How To Get Started In Medical Practice

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1 How To Get Started In Medical Practice

2 Question? Group Practice or Private Practice?

3 Overview of the Healthcare Marketplace

4 Important Issues To Analyze Reimbursement Competition Integrated Delivery Government Regulation

5 Practice Alternatives Become an Employee of a Practice Join a Group Practice with a Buy-in Option Start Your Own Medical Practice

6 Starting Point: Getting Professional Help The Professionals Practice Management Consultant Attorney Accountant Banker Where to Find Them

7 Hospital Recruitment

8 Financial Assistance Income Guarantee Gross vs. Net Guarantee Moving Expenses Marketing Allowance Expense Subsidies Loan Guarantees Professional Start-Up Assistance

9 Repayment of Incentives Forgiveness Service Cash Combination

10 Tax Issues Forgiveness of Debt is Taxable Income to the Practice Debt Satisfied by Service Becomes Taxable Income in the Year of Receipt Cash Repayment is Non-Taxable Phantom Income Principle

11 Private Practice vs. Employee Incorporation vs. Sole Proprietorship Take a Salary Remove Phantom Income Problem Individual Execution of the Recruitment Agreement Nominee Distribution on Tax Return Payback Protection

12 For-Profit vs. Non-Profit Hospital Recruitment

13 Non-Profit Hospitals Before Providing Incentives Community Need Reasonableness (terms) Avoid Private Inurement (the transfer of charitable funds for the private benefit of an individual)

14 DON T FORGET THIS POINT! If you are recruited by a hospital, make sure there is a NEED for your medical specialty!!!!!

15 Becoming an Employee

16 Employment Contract Issues Duration of the Contract Compensation Annual Expense Allowance Benefits Duties/Call Schedule Termination Covenant Not to Compete

17 Compensation Issues Base Salary Incentive Bonus Outside Income Disability Pay Termination Pay Annual Raises

18 Buying Into Practice Ownership When What Percentage How Calculated How Paid

19 Two Rules of Thumb Never Relocate Without a Signed Agreement Never Execute an Employment Agreement Without Knowing the Terms of the Buy-In Arrangement

20 Pros and Cons of Group Practice

21 Buying A Medical Practice Motivations Buyer Seller Determine Practice Value Gather Information Analyze Cash Flow, Patient Base, and Physician Practice Style

22 Buying A Medical Practice Valuing All Assets Furniture, Fixtures, and Equipment Buildings/Leasehold Improvements Accounts Receivable Supplies on Hand Going Concern (Goodwill, Intangibles) Purchase of Assets vs. Stock

23 Finding Practices to Buy Hospitals Residency Programs Advertising State and County Medical Societies Practice Management Consultants Brokers and Agents

24 Buying A Medical Practice Payment Terms Sources of Financing Line of Credit Equipment and Leasing Companies Negotiate Leasehold Improvements Hospitals

25 Checklist For Starting A New Medical Practice

26 Time Table To Start New Practice

27 Practice Marketing

28 Where Are Your Patients Going To Come From?? Primary Care Practices Specialists

29 Employees They Make or Break a New Practice!

30 Personnel Job Descriptions Recruiting Performance Evaluations Firing Protocol Sample Personnel Policies

31 Job Descriptions Show compliance with state and federal laws Focus employees actions on achieving specific business objectives Used to recruit employees Used to manage and appraise performance

32 Recruiting Sources Schools Employment Agencies Advertisement Hospitals Medical Societies Other Doctors

33 Effective Recruiting Review Resumes Telephone Screening Interviews Situational Interviewing Get Your Practice Advisor Involved Select Candidate and Make Offer NOTE: Don t say no to the second best applicant too early

34 In Private Firing Protocol Have check ready for hours worked in lieu of notice (Don t work out notice) End of day/week Get Key/Change Locks Document

35 Facilities Tips on physical office Equipment checklist Telephone equipment Medical records

36 Purging and Archiving Charts Active Charts Inactive Charts Retired Charts Purge using Color Coded Sticker, Following Practice Policy

37 Operational Policies

38 After The Start Date Grow Grow Grow Grow Grow Manage Manage Manage Manage Manage

39 Questions and Answers

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