Be 'a good doctor': Speaker shares tips to thrive in solo practice in post-COVID world
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LOUISVILLE, Ky. — Finding value in what you do and spend, having a support system and remembering your practice is a business are keys to owning a successful solo practice, according to a speaker here.
Heather N. Hartman, MD, who is a solo practitioner and physician-owner of Cincinnati Allergy Associates, launched her solo practice at the very onset of the COVID-19 pandemic. The American College of Asthma & Immunology Annual Scientific Meeting audience groaned when she said, “March 15, 2020, was the first day of my practice.”
“I would not have gotten through the pandemic without my banker and without my accountant,” she said. “They made it a lot easier.”
When thinking of a solo practice, remember “this is a business. Money is going to come in. Money is going to come out,” Hartman said.
Early on, one must be very familiar with the fee schedule and should look at one’s claims and understand where you are making money, she said.
“Make sure you are leaving no money on the table. Understand from each payer how much you are making, what are you billing, are you coding correctly,” she said.
Hartman also said to look at your entire revenue cycle management.
“Make sure all your claims go out same day or, hopefully, within 24 hours. Make sure you are reviewing all your claims,” she said, adding to make sure all claims are paid and know why claims are rejected.
Hartman suggested that you remove obstacles to patients paying their bills, streamline processes, track all the money in your practice, be ruthless with expenses, buy with intention, have a good biller and seek out a support system.
“When you are solo, this is you. This is your baby. This is your income,” she said. “There is so much joy in being able to say this is my shop. There is so much joy in being able to say this is my world ... and these are my decisions.”
Hartman suggested one needs to keep moving; play the long game; know one’s limits; find a mentor to seek advice and support; and be a good doctor.
“If you’re a good doctor at heart, you’ll always do a good job,” Hartman said.