This issue is all about finances. Clients struggle with everything from budgeting to tracking key performance indicators, paying physicians fairly and valuing their practices. In this issue we do a deep dive into compensation, valuation, tracking finances, the cost of employee turnover and managing increased patient financial responsibilities. We hope you enjoy this season’s issue!
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Susanne spoke with Michael Lubin, VP of Hint Health, a ‘direct care’ company that helps connect physicians directly to patients and employers. No more middleman insurance companies!
The congressional failure to replace, or repeal, ACA has done little to halt White House ACA-elimination attempts. Rather, it shifted the Trump Administration’s repeal strategy to one of utilizing underhanded tactics, by undermining the federal ACA exchanges and individuals’ support through de-funding specific provisions.
What’s In, What’s Out, and what to expect from the new standards.
If your practice is racing toward the finish line to become recognized as a Patient-Centered Medical Home (PCMH) under the 2014 program of the National Committee for Quality Assurance (NCQA) by September 30th, we wish you a speedy and successful finish!
The recommendations discussed here can be implemented by most practices without a large investment of time or money, and should be executed immediately if your practice has not already done so.
When money is not an issue, when the patient has good insurance coverage, low, affordable copayments and deductibles, and is able to readily make payment, the relationship is without conflict for the physician. The patient-physician relationship is not stressed by economics.
How to determine your practice’s value for buy-in, buy-out and sale to other practitioners.
The trick to a fair shareholder valuation formula is to keep it simple. Think of conveying the calculation to, say, a new physician that is thinking about joining your practice and buying in. If the process takes more than a minute to explain, it is likely that it is more complicated than it needs to be.
It can feel like a revolving door at your practice, with a never-ending parade of new employees each needing to learn the ropes. Staff turnover disrupts routines, impedes patient care, and wears down office morale and the team’s ‘spirit’. When all is considered, including the cost of the hiring and replacing staff, your practice is losing much more than an employee.
Timely and relevant information is essential to staying on top of your finances. Whether you are an employed physician or own your practice, there are four simple things you should look at every month to ensure that your practice is running effectively.
Let’s take a look at some lessons-learned and best practices for managing clinician compensation for both partners and employed clinicians.