Ultimate Guide To Medical Billing For New Doctors

Introduction

Congratulations! You have just finished your residency and are at the cusp of a promising career as a physician. 

But there’s still so much to do before you’re ready to kickstart your new practice; from preparing for your exams to managing your clinical, research and academic responsibilities.

And, looking forward, there will be many new financial and administrative considerations.

You may be wondering how to set up the financial side of your practice, or what types of software you’ll need to keep everything running seamlessly. Or maybe you’re thinking about how to set up processes around MSP billing, and how to avoid being audited. Further down the line, you might be curious what new attending physicians should know about personal finance.

If you’re looking for answers to the following questions, you’ve come to the right place:

Chapter 1 – Registration And Starting A Medical Practice

  • How do I apply for my independent practice license? 
  • What is the process for obtaining an MSP billing number?
Registration And Starting A Medical Practice

Chapter 2 – Learning Basic MSP Billing

  • What are the basics of the MSP billing process? 
  • What do I need to know about the MSC Payment Schedule? 
  • How should I manage my billing time week-to-week?
Learning Basic MSP Billing

Chapter 3 – How to Choose the Right MSP Billing Software for Your Practice

  • What should I consider when choosing billing software? 
  • How can medical billing software assist with the billing process? 
  • What is the best medical billing software to use?
How to Choose the Right MSP Billing Software for Your Practice

Chapter 4 – Financial Wellness & Tax Advice For Doctors

  • How should I manage my finances as an independent practitioner? 
  • What types of software will I need to keep a handle on billing and accounting?
Financial Wellness & Tax Advice For Doctors

Chapter 5 – Managing Your Wealth As A New Attending Physician

  • Should I hire a financial advisor? 
  • What are my DIY investing options?
Managing Your Wealth As A New Attending Physician

Chapter 6 – Resources For New Doctors

  • Which professionals should be on my team of advisors?
  • Where can I go for additional resources?
Resources For New Doctors

To empower you with the knowledge and resources you need to plan how to set up and manage your independent practice, we’ve brought together advice from a number of expert perspectives from lawyers, accountants, doctors, MSP billing support and of course–our angle as a technology partner to many Canadian hospitals and +7,000 doctors.

We hope this helps.

DISCLAIMER: The information contained in this learning material is for general educational purposes only and is not intended to provide specific professional medical, financial or legal advice, nor to constitute a “standard of care” for Canadian healthcare professionals. The use of MDBilling.ca’s learning resources is subject to the foregoing as well as the MDBilling.ca Terms of Service.