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.
In the News
Thursday, April 23, 2020
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.
Thursday, April 9, 2020
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.
Thursday, March 26, 2020
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.
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.