Business ownership for physicians

[onconc]

Hospital employed practicing oncologist from California here.

Do any of you have any businesses that you have either full or partial ownership of ? I am specifically asking about some business in the medical field. If yes, what kind of business is it ; and how has it been for you ?

Thank you !

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[NewYorkDoctors]

I have my own private practice.

I purchased office space. I set up a Professional Corporation (S corporation) through my accountant. I joined an IPA to negotiate the best insurance rates. I hired staff and purchased equipment. I see patients and bill. All the billing is done through the EMR now and there is no separate billing forms to fill out.

It's not hard but it is a lot of preparation and set up. I am free of virtually all administrative burdens and I get to keep whatever I bill (after I pay taxes, overhead, and employees of course)

 

[NewYorkDoctors]

The other private practice hem onc did a similar thing . I don’t know what their credentialing process for outpatient chemo is but they set up a clia certified lab for doing their own CBC and smears and have infusion rooms for chemo and immunotherapy . They collect the entire facility and physician fee and I’m sure it is quite the money making machine