Exit Strategies for Senior Residents-Building Your Medical Practice

Video Transcription

Video Summary

The video discusses the foundations for building a successful medical practice, including considerations for governance structure and legal entities such as Inc., LLC, LTD, and C-Corp. The importance of maintaining bylaws, shareholder agreements, employee agreements, and meeting requirements is emphasized. The speaker emphasizes the need to maintain governance records and follow the requirements to meet IRS audit standards. The next section of the video focuses on the four R's of running a practice: respect, responsibility, recognition, and referrals. The importance of timely access to patient questions and concerns, effective communication with patients and families, and providing educational materials are discussed. The significance of responding and maintaining good communication with referring physicians is also emphasized. The speaker highlights the importance of building trust and respect through professionalism, community service, mentorship, and collegiality. The final part of the video talks about utilizing social media and web presence to enhance and promote a medical practice. The benefits of having a web presence, advertising goals, and patient engagement through interactive and educational content are discussed. The speaker also mentions the significance of personal data empowerment, outcomes evaluation, and social media in building a practice. The importance of recognizing public concerns such as stroke certification, hospital quality awards, and infection rates, and using social media to celebrate and share these achievements are highlighted. The video concludes by summarizing the key elements of building a practice, including strong communication skills, patient satisfaction, collegial relationships, outcomes and quality, sound business practices, and service-oriented staff and community stewardship. No credits were provided in the transcript.

Asset Subtitle

Presented by Ann R. Stroink, MD, FAANS

Keywords

medical practice

governance structure

communication skills

patient satisfaction

social media