IC207
The Business of Medicine: Hospital-Based, Academic, Private Practice - Learning How to Succeed
Kevin D. Plancher MD MPH; Brian J. Cole MD, MBA; Hussein A. Elkousy, MD; Louis McIntyre MD
Course Description:
This course will give physicians a comprehensive understanding of all aspects of medicine from health insurance and coding to marketing and enhancing your visibility to compete in the current healthcare marketplace with a sports medicine practice. This course will build the foundation to allow the physician a comfort level within the business aspects of a successful practice. Introductory lectures that build on the previous year's topics will allow for multi-year rotation.
Course Objectives:
Explain when and why marketing can positively affect a medical or hospital practice while analyzing the competitive marketplace to formulate a value proposition and apply it to a market segmentation targeting the right consumer
Discuss the role of branding and customer loyalty to review the importance of an integrated marketing platform and allow for interpretation of key metrics.
Understand the essentials of billing and coding to improve reimbursement and create an efficient, successful financial model through the utilization of physician extenders.
Define the concept of consumerism and realize the role of social media and decision making by patients.
Understand the intricate finances of a practice or department of orthopaedics & the role of ambulatory surgical centers, outpatient surgery, in and out of network and how to use your physician assistant and nurse practitioner to compete effectively.