How to Start a Private Practice

Starting a private medical practice offers physicians and other allied health professionals unparalleled autonomy over clinical decisions, practice management, and work-life balance. This independence allows practitioners to develop personalized treatment approaches and stronger patient relationships without corporate constraints, often resulting in higher satisfaction for both medical professionals and patients. Financially, private practices can be more lucrative through direct control of revenue streams and business operations. Beyond personal benefits, private practices are vital to healthcare ecosystems by providing community-centered care, increasing access in underserved areas, and fostering innovation through a nimble adaptation to emerging healthcare needs. In an era of increasing healthcare consolidation, independent practices preserve the essential doctor-patient relationship that forms the foundation of quality healthcare delivery. How to Start a Private Practice is a comprehensive guide for physicians, dentists, mental health professionals, physical therapists, and other allied health practitioners seeking to transition from residency, fellowship, or corporate practice into a private practice setting. Written by experienced physicians Bertrand Liang, MD, PhD, and Mitchell Liester, MD, this practical guidebook provides a road map for establishing, managing, and growing a successful private practice in today's complex healthcare landscape. This book provides physicians and other allied health practitioners with a step-by-step guide to establishing and managing a successful private practice. The authors combine business fundamentals with healthcare-specific knowledge to help medical practitioners navigate the complexities of practice ownership. This comprehensive approach, from addressing psychological barriers to providing detailed guidance on coding and billing, ensures that readers will have the tools they need to succeed in today's challenging healthcare environment.

Bertrand Liang, MD, PhD, is a neurologist and neuro-oncologist who has successfully operated a private practice after transitioning from academic medicine. Dr. Liang brings a wealth of experience in practice management, billing, coding, and the business aspects of medicine to this project. He has published over 75 peer-reviewed articles in leading medical journals, 12 chapters in medical textbooks, and four books, including two business related books, Managing and Leading for Science Professionals and Pragmatic MBA for the Scientific and Technical Executive. Dr. Liang maintains an active speaking and teaching schedule, focusing on practice management and physician entrepreneurship. He writes actively on Medium, which reaches over 25,000 monthly readers. Dr. Liang also serves as an advisor and consultant transitioning physicians to independent practice models. Mitchell Liester, MD, is a psychiatrist and an Assistant Clinical Professor at the University of Colorado School of Medicine. A board-certified psychiatrist, Dr. Liester has maintained a thriving private practice for over 40 years after previously working for a community mental health clinic. Dr. Liester offers personal insights into the challenges and rewards of private practice from multiple decades of experience. Dr. Liester has published widely in the field of psychiatry, and his papers have been viewed by more than 60,000 readers. Dr. Liester is also the author of The Leading Edge blog on Psychology Today, which has garnered over 100,000 reads in the past year.

1. Confronting Fears. 2. Lessons Learned. 3. Overview and Path. 4. The Nuts and Bolts of Starting a Medical Practice. 5. Finance. 6. Marketing. 7. Negotiation. 8. Financing a Practice. 9. The Art of Customer Relationship Management. 10. Personnel. 11. Navigating Credentialing and Payor Contracts. 12. Malpractice Insurance. 13. Selecting the Right EHR/EMR for Your Practice. 14. Mastering Medical Coding for Your Private Practice. 15. Mastering Medical Billing. 16. A Final Note.