Three types of Medical Practice: Group, Partnership, and Sole Proprietorship
Group Practice
The majority of physician practices are group practice for a variety of reasons. In a group
practice, physicians share patient duties and the physical office space. This is the second most
popular form of practice. It’s considered as three or more physicians, who provide medical
care, jointly using the same facility, personnel and dividing the income as agreed. Typically
there is a greater financial security than with the solo practices. The pay includes salary and
bonus pay. In addition, the hours in a group practice are more flexible because there are other
doctors that are available to cover for each other. However, there are some negative aspects to
a group practice, such as loss of independence, renovating, hiring and firing personnel, relocating, and expanding facilities for consensus requirement. With most issues, there are both positive and negative sides to being a member of a group practice. If you are considering it, you need to be cautious and evaluate the nature of the practice to determine if you would be compatible with the group members.
However, the rewards of being a member of a successful group practice can readily
outweigh its disadvantages. One great advantage of a group medical practice is the group
members’ ability to share the burden of being “on call” to cover patients during non business
hours, such as nights, major holidays. Careful inquiry should be made at the outset of a
physician’s affiliation with a group, however, to determine the group’s particular call-coverage
practices, and the extent to which call-coverage responsibility will fall on the particular
physician. ...
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...(SSI) of a former proprietor can’t be used by a new business owner.
The owner reports business gain or losses on his or her personal income tax return. A sole proprietor is taxed on all assets from the business at appropriate personal tax rates. The corporation income, and acceptable expenses, is reflected on the person’s tax return. All corporation income is taxed to the owner in the year the business acquire it, whether or not the owner take away the money from the business. No disconnect federal income tax return is acquired of the sole proprietor.
Works Cited
www.aboutus.com
www.ask.com/questions-about/Disadvantage-of-Partnership
www.directincorporation.com
www.answers.com/topic/sole-proprietorship#ixzz1gXdHOEkG
www.ehow.com/info_8136243_five-types-medical-practice.html#ixzz1gXB1Hhm3
http://careers.stateuniversity.com/pages/100000668/Medical-Practice
A few advantages would be that they are already popular and have a name for themselves, they offer training and support and it would be less of a risk.
Physician practices are increasingly using medical assistants in place of nurses, for a variety of reasons and with significant impact on office efficiency. Medical assistants are trained in both clinical and administrative functions, allowing one staff member to do the work of two. These assistants can help manage patient flow by working the front desk, performing some billing functions, and also providing some clinical care. As you consider adding medical assistants to your practice or optimizing the work of the assistants you already have on staff, you might be wondering: What is the clinical scope of practice of
Income Taxes – Your business income is not taxed separately. It is considered your personal income and taxed accordingly.
Improved access to funding and resources at strategic level (noted by over one-sixth) was also considered a benefit. Interviews highlighted, for example, that joint working enabled them to bid for funding which they might otherwise not be able to access because multi-agency involvement was a requirement for the bid. (Source: Telephone interviews in Phase one of the NFER study, 20000. p29).
rofessionals from different disciplines collaborating to provide care to patients. Effectively coordinated and collaborative inter-professional teams are essential to the care and treatment of patients (Rowlands & Callen, 2013; Doyle, 2008; Ruhstaller, Roe, Thürlimann & Nicoll, 2006; Simpson & Patton, 2012, p. 300). Communication is a process of conferring information between individuals through use of speech, writing or various other means, and is critical to the success of a multidisciplinary team (MDT) (Higgs, McAllister & Sefton, 2012, p. 5; Rowlands & Callen, 2013; Sargeant, Loney & Murphy, 2008). An MDT must use multiple strategies to enhance communication and ensure their success (Doyle, 2008). An effective MDT generates opportunities that benefit healthcare, which is the reason for the recent dominance of inter-professional care in health practice (Simpson & Patton, 2012, p. 300; Rowlands & Callen, 2013). Many barriers prevent effective communication within inter-professional teams. Lack of communication within MDTs presents challenges to their success, leading to numerous consequences, including the failure of the MDT (London Deanery, 2012; Sargeant et al, 2008). Communication between professionals is the key factor underpinning the potential success or failure of inter-professional teams, the outcome of the functioning of MDTs will either benefit or impair care of patients.
“In 2007, U.S. health care spending was about $7,421 per resident and accounted for 16.2% of the nations GDP” (Kaiser). Whereas, Japan’s national expenditure on health is roughly 8% of the nations GDP (Kaiser). However, with such low cost, delivery of medical care would be affected in a negative way. Many physicians in Japan have witnessed hospitals overcrowding due to the fact that every patient is treated too equally and the hospital beds are occupied by less urgent cases and there are no penalties for those who over use the system (Harden). Also, lack of required physicians and nurses on duty affects the quality of care because there are only 1.6 physicians per 1,000 people and 7.8 nurses per 1,000 people whereas the average for physicians are 3.1 and nurses are 8.2 per 1,000 people (Kaiser). Therefore, physicians and nurses become overwhelmed with long hours and overcrowding causing the quality and delivery of medical care to
Okie, S. (2012, May 17). The Evolving Primary Care Physician. In The New England Journal of Medicine. Retrieved February 10, 2014, from http://search.proquest.com.ezaccess.libraries.psu.edu/docview/1014419556/fulltextPDF?accountid=13158
Over the past 5 decades, nurse practitioners have been utilized to deliver primary care, traditionally in underserved areas or to vulnerable populations. With the primary care physician workforce in decline it has been estimated, in 2020 we will see a shortage of nearly 45,000 primary care physicians. Currently, a nurse practitioners scope of practice varies widely state by state, many believe that drafting new laws to expand their scope of practice would help create a readily available supply of primary care providers to help combat the expected shortage.
Doctors have always been regarded as one of the most prestigious professions in the United States. It is up there with lawyers and political leaders. Doctors they are usually considered pillars of their communities. From the beginning of our lives to the end of them we spend quite a lot of time with our doctor’s. It would make sense that we would want to know that there is always going to be enough of them to cover all Americans. With the addition of millions of previously uninsured Americans, thanks to the new healthcare reform, the looming threat of a doctor’s shortage is real, and possibly one that we might not have a real answer to.
Most of us have always looked up to primary care physicians for almost all of our healthcare needs. They intimately know our medical history and have a general concern for our wellbeing. This field of practice is mostly dominated by people who finished internal medicine, family medicine, and general practice. After eight years of schooling, coupled with six figure student loans, some of these tireless workers are facing a thankless job.
In order for primary care practices to be successful they have to arrange their office setting and scheduling to satisfy their consumers’ needs. Bodenheimer (2003) advocates for improving primary care accessibility by arranging their offices into teams. He explains each team would have “one primary care physician, two non-physicians clinicians (nurse practitioners or physician assistants), three nursing staff, and a receptionist” (p.797). He states patients will be greeted by their team who knows their h...
The demand of a constantly developing health service has required each professional to become highly specialised within their own field. Despite the focus for all professionals being on the delivery high quality care (Darzi, 2008); no one profession is able to deliver a complete, tailored package. This illustrates the importance of using inter-professional collaboration in delivering health care. Patient centric care is further highlighted in policies, emphasising the concept that treating the illness alone whilst ignoring sociological and psychological requirements on an individual is no longer acceptable. Kenny (2002) states that at the core of healthcare is an agreement amongst all the health professionals enabling them to evolve as the patient health requirements become more challenging but there are hurdles for these coalitions to be effective: for example the variation in culture of health divisions and hierarchy of roles. Here Hall (2005) illustrates this point by stating that physicians ignore the mundane problems of patients, and if they feel undervalued they do not fully participate with a multidisciplinary team.
Also, some might need to be available 24 hours in case of emergency if they work for a facility that is open 24 hours a day.
Sole proprietors because they are the owners, do not have to pay business taxes, however, the owner must pay taxes on the income that is collected from the business as a part of his or her own personal income taxes. Despite the fact that the business is owned and run by the sole proprietor, there is a definitive need to comply with any licensing requirements in the particular state where the owner is doing business. This includes zoning ordinances, local regulations as well as the necessary paperwork attributed to the business running smoothly. There is a nominal amount of paperwork associated with the sole proprietorship in comparison to the other types of business entities, which makes it an even more attractive business to operate ("Advantages and Disadvantages of Sole Proprietorships").
Primary care should be the first point of contact with the healthcare system for many individuals. The primary care physicians, however, are not as patient-centric as they should be. There was a Commonwealth Fund project that determined 11 patient-centric care practices, with only 22% of the physicians’ offices being in the high range (6-11 practices adopted) of patient-centric practices met (Murphy, 2011). This could easily change if more physician offices adopted more automation within the office.