How To Get Started In Medical Practice
Question? Group Practice or Private Practice?
Overview of the Healthcare Marketplace
Important Issues To Analyze Reimbursement Competition Integrated Delivery Government Regulation
Practice Alternatives Become an Employee of a Practice Join a Group Practice with a Buy-in Option Start Your Own Medical Practice
Starting Point: Getting Professional Help The Professionals Practice Management Consultant Attorney Accountant Banker Where to Find Them
Hospital Recruitment
Financial Assistance Income Guarantee Gross vs. Net Guarantee Moving Expenses Marketing Allowance Expense Subsidies Loan Guarantees Professional Start-Up Assistance
Repayment of Incentives Forgiveness Service Cash Combination
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
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
For-Profit vs. Non-Profit Hospital Recruitment
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)
DON T FORGET THIS POINT! If you are recruited by a hospital, make sure there is a NEED for your medical specialty!!!!!
Becoming an Employee
Employment Contract Issues Duration of the Contract Compensation Annual Expense Allowance Benefits Duties/Call Schedule Termination Covenant Not to Compete
Compensation Issues Base Salary Incentive Bonus Outside Income Disability Pay Termination Pay Annual Raises
Buying Into Practice Ownership When What Percentage How Calculated How Paid
Two Rules of Thumb Never Relocate Without a Signed Agreement Never Execute an Employment Agreement Without Knowing the Terms of the Buy-In Arrangement
Pros and Cons of Group Practice
Buying A Medical Practice Motivations Buyer Seller Determine Practice Value Gather Information Analyze Cash Flow, Patient Base, and Physician Practice Style
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
Finding Practices to Buy Hospitals Residency Programs Advertising State and County Medical Societies Practice Management Consultants Brokers and Agents
Buying A Medical Practice Payment Terms Sources of Financing Line of Credit Equipment and Leasing Companies Negotiate Leasehold Improvements Hospitals
Checklist For Starting A New Medical Practice
Time Table To Start New Practice
Practice Marketing
Where Are Your Patients Going To Come From?? Primary Care Practices Specialists
Employees They Make or Break a New Practice!
Personnel Job Descriptions Recruiting Performance Evaluations Firing Protocol Sample Personnel Policies
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
Recruiting Sources Schools Employment Agencies Advertisement Hospitals Medical Societies Other Doctors
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
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
Facilities Tips on physical office Equipment checklist Telephone equipment Medical records
Purging and Archiving Charts Active Charts Inactive Charts Retired Charts Purge using Color Coded Sticker, Following Practice Policy
Operational Policies
After The Start Date Grow Grow Grow Grow Grow Manage Manage Manage Manage Manage
Questions and Answers