The Advantages of Private Practice I get to set my own hours I get to set my own eye exam prices I get to sell my own contacts and glasses I get to spend more time with my patients
Use UABSO ‘s resources Contrary to popular belief your professors are not here to make your life miserable…GET TO KNOW THEM! Get to know the frame reps Get to know the contact lens reps Get to know Michelle in optical Start looking at exam forms and other paperwork
Supplementing your Income My work schedule is crazy! Mondays, every other Wednesday, and every other Saturday I work outside my practice Tuesdays, Thursdays, Fridays, and every other Saturday I work at my practice I work 6 days a week
Find a Mentor! Parisa T. Dudley Office Number: 205-424-9608 Email: Dudleyod@gmail.com
Your 4 new friends Attorney Accountant Commercial Lender Commercial Builder (if you are building your own practice)
Location Location Location Make use of the local Chamber of Commerce Find out projected growth in the area Find out traffic flow on your road Become a member!
What comes first? Set up your TAX ID (attorney) Set up your Corporation (S corp vs. C corp) (accountant) If you are building your practice find out if you need a Commercial Builder or if you can apply for the Builder’s Permit yourself and hire out the subcontractors. Business Plan- took about 1 month (How many patients do I have to see per day to make this work?) Pick a bank and find a good commercial lender
Design It! Do I need to hire an architect? Eye Designs- pricey but good! Apply for your builders permit from your City inspector’s office.
How many business licenses do I need? AL State Sales Tax- for selling contacts and glasses 2 County licenses (in AL)-one for you as a doctor, one for your business 1 Local City License (Most forms you can find online)
What else do I need? 2 NPI numbers-one for you as a doctor, one for the business (apply online) DEA number? (apply online, good for 3 years) Malpractice insurance (AOA) General insurance for equipment and office (Allstate)
Sales Tax Sales tax is due the 1st of every month NOT the 20th. The 20th is the grace period. You get a tax break if you file early! State of Alabama 4% Sales Tax County 2% which is broken down into 1% Educational Tax and 1% Sales Tax City of Bessemer 3% Sales Tax
Applying for the BIG 3 Medical Insurances BCBS Medicare-fill out 3 forms, one for you as a doctor, one for your practice, and one rendering your services over to your practice. Medicaid-fill out 2 applications, one for you as a doctor, one for your practice This can take up to 60 days so start early and go online to download the forms!
Vision Insurance You don’t have to take every insurance out there. Decide who pays well and apply for a provider id.
Other Accounts Frames Contacts Labs Optical supplies Buying groups Pharmaceutical reps