3 Keys to My Success as a Private Practice Physician

[@joshmaddox2010]

People who want to study medicine should also study business. If we had more private practices in America than healthcare cost would drop.

[@mhknutritionclinic5733]

Except hospital costs. Doctors legally can't own hospitals due to the Affordable Care Act (I'm mostly a fan of the ACA, this is just one component I dislike)

[@fma846]

Wow! Such a useful video on a neglected topic

[@DrRupaWong]

Thanks for watching!

[@dr.shoaibparvez3788]

Medical colleges should add a subject on ethical Business management and administration atleast the basics. Moreover they don't want professionals to be financially stable, so that they can maintain their dominance over professionals by partnering with politicians.

[@DrRupaWong]

Absolutely completely agree! They are doing us a disservice by not doing so and so many physicians work for big corporations because the thought of running a business is scary to them

[@dr.shoaibparvez3788]

@@DrRupaWong ❤️

[@listsync3619]

* Learn business knowledge * Ask experts for help * Build a good reputation in your community * Know your numbers - Thank you for the detailed teaching!

[@DrRupaWong]

Glad to help! Thanks for being here :)

[@mysticgamerent]

Currently a high school senior and I hope to one day have my own practice 🤞.

[@antoniolewis3162]

Please continue with this series! Sooo interested! PGY6 cardiology fellow here about to granduate and thinking strongly about opening a pp!

[@DrRupaWong]

Best of luck, Antonio! I will keep this subject in mind. :) Don't give up!

[@agadir706]

Thank you for this!! I absolutely love when doctors especially female surgeons are talking about their business. There is such a hole in that segment of how to do private practice! So excited about this series!

[@DrRupaWong]

Thanks Ines!I totally agree at the lack of preparation that we receive on this subject! Let me know what topics I should address.

[@beastmodebane5909]

Love seeing this. I'm an investment banker heading to medical school this fall. Once done I definitely plan on running business courses for physicians

[@nathanvalentine2604]

That's an awesome plan 👏

[@quentellawinborne4264]

Congratulations! What medical school are you going to ?

[@alexbulan6916]

Very helpful content. When you get a chance, could you pls send me your checklist? Thanks!

[@DrRupaWong]

Hey Alex! Here is the link: courses.drrupawong.com/privatepracticechecklist

[@amygarza1571]

So so true how unprepared we are for starting a business when residency ends! Thanks for a great video.

[@DrRupaWong]

Thank you, Amy!

[@ammumeme5789]

Hi, Dr Wong. For the items you mention at 1:45 ---business plan, pro format, hiring staff ---it would be very helpful if you could make detailed videos on each of them. Thanks.

[@madlinechembola5788]

Could you please send me the check list for starting private practice.

[@therealshakeen]

Thank you for this video! I agree, we are are so unprepared when it comes to the business side of things. Luckily, I have some background business experience as I worked with my family business growing up. But still, there is so much to practice management that we are not taught. You are absolutely right that everything can be learned. How did you find starting a practice and juggling being pregnant and starting a family. What advice would you have for other women who will be running a practice alone (I.e. their spouse is not a doctor). I also believe that being a good doctor will organically bring in patients through referrals.

[@DrRupaWong]

In regards to starting a family while at the same time being pregnant, you know, there's just never a "perfect" time to start a family. And, honestly, I thought our timing was the worst. We literally found out we were pregnant the first weekend we moved to Hawaii! But in retrospect, it worked out fine. My schedule wasn't super busy yet and I was still building. I took 8-9 weeks maternity leave form clinic, though I was still doing all of the admin even the day after I gave birth (filling out GE tax, reconciling our books, handing payroll etc). I think you budget for the fact that you'll be out. Know your numbers - know how much it'll cost you to be out. I'll do a separate video on it!

[@therealshakeen]

@@DrRupaWong Thank you so much! Yes, a video will be so helpful! Not sure if it’s worth hiring a locum doc or not.

[@shivajiprasad4454]

interesting different from medical tech, can i request for check list?

[@jngmom4105]

Know your numbers! This is very common in dental practices. My husband and I are on top of our numbers everyday ! We get a snapshot of our daily collections from our software. Nature of our practice is half fee for service, half insurance so even more important. Our friend’s dental practice had $100 k embezzlement and another had about $20 k lost when his wife was out on maternity leave. So yes very common!

[@nightsky733]

This inspires me so much

[@DrRupaWong]

Thank you for your kind words!

[@ninoslanguagejourney6002]

Hahaha - My mother realized her dream with me in 2017 of opening a private clinic. I was asuming (and had been given the impression) that I'd basically be simply a medical secretary / assistant and that OF COURSE she knows how to run a business. Yeah little did I know that she was just interested into being the doctor and tought that since I did basic business school before that I'd know how to do basically everything lol. 5 Years later, after a rough beginning of mother daughter working together, she now is glad that I aquired the skills to be her clinic manager. We still sit all together in the end of the year and look at the numbers with our trustee.

[@DrRupaWong]

That sounds so exciting! I am glad you figured a system out that works for you. It can definitely be difficult but it is also so rewarding.

[@arafatshabbir]

Thanks for sharing , what about the check list ..

[@DrRupaWong]

Here is an updated link, if you still need it. Sorry for the delay. Thank you! courses.drrupawong.com/privatepracticechecklist

[@bengaltiger6987]

Thanks so much! I would like to start a primary care or walk-in clinic after Internal Medicine residency. Is there anything you suggest?

[@quentellawinborne4264]

Me too !!

[@daryakolesnikova6290]

Thank you Dr.Rupa , I’m am an ophthalmologist too, and I admire you 💐

[@DrRupaWong]

Thank you, Darya!!

[@susanedionwe7049]

I know this is not related...but you are GORGEOUS!

[@DrRupaWong]

Thank you, Susan!

[@adatherealtor3732]

Can I get the list to start a practice? ❤

[@AnaAngeloWedding2019]

❤🙏🏼😊

[@liyanacodny7887]

Dr.Rupa Wong..it's so nice to watch your videos...can I know if a medical student can do rotation internship in a foreign country?

[@elizabethrodriguez5056]

Hi Dr. Wung I know you posted this video over a year ago; however, if you still have the check off list, can you please send it to me?

[@DrRupaWong]

Here is an updated link. Sorry for the delay. Thank you! courses.drrupawong.com/privatepracticechecklist

[@os3752]

Thanks for this video ! Greatly appreciated. I just got accepted into a residency program and thinking about my long term goals. Can you do a video addressing pros and cons of accepting medicare/medicaid vs strictly cash based system?

[@swatigiri9478]

Very helpful video..Dr Rupa....May you grow and prosper much more...thanks

[@DrRupaWong]

Aww. Thank you so much, Swati. I wish the same for you!

[@Dr.HaniYousif]

Thank you for taking the time to teach fellow physicians. How do I get the checklist please? The link is broken.

[@DrRupaWong]

Here is an updated link. Sorry for the delay. Thank you! courses.drrupawong.com/privatepracticechecklist

[@sandhanasiva3768]

Can you talk about your opinion on Lasik eye surgery and the effectiveness of it.

[@meetparikh5804]

Can you please post the checklist of things we should be aware of before starting practice ?

[@DrRupaWong]

Here is an updated link! Sorry for the delay. Thank you! courses.drrupawong.com/privatepracticechecklist

[@monam7886]

This is perfect tnx for everything 💪🏻💪🏻💪🏻💪🏻✨✨✨✨

[@DrRupaWong]

You're so welcome! Glad you enjoyed it. Thank you for being here!

[@otiebrown9999]

An excellent report! Thank you!

[@DrRupaWong]

My pleasure!

[@sarahtricot7610]

please send checklist? Thank you for the inspiring video, Rupa!

[@DrRupaWong]

Here is an updated link, if you still need it. Sorry for the delay. Thank you! courses.drrupawong.com/privatepracticechecklist

[@evamariarivera202]

I ❤️ the statement "if you care for your patients," I agree 100% that is a key for success. Patients are intelligent. They know who really cares for them.

[@lu19662]

thank you!

[@DrRupaWong]

Thank you!!

[@KimmiTheOracle]

How did he find out about the embezzling??

[@drvidhya-wealthywarriors1111]

Thank you 🙏🏽

[@DrRupaWong]

Glad you enjoyed it!

[@nathanvalentine2604]

I would love to own my own family medicine practice one day in a smaller community... sounds like a dream

[@DrRupaWong]

Go for it!

[@dorksforsports5615]

I’m an aspiring physician with an almost equal love for entrepreneurship as I do with medicine. I was curious do physicians open multiple clinics like dentists do and have a potential to build a business as well so they don’t have to work 50 hours a week every week?

[@sandhanasiva3768]

What is the difference between optometry and ophthalmology?

[@DrRupaWong]

I'm an ophthalmologist - we are eye surgeons, who attend medical school. So, we are M.D.. We complete 4 years medical school, then 1 year internship, 3 years of surgical ophthalmology residency training and then optional 1-2 years fellowship training (mine was 1 year). Optometrists, by contrast, attend optometry school after college, not medical school. Their degree is an O.D. Some will complete an optional 1 year fellowship after their optometry school, but they are not surgeons. I have an optometrist who I employ in my practice, who is wonderful. Different skill set and training.