Practice Management

Abstract

The graduating resident in family medicine has been provided with 11 years of quality science/medical education and, in all probability, little or no business preparation. As a practicing physician, the rigors of running the office consume approximately 25% of available working time. Included among the hats the physician is required to wear are personnel administrator, purchasing director, equipment repairman, lease negotiator, bill payer, bill collector; he must also have enough savvy to interpret his practice from an accountant’s and an attorney’s standpoint.¹ The responsibilities of the physician in a small group practice are identical to those of the president of a small corporation, lacking only a manufactured product and massive production facilities. The purpose of this chapter is to better prepare the physician to cope with the upcoming problems and introduce the vocabulary he needs to cope as a “small businessman.”