1. Medicine and business
A. Introduction
8:00am - You’ve arrived for your 'Insiders' Day' at the Virtual Practice. The Practice Manager, Eliza welcomes you.
"There's a lot to learn – Medical school teaches you a lot of things, but it doesn't teach you about business."
Activity:
How much do you know about business?Learn more about:
Market Forces AnalysisWatch the interview:
Dr David Chambers: Achieving the right balance between business and careClick 'Next' to continue.
1. Medicine and business
B. Business forms / structures
8:30am - Eliza is planning to hire a new receptionist. She is comparing the options of casual employment vs. permanent part-time.
Ask Eliza:
Different business structures for general practicesWatch the interview:
Dr John Aloizos: PartnershipsClick 'Next' to continue.
1. Medicine and business
C. Management structures
9:00am - Eliza speaks to the practice's bookkeeper, who is employed for 3 hours/week at $60/hour. The amount of contracted support a practice will require depends on how its management is structured.
Practice management can occur through:
The Virtual Practice employs a professional practice manager and ensures its gross profit margin is at least 40% to cover operating costs.
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