Many physicians, frustrated by the bureaucracy of modern medical practice, the financial pressure to shorten appointments and limit face time with patients, and the delays and hassle of dealing with health insurers for reimbursement, are increasingly turning to concierge medical practices as an alternative. Under this business model, patients pay a set annual fee for unlimited (or nearly unlimited) access to a private primary care physician, many of whom will even make house calls for minor illnesses, injuries and physicals.
Owning a practice right out of dental school can be a daunting endeavor. Although dental school may prepare you for clinical practice, often little or no attention is paid to the administrative responsibilities of running a practice. In fact, a 2013 survey conducted by the American Dental Education Association (ADEA) showed 95% or more of graduating dental students believed that their education adequately prepared or well-prepared them in the areas of patient evaluation and diagnosis; radiology; and operative and restorative dentistry, whereas less than half believed their education had prepared them for practice administration.
June is graduation season for new doctors in Arizona. While graduating from medical or dental school is an enormous achievement, it may also be a time of uncertainty as you transition from the academic setting into your new career in the professional world. The following are some legal and practical tips that might help you as you embark on your career.
There are many reasons doctors bring on associates to help in the practice. You may be so busy you can’t see straight and need some part-time or full-time help. You may be looking to wind down your clinical practice, but want to keep your ownership over the business you built, or you might be an entrepreneur, and looking to move on to build another practice.
Whatever the reason, you want to ensure that the associate will increase your practice’s profitability, not destroy the business you have built. Therefore, there are a few things to keep in mind when bringing on an associate doctor.
Whether you are buying or selling a dental practice, we recommend making a timeline and a checklist to make sure that everything is in place for the transition. You should consult with your legal and financial advisors to help address the specifics of your situation, but transitioning into a new practice involves several steps that have to take place over weeks or months, so you should map out a timeline and set goals for each stage in the process. Each of these steps has many individual components, and the following is simply an overview, but generally speaking, here are some of the steps in the process.
Most doctors know that, as part of buying a practice, they need to perform due diligence into the practice’s records to ensure they know what they are buying. However, determining what that diligence will entail can vary widely, depending on the circumstances. As a general rule, you should review at least the following:
In this era of increasing consolidation, declining reimbursements and at least hypothetical universal health care, the business of medicine is becoming increasingly competitive. One strategy doctors employ in order to create economies of scale and cost savings, while at the same time maintaining their practice’s independence, is to form Management Services Organizations (MSOs). Here are a few general points to help you understand what an MSO is and whether it might be worth pursuing in your practice.
In our previous post, we looked at several considerations to take into account when opening and building a practice. Below are some additional thoughts on some of the challenges facing start-up practices.
In a recent post, we discussed some issues that a physician or dentist should consider when purchasing a practice. However, for some doctors, purchasing an existing practice is not a feasible option. For others, they may want to start their own practice so they can have more flexibility in how the practice is operated and the types of procedures they perform. While building a practice from the ground up may, at times, seem like a herculean task, it can be accomplished and—if done right—can be a very satisfying endeavor. In this post, we will be taking a look at a non-exhaustive list of six items to consider in building your new practice.
In an ideal world, partners in a medical or dental practice would work until they are ready to retire, then sell their interest in the practice to their other partners or to a new doctor in a seamless transition. Unfortunately, we do not live in an ideal world. Although it can be a difficult topic to discuss, one of the most important issues to consider when forming a practice is to plan what to do if you or one of your partners suddenly dies or becomes unable to continue practicing.
If you do not plan ahead, and one of your partners unexpectedly becomes unable to practice, you could face considerable disruption and uncertainty in your practice. Even more important, you or your family could lose your investment in the practice if you die or become disabled. Although the havoc caused by a sudden death or disability cannot be entirely avoided, it can be minimized by careful planning and drafting of the practice’s formation documents.