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.
In the News
Friday, March 13, 2020
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.
Thursday, February 27, 2020
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit.
Thursday, February 13, 2020
Your days at the office are probably hectic as you try to give patients personal attention while juggling a full schedule. But when the exam room door closes and you're focusing on individual patients, are staff members also providing high quality care? Are your front office phones answered with reasonable speed and courtesy? Are cranky patients treated with diplomacy? Patients are sometimes satisfied with the doctors in a practice, but their experiences with the practice's employees before and after medical visits may send them shopping for new physicians.
Thursday, January 30, 2020
If you operate your medical practice as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there's some good news: Minutes can also be used to document the practice's intentions for transactions that have major tax significance. Such matters include (but are not limited to) the following:
Thursday, January 16, 2020
The manager of a busy medical practice used to spend lots of time listening to patients complain about being left on hold when calling for an appointment or waiting several days to be seen for a minor ailment.
Friday, January 3, 2020
You may have heard about the Vermont doctor who was fed up with way medicine is practiced today and opened an office she calls "Simply Medicine.'' The sole practitioner doesn't accept insurance. Her fee is listed on a board in the waiting room: $2 a minute for labor, plus the cost of supplies.
Thursday, December 19, 2019
Nursing homes are potentially one of the most dangerous workplaces in the country. Nursing assistants in long-term care facilities have the highest incidence of assaults of all American workers, with one study showing that 27 percent of all workplace violence occurs in nursing homes.
Thursday, December 5, 2019
Internal fraud can be devastating for a medical practice and it can be easier than you might think to steal in some offices. Fraud schemes may be prevented if the following steps had been implemented:
Thursday, November 21, 2019
Medical malpractice insurance isn't just a requirement -- it's also a major practice expense. Selecting the terms of coverage is a complex, critical task, as is evaluating insurance carriers. In fact, the future of the practice and the reputation of physicians may rest in the balance.