Tag: practice
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For the First Time, Employed Physicians Outnumber Self-Employed
CHICAGO — For the first time in the United States, employed physicians outnumber self-employed physicians, according to a newly updated study on physician practice arrangements by the American Medical Association. This milestone marks the continuation of a long-term trend that has slowly shifted the distribution of physicians away from ownership of private practices. Employed physicians were 47.4…
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Do You Understand Due Diligence In Physician Practice Acquisitions?
Often in the sale of a physician’s practice, the owner of the selling practice (the “Selling Practice”) may desire to structure the transaction as what some refer to as a “handshake deal” – using minimal documentation and providing minimal diligence for review. Although this may be advantageous for the Selling Practice and its owner (depending on…
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Patient Satisfaction: What Is It Really Worth?
In previous years, patient satisfaction discussions pertained only to patient surveys and results. Some managers believe surveys are utilized by specialties, such as plastic surgery practices that primarily operate on a cash basis. However, consumerism is here to stay! Cost and quality will create a level playing field in health care and increase the importance…
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Paying More Money Is Not the Best Way to Retain Great Staff
Medical practices are painfully in need of keeping their top employees. The time, costs and dangers of recruiting replacement personnel are just part of the issue. Loss of key team members negatively impacts patient care, practice profitability, and staff morale. All administrators agree the retention of a trained, well-performing and mutually cooperative staff is a…
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You Need to Know When to Hold ’em and Know When to Merge ’em
With uncertainty in the health care markets and the growing demands on medical practice infrastructure, many physicians are thinking that merging their practice with another might be a worthwhile idea. A merger might be advisable under some circumstances, problematic in other cases, and potentially illegal in certain instances. We will leave the legal issues to…
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Alabama Legislature Considers State Law on Cybersecurity
At the time of the writing of this article, Alabama is one step closer to having a law on the books related to cybersecurity. As one of only two states without a state data breach law, Alabama is considering legislation that requires certain entities, “covered entities,” to report to state agencies and affected individuals when…
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How is Tax Reform Impacting Physician Practices?
The biggest U.S. tax reform since 1986 consists of major tax law changes that will affect everyone. The most significant change for corporations is a move from the graduated corporate tax rate structure to a flat rate. Although President Trump was originally fighting for the corporate rate to be reduced to 15 percent, lawmakers settled…
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Three Common Mistakes in Transferring Ownership of a Medical Practice
Physicians spend their careers building top-quality practices, but many devote too little attention to the architecture and terms by which the practices will be transferred at their retirement, death or disability. In our experience, there are three areas, which if neglected, will lead to problems at the crucial point when the ownership of this valuable…
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Before You Lock the Door and Turn Out the Lights . . .
Necessary Steps When Closing a Physician Practice The Gilberto Sanchez Story [1] Shortly after a group of DEA agents and other law enforcement personnel sporting tactical gear arrived in the parking lot with search and arrest warrants on a Tuesday early in August, Dr. Gilberto Sanchez was hauled away from his medical practice in the…