Building A Career In PSYCHIATRY Part 1: Medical School and Residency
TABLE OF CONTENTS PART 1: MEDICAL SCHOOL AND RESIDENCY Introduction 1 How does one become a psychiatrist? 2 CV, Cover Letter and Interview Preparation 2 Is there a standard CV format? 3 What should I include? 3 How do I construct my work description entries? 3 Assembling your CV 5 What not to include 6 Printing your CV 6 Resources 6 Job opportunities 6 How GME Funding Works 7 Navigating the Transition to Residency 9 About the USMLE 9 About the COMLEX 11 Scheduling Clinical Clerkships 12 Choosing a Residency Program 12 Location, family and housing considerations 13 The Residency Application Process 14 The National Resident Matching Program Process 15 Post-Match Scramble 16 Residency Program Interviews 16 Psychiatry Residency 22 Competencies in Psychiatry 23 Combined Programs 23 Residency Training 23 Subspecialties and Research Training 24 Fellowship and Award Opportunities 25 Duty Hours and Resources 25 State Medical Licensure 26 Combined Training Requirements 30 Overview of the American Health Care System 31 Overview 31 What is managed care 31 Medicaid 35 Medicare 36 COBRA 37 HIPAA 37 Financial Management for Physicians 39 Some simple tips 39 Budgeting and debt management 40 What is bad debt? 42 What is good debt? 43 Short-term savings 43 Planning for retirement 44 Retirement account options 44 Mutual funds and securities 45 Financing your children s education 46 Loan Forgiveness, Repayment and Consolidation 49 Loan Forgiveness Programs 49 Loan Repayment Programs 50 Loan Consolidation 50 Buying vs. Renting 53 Buying a Property 53 Building a Career in Psychiatry ii
Building A Career In PSYCHIATRY Part 2: Transitioning to Practice
TABLE OF CONTENTS PART 2: TRANSITIONING TO PRACTICE Choosing Wisely Assessing Practice Options And Demographic Locations 1 Practice Setting Options 1 Selecting a Geographical Location 4 Lifestyle, Financial and Community Resources 4 State-specific information 4 Entering into a Physician Employment Agreement 5 5 Tips For Negotiating Your Contract With Confidence 5 Credentialing, Privileges and Authorization Numbers 6 Hospital and health plan credentialing 6 Physician authorization numbers 7 Hospital privileges 7 Continuing medical education 8 Disability Insurance 9 How policies are offered 9 Cost of disability insurance 10 What to look for in a disability policy 10 Recovery benefits 11 Group long-term disability insurance 12 Disability insurance protection for retirement plan contributions 12 Protecting professional practices and professionals 13 Planning options 13 Medical Professional Liability Insurance 14 Insurance what is it? 14 Types of coverage 15 Coverage and liability limits 15 Settlement clauses 17 Types of insurance carriers 17 The bottom line 19 Weighing Options: Medical Practice Startup, Purchase or Buy-In 20 Starting a practice 12 basic tips 20 Considering your options 21 Where is the right location? 22 Start or buy an existing practice? 22 Forming or joining a partnership 23 What is Integrated Care 24 Why is integrated care important for psychiatrists and their patients? 25 How will I get paid? 26 What about liability for informal consultation? 26 Will I still be able to provide psychotherapy in a private practice setting or will I be able to work only in integrated settings? 27 Will I need to have an electronic medical record (EMR) system to participate? 27 To what extent will I be responsible for the medical care of psychiatric patients? 27 What new skills will I need, and where can I get trained? 28 Building a Career in Psychiatry ii
Is working in integrated settings professionally rewarding? 28 Medical Practice Valuation for Purchase or Buy-In 29 Why value a medical practice? 29 The question of value 29 Assumptions are essential 30 Pitfalls of self-valuation 30 The competence of appraisers 30 The competence of the other party 30 Using medical practice benchmarks 30 Scientific method 30 Reality check 31 Buy-in, purchase or startup which is the best value? 31 Practice Startup: Corporate Structure and Asset Protection 32 Corporations 32 Maintaining the integrity of a corporation 34 Protecting assets 35 Writing Your Business Plan 36 Table of contents 37 The executive summary 37 A sample plan 37 Building Your Practice Through Marketing 41 Developing marketing strategies 41 Establishing a marketing budget 41 Sample marketing plan timeline 42 Practice-building guidelines for the future 43 Building patient satisfaction 44 Practice services and amenities 44 Standards of patient service for medical staff 45 Online and Yellow Pages advertising 45 Creating a medical practice brochure 46 Brochure contents 46 Employment Law: Questions to Ask and Avoid When Hiring 48 Federal Tax Workshops and Information for Businesses 48 Practice Management Assistance & Resources 49 Building a Career in Psychiatry iii
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