NC: Marc, can you give us the top five things that any new physician do to protect the business?
- Choose the right partners. And I use that term broadly,meaning, as a new physician, I want to associate and affiliate with the right hospital in a community. And if I’m joining others, certainly with the right physicians, with the right medical staff, certainly affiliate with the right counselors (accountants, lawyers) in a particular market.
- Be prepared to work on the business as well as in the business. I am trained, as the clinical expert, as a physician, to come into a medical practice setting and work in the business. But, in addition, I have to pay attention to the business itself and take time to work on that business.
- Invest in the right supporting talent. I may have the skills as a physician, but I cannot practice medicine alone. I have to have an excellent officer manager, and great staff members.
- I need to protect against loss, particularly today. We live in a very litigious society, and insurance such as professional liability insurance is essential.
- Finally, making sure that I have adequate financing or capital, the dollars needed to start my business and to maintain it as it grows.
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