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[...] Originally published in http://www.privatepractice.md [...]
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[...] Just Say Yes to Private Practice | privatepractice.md [...]
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This is just what I’m looking for… There are no other great resources on the web like Private Practice MD!
I enjoyed much of what is posted on this site. I am currently transitioning into the role of managing partner and am beginning to appreciate the complexity of running a practice.
I thought this book I used was very helpful. It’s called,”Tax Savvy for Small Business,” by Frederick Daily. Written by accountants, it was easy to read and understand. Although not specific for starting a medical practice, it goes over the details about each kind of corporation, tax requirements, pros and cons, etc. It covers the basics before you hire an attorney so that you have a foundation to ask meaningful questions.
Remember, they can charge you by the minute of their time! It can easily add up!
I didn’t know when I started to practice that there are different kinds of malpractice coverage: occurrence based vs. claims made.
In the mid 80’s, a change occurred with several carriers and they switched from occurrence to claims made coverage. One of the main reasons for the switch was the ability to determine more accurately exposures going forward. Occurrence policies require the insured report claims during the policy period when the event occurred. As you would expect, claims could come in years later for an event that occurred some time ago and carriers had a tough time predicting rates given these types of policies. Claims made policies require you report during the policy period.
If you review your declarations page, you may see that your limits of coverage are identified as ‘per claim’ or ‘per occurrence’ and that should be a key for what type of coverage you maintained. To be certain, you should obtain copies of the policies are review the insuring agreement at a minimum along with the bolded terms. tb
Well done for the initial part. I don’t understand why in this day and age a practicing physician would not have a Website created and operating.
How much emphasis is given during med studies on the subject of running your own practice?
Have a great week.
James
Does this refer to companies like cearner or ECAOS ?
not sure how helpful it is to take a colleague one hardly knows on a social level, to something like lunch or golf. i once tried to introduce myself to local docs, but they were all too busy to sit down with me for 5 minutes (but when other docs drop by my office, i always sit down with them as a courtesy.go figure…)
i read that joining local community organizations (pta, political groups, med societies etc) is best way to get your name out there, and its free. i think they call it”un-advertising”
Another negative impact that big pharma sales techniques have had is on sales people in non-pharma industries who sell to physicians practices. Pharma sales techniques have poisoned the well by creating an utterly expensive sales process that non-pharma companies cannot meet, the dreaded lunch and learn!
I have actually been in offices on sales calls and was asked by the physicians if I was bringing in food for the staff. It has really become the standard in many offices.
Good point Mark. My opinion is that physicians or their staff should not just expect to get lunch or some other “freebie” from any sales representative. I know offices that have a policy against listening to any salesperson during patient care hours, or ever, and that’s a personal policy issue for the practice. But sales people are just trying to earn a living and do their job and I believe it’s common courtesy to hear them out. I prefer they call and schedule a mutually agreeable time rather than just showing up however.
Hi Rich – You’re right, it’s very important to have written procedures in your office. I’d put two other areas very high on the priority list:
medical records/confidentiality issues
OSHA-required policies re infection control – you’ve touched on it re patients with infectious diseases – there is an entire set of policies and procedures that you are required to have in place to handle these issues. There’s a lot of good guidance available to create these policies – you just need to adapt the material to your practice.
Leasing is another very viable alternative for practices, even ones that have been practicing for a while who probably already have their systems in place. Something to consider and to ask your IT vendor about is the possibility of bundling your hardware into your service contract, this is still a relatively new practice that is picking up momentum and makes sound financial sense.
Depending on your personal preferences (own v. lease) some IT vendors will offer you the ability to install new computer equipment that comes bundled with support services for the life of that computer, which is usually around 3 years. At the end of the 3 years the computer equipment is refreshed with new equipment. This can be done for a fixed monthly fee, which is small compared to the capex that you can run into when installing new systems. Also, with the bundled services that are attached to the equipment you are ensured that it will be maintained and supported. This shifts the burden of ownership to your IT vendor rather than your practice.
This was very helpful- I am new in outpatient practice, and my associate and I are trying to develop protocols- but wished there was a template we could follow. Nevertheless your post above brought other issues to mind that we should also develop protocols for.
Thanks!
Its right yaa,The Indian healthcare industry is a conundrum,i too agree with it.
Re: Article on Selling a Medical Practice.
Where could I find more articles on selling a practice? I would imagine many of your readers have alot of experience and/or information on this topic.
I would like to sell my practice, and do not want to utilize a brokerage company.
I would appreciate any feedback.
Thank you,
Linda Alvarez-Thull, MD
I am closing a private holistic psychiatry practice and I hadn’t even really thought about the option of selling my practice unti just recently. In the immediate community, I know that no one would want to buy a practice when psychiatrists are in such short supply and it would be very easy to fill up a practice quite quickly. Are there web resources for advertising a practice to sell? I would feel a lot better handing over my patients to someone who shared a similar treatment philosophy.
I would appreciate any advice,
thanks,
David Kopacz, M.D.
Hi Dr. Kopacz,
I know there are medical practice experts who can determine your practice’s valuation and help you find a physician who might want to buy an established practice. More common in the past, I realize, but still an option these days too. I’ll send you some options I know about. Rich
?Your article is very usefulness. Possibly will you please post some extra information about this? greets
Thanks Jan,
I will be adding to this idea of understanding your practice’s finances, and how they tie into your own personal finances as you manage your practice. Please feel free to ask specific questions and we’ll try to answer them here, or point you to a resource. Thanks for your comments! Rich
I really love what you are doing with the website! Can't wait to hear some podcast content from you.
This is only a test comment.
This is a test comment only
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Thanks for sharing out, definitely worth a visit.
office space manila
Thanks for sharing out, definitely worth a visit.
office space manila
What basic equipment and furniture should one start with? I know this question sounds silly but there are a lot of things going on in my mind and I need some guidance here.
life of a doctor is not only about treating patients, its also about living our own life in a better way. thanku sir for this deeply thought provoking piece. myself am about to start a private practice, u r advise will surely help me.
i think “yes” is a good thing, also. i'm in private practice and love it. Using intergrative concepts has allowed me to practice in a manner I feel most comfortable and still turn a profit. Thanks Nutrametrix visit http://www.drwestrick.nutrametrix.com thanks
Great! Thank for information, I'm looking for it for a long time,
Thanks for the nice comments jd. It’s just getting started with much more planned. Congrats on becoming managing partner! Please keep us posted on your transition and share what you do and learn as you move forward. Best of luck. Rich
I agree about the need for a website in this new age of medicine.
As for medical school training about running a practice, try “zilch”. That’s why this website was started.
The goal at Private Practice dot MD is to become a valuable resource not just to new doctors opening new practices, but all doctors in private practice. Many of the concepts will apply to any professional practice, from dentists to chiropractors to mental health professionals. I hope we get representatives of all the Medical healthcare fields.
Rich
Felix,
I’m not exactly clear on your question but in general computerized billing and practice management systems are offered on a leased basis, or a subscription that renews. In fact you can get the hardware for “free” from some vendors, if you subscribe to their service. You have many options when it comes to chosing these systems. If you’re just starting out, especially, I have found the companies to be willing to make the terms easier for the first year or so, then increase later, to give you time to get your practice up and running. If you aren’t comfortable comparing your options, I’d strongly suggest you find a knowledgeable healthcare IT advisor to give you some objective guidance. Or at least visit a practice or two that use the system you’re considering buying, before you make that big purchase.
Hi Rich – I agree about nixing lunches and freebies but I do have a fondness for samples because I think they can serve a patient purpose. According to a 2006 study by The Cutting Edge, 20% of new prescriptions go unfilled, while up to 85% of prescriptions never get refilled. (The refill number seems very high; makes me wonder about the methodology…) This data is disturbing. I think samples can help connect patients with meds.
The full report, “Patient Compliance, Disease Management and Consumer
Outreach,” is available for purchase at http://www.PharmaDiseaseManagement.com. There’s a free summary but it’s a teaser. The report is aimed at helping pharma capture this market, not generally useful to the rest of us but did produce an interesting statistic or two.
Mark, I’m betting the tide is going to turn on this approach so hold on.
Thank you Dr. Marcinko. Very interesting indeed. As the international healthcare articles point out, learning about different health care systems can open our minds to possibly better ways to deliver medical care to our own patients. Everyone involved in delivering care in the US admits there are problems…
Hi Ann,
Thanks for sharing that resource.