Starting, Buying, and Owning the Medical Practice

Overview

Whether establishing a solo practice, joining a group, or purchasing an existing practice, this comprehensive resource from the American Medical Association (AMA) provides in-depth information on the fundamentals of strategic practice management and future planning for the medical practice.

Starting, Buying, and Owning the Medical Practice tackles options, challenges, and trends related to business and practice management. It can help strengthen your position, whether you seek ...

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Overview

Whether establishing a solo practice, joining a group, or purchasing an existing practice, this comprehensive resource from the American Medical Association (AMA) provides in-depth information on the fundamentals of strategic practice management and future planning for the medical practice.

Starting, Buying, and Owning the Medical Practice tackles options, challenges, and trends related to business and practice management. It can help strengthen your position, whether you seek stability or growth, by outlining strategic options and alternatives available to help determine the most appropriate models and methods for use in your practice.

Organized in three sections:

Part One: Provides both practical and operational functions or a practice s start-up

Part Two: Focuses on practice ownership and structure models that have emerged in the health care industry

Part Three: Discusses the ongoing trends and upcoming changes that every practicing physician needs to know to survive and thrive in the dramatic evolution of health care delivery

The tools and guidelines within this valuable resource help physicians successfully position themselves for current and future health care ventures. This book also provides business insights to questions asked and challenges faced by medical practices today, as well as how recent trends have affected physician decision making for future needs.

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Product Details

  • ISBN-13: 9781603596060
  • Publisher: American Medical Association
  • Publication date: 12/1/2011
  • Edition number: 1
  • Sales rank: 897,285
  • Product dimensions: 7.00 (w) x 9.90 (h) x 0.90 (d)

Table of Contents

Preface ix

Acknowledgments xi

About the Author xii

Contributors xiii

Reviewer xix

About Coker Group xxi

Part 1 Practice Start-Up Functions 1

1 Getting Started 3

Factors Influencing Your Decision 3

Selecting Professional Assistance 18

Other Advisors to Consider 21

Conclusion 22

2 Choosing an Organizational Structure 25

Types of Medical Practices 25

Other Business Models and Alternatives 37

Comparing Legal Entities 40

Conclusion 41

3 Selecting Your Professional Path 43

Employment Contract 43

Group Practice Questionnaire 50

Conclusion 50

4 Regulations and Licensing Requirements 57

License Resources and Requirements 57

Other Regulatory Agencies, Programs, and Issues 63

Conclusion 68

5 Society Memberships/Practice Affiliations 69

Medical Society Membership 69

Other Practice Affiliations 74

Conclusion 76

6 Operational Policies, Procedures, and Processes 77

Establishing a Fee Schedule 77

Purchasing Supplies 81

Accounts Payable 82

Conclusion 84

7 Equipping Your Practice with Information Technology 85

Defining Your Requirements 86

Reviewing the Proposed Contract and Negotiating the Terms and Conditions 92

Modifying the Contract Language 92

Methods for Acquiring and Deploying Technology 94

Using Technology in Your Practice 101

Conclusion 105

8 Identifying Insurance Requirements 107

Professional Liability Insurance 108

Business Insurance 110

Workers' Compensation Insurance 112

Employee Insurances 113

Purchasing Insurance Policies 113

Conclusion 114

9 Financial Considerations and Capitalization of the Medical Practice 115

Financing Options 115

Types of Credit 117

The Pro Forma 118

Other Financing Considerations 123

Conclusion 124

Part 2 Practice Purchasing and Ownership Considerations 127

10 Financial Asset Considerations 129

Selecting an Office Location 129

Acquiring Equipment 135

Conclusion 139

11 Personnel Considerations 141

Employment Laws 141

Employment Classifications 145

Wage Records Requirements 147

Employment Contracts 148

Posting Requirements 148

Workers' Compensation 150

OSHA Workplace Requirements 150

Hiring Employees 150

Performance Appraisals and Salary Reviews 155

The Employee Handbook 157

Conclusion 160

12 Revenue Cycle Protocols 163

Collecting from Patients 163

Collecting from Payers 165

Insurance Filing and Follow-Up 168

Billing the Patient 170

Using a Collection Agency 172

Using Credit Cards to Enhance Collections 174

Writing a Collections Policy for Your Practice 175

Conclusion 177

13 Loss Prevention and Risk Management 179

Critical Tasks in Risk Management 180

Addressing Areas of Risk Through Operational Improvements 181

Fraud and Abuse 191

The Medical Record 192

Organizing the Patient File 220

Conclusion 221

14 Establishing Financial Controls and Developing Policies and Procedures 223

Introduction 223

Policies and Procedures 224

Accounting and Cash Controls 225

Fraud and Embezzlement 226

Types of Appointment Schedules 228

Developing a Policies and Procedures Manual 229

Conclusion 232

15 Marketing and Business Development Considerations 233

Practice Building Guidelines for the Future 233

Developing Marketing Strategies 235

Website Development 238

Advertising 239

Creating a Medical Practice Brochure 240

Building Patient Satisfaction 243

Conclusion 249

Part 3 Trends and Strategies for the Future 251

16 Physician Alignment Strategies 253

Drivers of Alignment 253

Alignment Challenges 254

Alignment Models 256

Strategic Considerations and Alternatives 272

Conclusion 275

17 Practice Acquisition 277

Due Diligence 277

Financial Due Diligence 285

Valuation 285

Enterprise Value and Equity Value 287

Negotiation Process 294

Written Legal Agreement 295

Tax Considerations 296

Financing Process 297

The Transitioning Process 299

Conclusion 302

18 Structuring of Equity 303

Equity Track Considerations 303

The Buy-in Process 304

Practice Buy Out 312

Key Points to the Buy-In/Buy-Out Process 316

Conclusion 317

19 Physician Diversification 319

Alternatives to the Traditional Business Model 319

Business Opportunities 321

The Possibilities of Partnering 324

The Political Fallout 327

Legal Constraints and Considerations 328

Conclusion 330

20 Practice Mergers 333

Merger Strategy and Types 333

Due Diligence 334

Post-Merger Integration 339

Conclusion 342

Appendix A Professional Associations 343

Appendix B IRS Instructions and Form 2553 349

Appendix C Sample Medical Office Building Lease 357

Appendix D Federal Tax Forms 369

Appendix E Sample Employee Agreement 379

Appendix F Pro Forma Income Statement 399

Glossary 409

Index 417

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