Summarize:

See if there is any physician support available in your area for billing advice and and support - there are most often local resources to help physicians with this. Also, billing is one task that you do not want to delegate to office staff. Once you have mastered it, it takes very little time, and most EMR (electronic medical record) systems have the billing process embedded within the software itself making it quick and simple. You know your patients best, and as such you are the one who can bill most appropriately and most comprehensively for the services you have provided. It is important to become aware of what is and is not covered for patients under a pre-paid healthcare plan, and how to go about invoicing patients for services that are not covered (or invoicing third parties in cases where that applies). Take your time to become familiar with how the billing process applies to patients and be upfront about any costs that will come out of the patient's pocket. Clear communication and disclosure of costs is important. You will want to know how much money to set aside, when tax payments are due (for example, you may pay taxes quarterly), and the differences in tax filing for a business owner as opposed to an employee of a company. You will have many things that you can write-off as a business owner, so you will want to keep receipts related to your business in a special folder. It is also advisable to use a separate bank account and credit card for all business income and expenses. It is important to consider your long-term financial goals, and to appropriately plan for retirement with a goal age of when you will close your practice, and an idea of the money you will need to sustain your lifestyle. Planning your overall financial goals will help to keep you on track as you begin your own medical practice.
Understand the billing process. Establish a process for informing patients of costs of services. Speak to an accountant regarding taxes. Consult with a financial advisor to put a long-term plan into place.