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Hanging Out Your Shingle Scares You: Practice Preparedness Shows Why

Hanging Out Your Shingle Scares You: Practice Preparedness Shows Why

Practice preparedness determines the first few choices physicians make out of medical school. Epocrates’ 8th Annual Future Physicians of America Survey in 2013 revealed that 69% out of more than 1,000 medical students would choose to work in a group practice or hospital upon graduation.

Respondents reported four reasons for this active choice to steer clear of solo practices: (1) dissatisfaction with their training for billing and coding, (2) dissatisfaction with practice management training, (3) fear of not achieving work-life balance, and (4) fear of lawsuits and malpractice insurance premiums.

Increasing insurance-related requirements have redefined the entire US healthcare system. It is no surprise that more graduates opt to join established practices rather than put up one of their own. They would rather not work around these perceived challenges.

Physician Preparedness for Professional Practice

A 2017 survey published in BMC Medical Education compared the preparedness of newly qualified physicians to practice. These young doctors underwent different types of medical school training.

Those who experienced problem-based learning fared best in procedures and patient dialogue. However, most of the respondents felt least prepared for paperwork and clerical tasks. This is cause for concern since administrative tasks play a huge part in practice management, especially with the current healthcare climate.

Physicians are possibly among the most developmentally delayed professionals in society. They complete their clinical training nearing their thirties. Only then can they begin gaining professional experience.

As the Epocrates data show, new graduates prefer to advance their learning by taking the most convenient path towards professional growth. Unbeknownst to them, however, working in large practices and hospitals do not guarantee chances of career satisfaction. After all, these practices offer no escape from the administrative tasks that often lead to physician burnout.

There is also the demand to offer volume-driven service (RVUs) to cover overhead expenses. This jeopardizes the physician-patient relationship most young doctors wish to foster while they work in such an environment.

Systems and Processes Prepare You

Let us face it: medical schools do not fully prepare you to transition into practice, much less run one of your own. This wrinkle in the educational system breeds the fear of taking on the endeavor in most fledgling physicians. Even those who have had decades of a headstart find themselves stuck in the same boat, no thanks to the ever-evolving healthcare system.

In a previous blog, we touched on some of the pressing truths in podiatric practice—and ultimately, the entirety of medical practice. They all go back to the physicians’ insufficient knowledge of the requirements to run a sound and solid business.

Conquering the Fear of Running Your Practice

Drilling down on the systems and processes involved in practice management is key to success. Once they are properly laid down, they will help your practice fly. They will keep you and your staff fulfilled in life.

Bottleneck Medical Virtual Services has a 7-step hiring formula that not only helps alleviate the pains of running a practice. We offer a systemized approach to building your own practice around existing technologies. Change the way you practice medicine for the better.

Learn how you can hire your own medical virtual assistant and virtual medical scribe by scheduling a free consultation with us today!

Got anything that you would like for us to cover for our next blog? Let us know in the comments below!

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