In the News

Copyright 2022
For most small business owners, closing up shop is relatively simple -- perhaps they take down their signs, get rid of inventory and turn the lights off. But for a health care practitioner closing a practice, the issues are more complex. You have a duty to preserve medical records and ensure your patients have access to them. There may even be liability issues after your death that must be addressed in your estate plan. If you sell your practice, the buyer should agree in writing to store your patients' medical records for a specific period of time, ideally the length of your own legal responsibility for them.
Copyright 2022
Like any well-run business, a medical practice needs to step back periodically and try to get a bird's-eye view of where it has been and where it is going. A good time to perform such a review is at the end of the calendar year. Go into the meeting with a plan, prepared to focus on three critical areas: corporate, financial and operational planning.
Copyright 2022
There are nuances in providing valuations for virtually every type of business entity ranging from retail outlets to a manufacturing operation to a personal services firms. But valuations for hospitals and other organizations in the health care field are especially daunting. Currently, hospitals face some unique challenges, including difficult economic conditions, increased competition and burdensome reporting requirements. In addition, the provisions in the healthcare law -- the Affordable Care Act (ACA) -- are kicking in, which is further complicating matters.
Copyright 2022
Frustrated by rising costs, managed care demands and overwhelming patient loads, a growing number of physicians are converting their traditional practices into retainer-based or "concierge" practices. Under this evolving model, physicians cut back the number of patients they see, spend more time on personalized care and charge each participant an annual fee ranging from $1,500 to $20,000. In short, these doctors receive more money for seeing fewer patients and gain more control over the way they practice medicine.
Copyright 2022
Physicians know they have a responsibility to provide health care to patients with mental or physical infirmities. But they may not know about the legal obligation to accommodate people with disabilities when it comes to hiring and other practices.
Copyright 2022
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit. Sounds good but here's the problem: Most long-term disability policies limit benefit payments to only 60 or 70 percent of your normal salary before taxes. That's generally enough coverage -- as long as you don't owe income taxes on the benefit payments. But if you do owe income taxes, you'll probably have to cough up at least 30 to 40 percent to the IRS and your state tax collector. When benefits are already limited to only 60 or 70 percent of your usual pre-tax salary, this tax bill can create serious financial hardship. For example, a disability insurance benefit of 60 percent that gets taxed at 30 percent equates to only 42 percent of your normal salary. In the event of a disability, that may not be enough to live on comfortably.
Copyright 2022
Unfortunately, many physician partnerships compare more to a boxing match than, well, a partnership. When partners can't get along — whether it's because of personality issues or divvying up responsibilities — running a truly successful practice becomes even more difficult. There are ways to knock out many conflicts but, to do so, you'll need to put on your kid gloves.
Copyright 2022
When was the last time you took a careful look at your office overhead costs and compared them to the same period last year? Expenses can creep up fast if nobody is monitoring them. Generally speaking, the cost of running a medical office can range between 35 and a whopping 70 percent of the practice's gross revenue. No matter where you fall in that range, keeping costs down requires vigilance that can pay off in a higher profit margin.
Copyright 2022
Like all service providers, doctors seek to offer their patients the best possible care while holding down costs. But how can physicians tell whether they're meeting this goal? A growing patient list and a healthy bottom line are strong indicators. However, the only sure way to tell if your patients are satisfied is to ask them.
Copyright 2022
Concerns over huge malpractice awards and staggering insurance premiums may have distracted you from another liability issue that may not seem quite so urgent -- premises liability.

Pages