A private medical practice is a practice wholly owned by physicians rather than by a hospital, health system, or other similar entity. For doctors that want to be their own boss, or work with a small cadre of like-minded colleagues to better serve the needs of a small community, this is a viable option. However, the drawbacks of working independently without the “built-ins” of an HMO or hospital health system are significant. Doctors in private practice must hire and pay their own support staff, build their own referral networks, and outlay a significant amount of cash for start-up costs, all of which can be prohibitive. Private medical practices are arguably riskier than managed settings, but for certain physicians who crave independence, the risk can be worth it.
If you are a physician who wants to start your own private practice, you’ll need to get licensed first. You’ll also need to pass a test administered by the state board of medical examiners. Once you’ve passed the test, you’ll need to complete an application form and pay a fee. After that, you’ll need to wait for approval from the state board of medical examiners before you can begin accepting patients. This process can take several months. Physicians in private practices also need to pay attention to healthcare legislation, as this can change quickly. Verification of coverage is also important before administration of service is important, as it is difficult to collect post-facto. Insurance companies pay for insured patients and those patients typically bear some co-pay responsibility. Some visits and procedures are not covered and, in this case, patients pay entirely out of pocket for elective treatment.
Electronic medical record (EMR) and electronic health record (EHR) systems are critical to any private medical practice. They keep track of patient information including past present and future appointments, medications, communications with patients, and medical practice payments. Payment Integrator integrates with EMRs and EHRs to allow physicians to accept medical practice payments through credit card and Debit Card as well as e-wallet options like Apple Pay and Google Pay. Payment Integrators’ billing solutions are secure, PCI compliant and operate in a tokenized P2PE environment.
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