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July 2, 2021

Business

The Complete and Only Medical Practice Checklist You’ll Ever Need

It can be very intimidating to start a new medical practice. The current state of the health care industry seems to be constantly fluctuating based on new laws and rules. Private and independent practices also face a lot of competition from larger medical organizations. 

With all this going on, it can be scary to know where to start. Luckily for you, we have come up with a medical practice checklist to help you get started. So keep on reading and we will take you through everything that you will want to know!

Prepare the Practice

The first step to starting your new medical practice is going to be choosing which kind of medical practice you want to run. You’ll probably want to choose between traditional, concierge, and direct primary care. 

Get Malpractice Insurance

A malpractice lawsuit could end up being detrimental to your business. This is why it is so important that you acquire malpractice insurance. 

When you are looking around for medical liability insurance, you should ask the insurance providers if they also offer personal life insurance, health insurance, and corporate insurance coverage. 

You also want to make sure that your business is following proper HIPAA compliance.  

Set Up a Fee Schedule

Another important part of setting up your organizing operations is to come up with a fee schedule. This is a simple list of all of the services that you will offer and how much money you will charge for each.

One of the best ways for you to do this is to see what other companies in your area are charging.

Ask your colleagues for a copy of their fee schedule so you can get a better sense of what you should charge. See what adjustments you need to make so that your company can stay above water.

Delegate Employee Roles

This is the stage where you want to know how many crew members you are going to need to help run the practice. For example, a doctor who decides not to outsource billing and expects to have a lot of patients would assign an employee to handle scheduling and billing. They will also want a medical assistant or nurse. 

Also, medical practices that depend on medicare reimbursements might want to hire a compliance officer to make sure that all requirements are being met. 

The Importance of Having a Medical Practice Checklist  

Hopefully, after reading the above article, you now have a better idea of what items you should have on your medical practice checklist. As we can see, there is a lot that needs to be done before you can get your medical practice up and running. But by following the checklist above, you should be ready to start your business without an issue.

Are you looking for other helpful and interesting articles? Check out the rest of our site today for more!

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Business

Stock vs. Royalty Free Photos: What Are the Differences?

A picture is worth a thousand royalty fees.

Took a swerve at the end there, huh? It’s true: there’s a lot of complexity attached to using images you find online. If you’re looking for images and have run into a baffling maze of terminology, we’re here to clear things up.

Here’s the difference between stock and royalty-free photos, and what it means for you.

What Are Stock Photos?

The idea behind stock photos isn’t complicated: it’s a way of sourcing your images through a third party.

Where things get complicated is on the matter of copyright, licensing, and royalties. Most stock photos have these in place, meaning you have to pay for their use. Many of these are royalty-based—you have to pay each time you use the image. The photographer is just like a musician getting paid when their song plays on the radio.

Free stock photos exist but you’ll need to check the license of even a free photo before you use it. Some may be free for personal use but not for commercial use, for example.

What Does Royalty-Free Mean?

Stock vs royalty-free is something of a false dichotomy. In fact, royalty-free images are a subset of stock photos.

What makes royalty-free photos different is their licensing structure. Instead of having to pay to use each instance of a photo, you can use a royalty-free image an unlimited number of times after you purchase its license (if it has one.)

Don’t let the word “free” fool you. A royalty-free image isn’t always free to use (though free royalty-free photo sites exist) and it’s still protected under copyright. All it means is that you won’t pay ongoing royalties for the use of an image.

As with other stock photos, check the terms of the license before you use a royalty-free image.

What’s the Difference?

If you’ve been paying close attention, you’ll note that the main difference between stock and royalty-free photos is the pricing expectation.

Although stock photos can be free to use, most aren’t. A stock’s license controls its use. If you don’t pay for the license, you can’t use the image, and that license may include ongoing royalties. Royalty-free stock may have an initial cost, but you won’t have to pay royalties on its use.

This also leads to another key difference: exclusivity. If you want an image that you won’t see replicated elsewhere (e.g. on a competitor’s site) then a limited license stock photo is the way to go.

In contrast, royalty-free images are more generous. You can use the image as you like after purchasing its license without paying further royalty fees. The drawback is that the license doesn’t guarantee exclusivity. There’s a good chance people have already seen the image you’ve chosen dozens of times in other contexts.

Stock vs Royalty-Free Photos: The Difference Explained

Copyright and usage licenses aren’t the easiest things to grasp. With this guide, you can find the photos you need for your next project—without burning your cash on royalty fees.

Looking for more handy knowledge? Check back often to see what’s new.Stock vs. Royalty Free Photos: What Are the Differences?

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Business

Everything to Consider When Choosing a Business Insurance Company

Every year, more than 627,000 new small businesses open their doors. During that first year, there’s a lot to figure out, but one of the most important things you’ll need to do is figure out how to protect your business.

Buying a comprehensive business insurance policy is key. But finding the best business insurance company to partner with isn’t as simple as you might think.

You need to know what to look for so you can get the best business insurance options possible. Here are a few key things to consider when you start your search.

Consider Their Offerings

Not all business insurance agencies offer the same types of coverage. When you’re starting to look at your options, pay attention to the types of coverage each company provides.

At a minimum, you’ll want general liability insurance, workers’ compensation coverage, property insurance, and professional liability coverage.

If a company doesn’t offer all of the types of insurance you need, keep looking. The last thing you want to deal with is having to buy coverage from several insurance providers.

Pay Attention to the Way the Agents Treat You

Shopping around for coverage and getting quotes on business insurance options is the best way to find coverage you can afford. But it’s also the perfect time to interview the agents you speak with.

According to the team at L J Adams Insurance Services LLC, the agents you speak with should take the time to get to know you and identify your business’s unique risk factors. If you’re offered a quote without the insurance company finding out more about your concerns, keep looking.

Remember, if agents aren’t responsive when you’re trying to buy coverage, they won’t be responsive if you have to file a claim.

Check Out Each Company’s References and Reviews

Though it’s tempting to focus on comparing insurance costs, looking at price alone isn’t the best idea. You need to make sure the insurance company is reliable and trustworthy.

Research their reputation in detail. Read online reviews about the company and pay attention to any repeat concerns mentioned in those reviews. If other clients found it difficult to file a claim or complain about overly low settlements, you’ll likely have the same experience.

You can also ask the company for references. Reputable companies can connect you with other business owners that are willing to discuss their experiences with you.

The Right Business Insurance Company Makes All the Difference

Working with the right business insurance company can help you keep your business running smoothly for years to come. As long as you consider these key things when you start shopping for coverage, you’ll be able to find a company you can rely on.

Keep in mind that buying insurance for businesses is just the first step in keeping your business safe. Check out our blog for more tips and tricks to help you reduce your business’s risks for years to come.Everything to Consider When Choosing a Business Insurance Company

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