Finance

The Most Important Things to Consider When Starting a Dermatology Practice
Start up
by Next Steps In Derm Team on
Setting up a new dermatology practice is a challenge, regardless of where you are in your career, whether it be straight out of residency or several years later. My goal is to offer you several tips to help you understand the various activities involved and the most critical steps in the process as well the costs. Setting up your own practice involves many steps and decisions, but it’s best to g …

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Financial Matters Part 1 – Repaying Loans
loans
by ANNA H. CHACON, MD on
A comprehensive understanding of the repayment process for paying back student loans is essential in building a solid financial foundation early on. It’s important to remember that student loans are real loans, just like mortgages on your house or a loan for your car. You must repay student loans even if financial circumstances become difficult or you’re facing unexpected hardships. Unfortunat …

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Understanding Physician Compensation in Private or Multi-Specialty Practices
compensation
by AHMAD SHATIL AMIN, MD, FAAD on
You may have received advertisements and flyers in the mail highlighting attractive starting or base salaries. This is the way many practices lure young graduates. A high base salary is great, but often these base salaries are only guaranteed for one to two years. After that point, you are likely to be compensated on some form of a production model that takes into account your work output or how m …

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I Wish I Had Known: Financial Planning
financial planning
by Next Steps In Derm Team on
Two factors in retrospect that I wish I would've had greater insight into both revolve around financial planning. It's difficult to know upon entering residency, and then transitioning into practice, how some very basic decisions will impact your financial well-being 10, 20, 30, and 40 years down the road as one looks to retire. First, with respect to financial planning related to the practice, I …

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How to Make Fillers Profitable for Your Business
Amy Taub MD
by AMY FORMAN TAUB, MD on
Fillers have a high disposable cost so they need to be priced accordingly to take into account your time and expertise. Also, there is a backend cost associated with their use. Usually after the first filler treatment patients will return for a follow-up visit—note, this visit should be complimentary. These visits are quite important for many reasons: 1. They give you feedback on your techniq …

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