Business Planning, Types of Practice Arrangements

This module will guide you through the process of defining a vision for your practice, explore the various types of practice arrangements available to you, and discuss how to develop a plan for achieving your vision.

After completing this online learning module, you will be able to:

  1. Describe the type of practice you intend to offer.
  2. Outline the pros and cons of various types of medical practice business structures.
  3. Explain the concept of incorporating a medical practice.
  4. Define the concept of “Professional Medical Corporation.”
  5. Summarize the main physician compensation frameworks in NL.
  6. List the types of professional advisors that might provide useful advice when setting up a family medicine practice in NL.
  7. Discuss developing a business plan for your practice.

This continuing professional development (CPD) program has been designed to consider the CanMEDS Family Medicine 2017 Physician Competency Framework, including the roles of:

  1. Manages career planning, finances, and health human resources in a practice
    • 4.1 Establishes and balances appropriate personal and professional goals, and reassesses as needed
    • 4.2 Plans and manages a professional practice in an efficient and ethical manner
    • 4.3 Implements processes to enhance personal, career, and practice improvement
  1. Demonstrates a commitment to society by recognizing and responding to societal needs in health care
    • 2.1 Demonstrates accountability to patients and society
    • 2.2 Demonstrates a commitment to quality care and continuous quality improvement

This Self-Learning program meets the certification criteria of the College of Family Physicians of Canada and has been certified by the Office of Professional and Educational Development, Memorial University for up to 1 Mainpro+ credits.

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