson 1: Mindset
Lesson 2: Clinical Rotations
Lesson 3: Be a Good Resident
Lesson 4: Workplace Stress, Fatigue, & Burnout
Lesson 5: DNA of an Organization
• Answer “Why”
- Start with Why by Simon Sinek
- The Mindset of High Achievers by Tony Robbins
• Mindset of high achievers
• Find your niche
• Know what you know & know what you don’t know
• Having the proper mindset helps mitigate stress, depression, burnout, and suicide
• Clinical rotations act as informal interviews for residency
• Considerations
- Your Interests met
- Family
- COLA
• How do you add value
• Ask for ways to build your resume • Put your professional face on
• How to be a Good Resident
- What to eat daily
- How to dress
- Hygiene
- Assess Culture
- Fit in with employees & preceptors
- Add value
- Be professional - How to treat patients
- Knock on door
- Shake hands
- Show Respect
• Organizational & environmental factors
• Warning signs
- Workplace Stress & Fatigue
- Depressed Employees
- Burnout
• Manage employees with depression
- Not there to counsel or diagnose problems
• Burnout reduction
- Vacations
- Self-care
• Stress management interventions & strategies
• TAKE ACTION & Get HELP!
• DNA of an Organization
- Purpose, calling, core beliefs & values
- Remain constant
• Office Environment
• Mood of the Office
- Training Staff
- Team Meeting
- Continued Education
- Team Bonding
• FUN
-F = Fulfillment
-U = Uniqueness
-N = Next (look forward)
• Self-Care Strategies to Grow Resilience
Lesson 6: Design of an Office Affects Customer Service
Lesson 7: Patients or Customers
Lesson 8: Patient Experience & Satisfaction
Lesson 9: Residency Interview
Lesson 10: Case Study
• Who was it designed for?
• Patient flow
- how patients move through the office before, during & after a visit
• Design influences the relationship between provider & patient
• Design can promote positive physical & mental health
• Patients or Customers?
• Provider-Patient relationship matters
• Patient Communications
• Patient Wait Time
• Patient Needs
• Patient Experience
- Shaped by culture
- Influences patient perceptions of quality of care
• Patient Satisfaction
• Patient Surveys
• Online Reviews
- Negative And Positive Reviews
• Answer why you want the position & why your qualified
• Prepare short relevant stories about yourself
• Research the practice
• First Impressions
• Question to answer & ask
• Charisma on Command
• How Colorado Dermatology Institute Used Unparalleled Customer Service to Attract Patients and Enhance Fulfillment
Chapter II: Prevail – Studies have found that 55% of Providers experiencing burnout have identified a leading cause of frustration as “Administrative Burden” which includes Business, Legal, Accounting, Regulatory/Compliance, and Billing and Coding challenges for which most Providers are ill-prepared. Rx for The Business of Medicine ® was designed to teach essential business fundamentals to all healthcare professionals so they are empowered to prevail and to mitigate the chances for lawsuits, financial distress, and regulatory/audit liability.
Lesson 1: Human Resources
Lesson 2: Employee & Patient Safety
Lesson 3: HIPAA
A Lesson 4: Equipment & Supplies
Lesson 5: Basic Accounting
• Employment Law & Employee Rights - Top areas of risk exposure for litigation that need to be addressed in your policies & employee handbook
• Job Descriptions
• Onboarding
• Compensation & Bonuses
• Staff Shortages & Turnover
• Reviews, Conflict, & Complaints
• Discipline & Termination
• Staff Training
• Leading Staff Meetings
- Office Meeting
- Daily Huddles
• OSHA
- Bloodborne Pathogens
- Hazard Communications
- Ergonomics
- Emergency Preparedness
- PPE - Ergonomics
• CDC
- Patient Care & Clinical Procedures - Cleaning & Disinfecting Environmental Surfaces
- Disinfection &
Sterilization of Instruments
• ADA
- In office
- Website
• HIPAA
• Security Risk Assessment Tool
• HIPAA Compliant Digital Marketing
• HITECH
• Medical Records
- Retention
- Confidentiality & Release
• Consent for Treatment
• Refusal of Treatment
• Following rules a source of burnout
• Business Associate Agreement
• Keep HIPAA, Meaningful Use, & Compliance in the forefront
• Select Vendors/partners
• Practice Management Software System
• EHR/EMR
- Super Users
• Payroll System
• Phone & faxes
• IT Partners
• Healthcare data prime target for hackers
• Basic Accounting
-Accrual accounting
- Cash accounting
- Accounts Receivable
- Accounts Payable
- Balance Sheet
- P & L
- Cash Flow
• Breakeven Analysis
• Revenue Cycle Management
• Collections
• ROI
• Taxes
• Internal controls
Lesson 6: Medical Billing & Coding
Lesson 7: Affordable Care
Lesson 8: Referral Management
Lesson 9: Government Protection Laws
Lesson 10: Case Study
• Fee Schedule
• Medical Billing
• AR Aging Report
• KPI
• Top Carrier/ Insurance Analysis • Medical Coding
- CPT
- ICD 10
- HCPCS
• Fee for Service
- Third Party Payers
- Medicare
- Medicaid
-The Patient Protection & Affordable Care Act • Value Based
- MACRA
- MIPS
- AAPMs
• How Referrals Work
• Benefits of Referral Management Systems
• Increase Referrals
• Fraud, Waste, & Abuse
• False Claims Act
• Exclusion Statute
• Anti-kickback
• Stark Law
• Physician Payments Sunshine Act
• Government initiatives to reduce and prevent stress, burnout, and suicide
• Revenue Cycle Management (RCM) Case Study: High Denial Rates in a Family Practice
Chapter III: Thrive – The best medicine in the world is lost if the provider leaves medicine or the medical organization fails for lack of business acumen. Rx for The Business of Medicine® uses real-world experiences to fill business knowledge gaps and empowers all healthcare professionals with the skills necessary to thrive in any practice setting.
Lesson 1: Location, Location, Location
Lesson 2: Handling Your Finances
Lesson 3: Contracts
Lesson 4: Medical Malpractice Insurance
Lesson 5: Insurance for You & Your Family
• Select a Location, Region, State, City or Town
• Considers: family, competition, demographics, location, aesthetics, traffic, neighborhood, and proximity to hospitals
• Compromise wisely
• Location can help with the prevention of burnout
• How providers get paid
- Salary
- Bonus
• Know Your Worth
• Loan Repayment • Budgeting
• Financing
• Protect your Identity
• Building your Credit
• Burnout can also affect your financial decisions
• Advantage / Disadvantage of a Recruiter
• Employee Agreement
• Employment Contract Negotiations
• Contract Law
• Items to look for • Perform due diligence on the perspective employer
• Renegotiations
• Medical Malpractice Insurance
- Protections
- Does NOT cover - Types
- Tail Coverage
• Association between burnout and medical errors
• Health Insurance
• Gap Insurance
• Disability
- Short term
- Long term
• Long-term Care Insurance
• Life Insurance
• Workers’ Compensation
• Filing a Disability Claim for Burnout
Lesson 6: Business Owners Insurance
Lesson 7: Medical Credentialing Hospital Privileges
Lesson 8: Provider Enrollment
Lesson 9: Partners
Lesson 10: Case Study
• Understanding Business Owner’s Insurance
• Add-ons
• D&O
• Business Interruption
• Cyber Liability
• Regulatory Audit Coverage
• Umbrella
• Medical Credentialing
- Credentialing Steps
- Primary Source Verification
- CAQH
• Hospital Privileges • Recredentialing
• State medical boards and mental health
• Insurance Panel Credentialing
• Healthcare Plan Negotiations
• Beware of “evergreen” clauses • Pros & Cons of Credential Outsourcing
• Recredentialing
• Select an Attorney • Select an Accountant
• Select an Insurance Broker
• Select Financial Advisor
• Navigating the Emotional Turmoil of a Medical Malpractice Lawsuit
Chapter IV: Business Planning (80-hour course only) – A good business plan guides you through each stage of starting and managing your business. You'll use your business plan like a GPS for how to structure, run, and grow your new business. Rx for The Business of Medicine® provides you with the foundation you need so that you can be empowered to formulate, execute, and implement a strategic plan.
Lesson 1: Making the Decision to be an employee or self employed
Lesson 2: When will you be ready for change?
Lesson 3: Practice Name and Location
Lesson 4: Business Model
Lesson 5: Business Structure
• Less than ½ of physicians work in private practice
• What’s driving the next generation to decide between being an employee vs. owning a practice
• Assessing benefit packages
• Difference between blind ambition and ambition
• Why people follow the leader
• Better decision making
• Create a realistic timeline
• Improve personal development skills
• Choosing a name for your practice
• Choosing your practice location
• Types of business modes
• Managed Care vs. Fee-for-service
• Concierge medicine
• Legal structure
• Financial Projections
• Budget
• Getting a loan
• Choosing a legal structure
• Choosing a business entity
Lesson 6: Establish a Budget
Lesson 7: Financing
Lesson 8: Business Plan
Lesson 9: Why it's important to think about selling NOW!
Lesson 10: Case Study
• Financial projections
• Making a budget
• Variance Analysis
• Buy vs. Lease
• Steps to getting a small business loan
• Developing a strategy
• Writing a business plan
• Mission
• Vision
• Goals
• Succession planning
• Selling or closing a practice
• Patch Adams and the Legacy of Humor, Empathy, and Resilience in Healthcare