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.
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.
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 our previous post, we examined the origins and rationale underlying the Stark Law’s prohibition against physician self-referral. In this post, we look at exactly what the Stark Law prohibits.
Whether you are setting up a practice group with friends just out of medical school, breaking off from an existing medical practice, or merging your practice with another doctor’s, there are some decisions you must make when forming a new practice group that can have far-reaching consequences.
This series of blog posts will explore some of the common issues that must be considered when forming a new practice group, from how to allocate the practice’s income and apportion expenses, to how to deal with a partner’s death, disability or retirement, to dealing with personal issues that can affect the group, such as divorce and bankruptcy. This first post will look at the first decision that will need to be made as you set up your practice: how the entity will be formed.