Opening a private medical practice: These 7 books can help guide you

You’ve accomplished the daunting task of finishing medical school and residency training, and now you’re thinking about starting a new medical practice. 

The challenge? The traditional medical education model heavily focuses on clinical knowledge — not business operations. In fact, a recent survey of 4th-year medical students found that 90% have either "no," "minimal," or "basic" perceived knowledge in the field of the business of medicine. 

Fortunately, there are plenty of resources available to help with starting a new medical practice, and the sooner you tap into them, the better. Here are 7 books mostly published in the last 5 years with up-to-date information that every newbie physician should read before opening a private medical practice.

Whether you’re looking for information on how to choose a legal structure, create a business plan, select an EHR, bill for your services, market your practice, or any other aspect of starting a new medical practice, this book has you covered. 

With its checklists, case examples, and financial models, it’s ideal for new physicians with limited business background who are opening a private medical practice. Co-written by 2 physicians and a reputable healthcare consultant credentialed by the American Academy of Medical Management with an Executive Fellowship in Practice Management, this resource has pretty much everything you need for starting a new medical practice. 

Note that you might also be interested in this updated 2nd edition of the book that goes beyond the basics to include the use of technology, telemedicine, and cybersecurity strategies to build and grow your business.

Written by a licensed acupuncturist with more than 2 decades of experience in integrative medicine and practice management, this book will help you align your practice with professional and personal goals for an authentic and sustainable career — something that early career physicians opening a private medical practice may overlook.

It’s a strong resource when starting a new medical practice to ensure you lay the right foundation from the beginning.

As a new physician just starting out in the world of healthcare, it can be tempting to rapidly grow your business without keeping a balance between work and your personal life. However, the coauthors of this book — a renowned business expert, physician founder of the Independent Physician Association, and practicing lawyer — show you how to sustainably grow your medical practice and increase cash flow while simultaneously gaining more personal freedom. 

While it was published in 2018, it’s still a powerful antidote to physician burnout that can help physicians at any stage of their career — and especially those in the early stages of opening a private medical practice. Starting a new medical practice becomes less overwhelming with the help of this resource.

New physicians may underestimate the importance of clinic efficiency on revenue, patient satisfaction, burnout, and more. 

However, in this book, an assistant professor of clinical medicine at Indiana University School of Medicine reminds readers why efficiency is so important when starting a new medical practice — and how to achieve it with many tips and tricks to enhance productivity. It’s valuable information as you establish a rhythm in your daily workflow when opening a private medical practice.

From the same author who wrote No Work After Hours comes this book about how to master the Relative Value Unit system, bill for and code services correctly, and optimize financial performance. 

It’s a must-have for anyone wanting to learn more about how to enhance their medical practice’s financial health when starting a new medical practice and gives physicians easy-to-understand information about the lesser-known business side of healthcare.

Part of a series of 5 healthcare business books by the same author — a board-certified pediatrician — this book focuses on ensuring physicians set themselves up for financial success when starting a new medical practice by attracting patients, empowering teams, and promoting revenue integrity. 

It can help new physicians prevent simple and often-overlooked mistakes that might otherwise cause business failure when opening a private medical practice.

All physicians need effective online visibility when starting a new medical practice. In this book, the author — a professional web technologist, consultant, and expert in search engine optimization, social media, and content marketing — provides innovative and effective ways to develop an online presence when opening a private medical practice.

Learn tips to gain website traffic, harness social media, and get your medical practice off the ground with marketing. 

As you explore different resources for starting a new medical practice, it’s equally important to choose the right technology — a platform that connects your most critical healthcare workflows: care delivery, revenue cycle management, front-office operations, and online visibility.

Discover how Tebra’s all-in-one practice management solution helps you reduce admin work, provide better care, and grow your practice faster. Book a personalized demo today.