Alok Sharan, MD, spine surgeon at NJ Spine and Wellness in East Brunswick, spoke with Becker's to share three critical skills for physicians entering private practice.
Editor's note: This interview was edited lightly for clarity and brevity.
Dr. Alok Sharan: There are three skill sets that physicians need to have to open up their own private practice.
1. Practice management knowledge: There is some basic knowledge about practice management that every physician needs to learn in their training. This includes the basics of corporate structure. Next, physicians should understand the revenue cycle management process, including how to verify a patient's insurance, determine their benefits and eligibility, submit a claim and the basics of the appeal process. Finally, the physician should understand the basics of malpractice, how to set up an office, how to hire staff and the local laws for hiring employees.
2. Marketing knowledge: Increasingly, medicine is becoming more competitive. Physicians need to develop a unique set of skills or provide a unique service that helps to distinguish themselves. By distinguishing themselves, patients will come to a physician because that provider can deliver a unique service. Marketing consists of creating a unique brand and using the proper channels to communicate that brand. A physician can do traditional marketing where they put up a billboard, buy a newspaper or magazine ad or a spot on the radio. Alternatively, they can do digital marketing, which is becoming more complex beyond Google Ads. It includes buying ads on various social media platforms. Ultimately, a physician needs to understand what their unique message is and what channel they want to use to communicate that message. If done improperly, marketing can easily become a money pit with a lot of time and resources being wasted.
3. Psychology: Starting a business and being an entrepreneur can be very stressful. There will be some natural victories, and of course, failures. This is normal when you take any risk. Developing the right mindset and having the right mental perseverance required to succeed in the face of uncertainty requires tremendous confidence and mental strength. It can be done, but physicians need the proper psychological mindset to succeed.