The SBDC is featuring a new seminar, Introduction to the Business of Medicine.  It is targeted toward physicians who would like an overview of the business concepts involved in operating a practice.  Physicians with newly minted degrees and licenses are often expected to make complex business decisions with little or no formal training.  They must evaluate whether to start a practice, purchase an existing practice, evaluate a partnership offer or accept an employment position.  They must choose a legal formation for their business that will have liability, taxation, ownership and duration consequences.  They are additionally faced with hiring employees, purchasing a practice location, evaluating contracts, negotiating loans, managing cash flow, establishing polices and then practicing medicine full time.  Without an understanding of what is required and how they should manage their business, doctors often abdicate the responsibility of their practice's day-to-day business operations to third parties.

The seminar, which is offered free of charge, helps doctors learn how to manage their business and delegate, instead of abdicate, their business's operation.  The uses of financial statements to manage and value a practice are discussed, as well as constructing a business plan.  Outlines for the business plan include systematic questions to help the physician address what the character of the practice will be, how it will be marketed, describe the operations plan, and identify trends that will affect the practice. 

A survey to gather business information about existing practices will appear in the next issue of the Potter-Randall County Medical Society newsletter.  Interested physicians can contact our office at 372-5151 to participate.

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