Residents have three primary options after residency: private practice, group practice, or independent contractor. The module will review the benefits, risks, and considerations with each option, the critical policies to reduce liability exposures in the office practice, and the value of obtaining expert advice from an attorney and an accountant prior to signing an employment contract.

Course References

• American Psychiatric Association. Starting a Practice: Online Practice Guide. Retrieved from https://www.psychiatry.org/psychiatrists/practice/practice-management/starting-a-practice.
• American Psychiatric Association. Transition to Practice and Early Career Resources. Retrieved from https://www.psychiatry.org/psychiatrists/practice/transition-to-practice.
• Kane CK. Policy Research Perspectives. Updated Data on Physician Practice Arrangements: For the First Time, Fewer Physicians are Owners Than Employees [Internet]. Chicago (IL): American Medical Association: 2019. Available from https://www.ama-assn.org/system/files/2019-07/prp-fewer-owners-benchmark-survey-2018.pdf.

Educational Objectives

• Analyze the issues that may arise when forming a new practice (either partnership or solo), joining an existing group or partnership, or beginning as an independent contractor to discern the best path for the future of your career
• Recognize the importance of key practice policies, including documentation, medical record retention and release, confidentiality, and supervision
• Evaluate issues that may occur prior to joining or forming a practice such as contracts, employment status, compensation, exclusivity provisions, and professional liability insurance coverage 

Estimated Time to Complete

Estimated Duration: 60 minutes
Program Start Date: February 1, 2023
Program End Date: December 31, 2023

Target Audience

Residents/Fellows and Medical Students

How to Earn Credit

Participants who wish to earn AMA PRA Category 1 Credit ™ or a certificate of participation may do so by completing all sections of the course including the evaluation. After evaluating the program, course participants will be provided with an opportunity to claim hours of participation and print an official CME certificate showing the date of completion and hours earned. 

Continuing Education Credit

In support of improving patient care, this activity has been planned and implemented by American Psychiatric Association (APA) and American Professional Agency, Inc. APA is jointly accredited by the American Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team.

The APA designates this enduring material for a maximum of 1 AMA PRA Category 1 Credit™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.

Faculty and Planner Disclosures

The American Psychiatric Association adheres to the ACCME’s Standards for Integrity and Independence in Accredited Continuing Medical Education. Any individuals in a position to control the content of a CME activity — including faculty, planners, reviewers or others — are required to disclose all relevant financial relationships with ineligible entities (commercial interests). All relevant conflicts of interest have been mitigated prior to the commencement of the activity

Presenter:

• Anne Huben-Kearney, RN, CPHQ, CPHRM, CPPS, DFASHRM, AVP, Risk Management Group, AWAC Services. Reports no financial relationships with commercial interests.

Program Planners:

• Anne Huben-Kearney, RN, CPHQ, CPHRM, CPPS, DFASHRM, AVP, Risk Management Group, AWAC Services. Reports no financial relationships with commercial interests.
• Vishal Madaan, MD, Chief of Education/ Deputy Medical Director, American Psychiatric Association. Reports no financial relationships with commercial interests.

Accessibility for Participants with Disabilities

The American Psychiatric Association is committed to ensuring accessibility of its website to people with disabilities. If you have trouble accessing any of APA’s online resources, please contact us at 202-559-3900 for assistance.

Technical Requirements

This internet-based CME activity is best experienced using any of the following:

• The latest and 2nd latest public versions of Google Chrome, Mozilla Firefox, or Safari
• Internet Explorer 11+

This Web site requires that JavaScript and session cookies be enabled. Certain activities may require additional software to view multimedia, presentation, or printable versions of the content. These activities will be marked as such and will provide links to the required software. That software may be: Adobe Flash, Adobe Acrobat Reader, Microsoft PowerPoint, and Windows Media Player.

Optimal System Configuration:

• Browser: Google Chrome (latest and 2nd latest version), Safari (latest and 2nd latest version), Internet Explorer 11.0+, Firefox (latest and 2nd latest version), or Microsoft Edge (latest and 2nd latest version)
• Operating System: Windows versions 8.1+, Mac OS X 10.5 (Leopard) +, Android (latest and 2nd latest version), or iOS/iPad OS (latest and 2nd latest version)
• Internet Connection: 1 Mbps or higher

Minimum Requirements:

• Windows PC: Windows 8.1 or higher; 1 GB (for 32-bit)/2 GB (for 64-bit) or higher RAM; Microsoft DirectX 9 graphics device with WDDM driver; audio playback with speakers for programs with video content
• Macintosh: Mac OS X 10.5 or higher with latest updates installed; Intel, PowerPC G5, or PowerPC G4 (867MHz or faster) processor; 512 MB or higher RAM; audio playback with speakers for programs with video content

For assistance: Contact educme@psych.org for questions about this activity | Contact learningcenter@psych.org for technical assistance