It takes years to build up a successful medical practice that is respected and valued by the community. It can also take time to find a qualified buyer at a satisfactory price. However, you can take several steps now to help provide a smooth transition when you finally put out a "for sale" sign.
In the News
Thursday, March 14, 2019
Thursday, February 28, 2019
Every year, studies show that many employees are injured while carrying out their duties. Some even die from job-related illnesses or injuries.
Thursday, February 14, 2019
Over time, doctors develop their own unique style of practicing medicine. The same is true of medical groups. They develop a style that involves creating a work culture and passing information about it on to staff members. A medical practice's approach to issues such as sick leave and overtime pay are defined and revised over time until they become ingrained in the office's culture.
Thursday, January 31, 2019
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create economies of scale, it shouldn't be a snap decision. Many factors come into play when adding personnel -- especially those who might ultimately have an ownership stake in the practice.
Friday, January 18, 2019
When patients walk into a medical group's office, the first people they meet are the staff members. Studies have shown that with today's managed care, patients spend most of their time in a medical practice interacting with non-physicians, from front desk staff to nurses. So it's important that staff members be motivated to provide the kind of quality service and care that keep patients coming back.
Thursday, January 3, 2019
While doctors sometimes "fire" uncooperative or non-paying patients, the reverse can also happen. Patients can become dissatisfied with their current physicians and switch to new ones. Obviously, this might not be good for your pocketbook or reputation.
Friday, December 7, 2018
The bane of every physician's practice is when payers deny claims. There are numerous reasons why payers deny claims, with the predominant reason being a paperwork error. Other reasons include misunderstanding on the part of the insurance company, the physician or the patient. There are four key elements in appealing claims that have been denied.
Monday, November 26, 2018
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.
Thursday, November 8, 2018
Patients come to your practice for quality medical care and the government wants to ensure that everyone has equal access to your offices. The federal Americans With Disabilities Act (ADA) requires that patients, their family members, and vendors with disabilities have the same access rights as able-bodied people. And access issues include both physical and communication barriers.
Thursday, October 25, 2018
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.