You Bought Your First Practice, Now What?

So, you have purchased a practice, and you are maintaining the patients that you have inherited. When you purchased the practice, you most likely were not involved in how the prior owner ran it. Now you want to make it your practice.  

Advertisements

When Buying a Practice, Change is Not in Your Best Interest

If you are a practitioner who just bought a practice, regardless of your specialty, the ultimate goal is to maintain the patients already in existence, as well as to drum up more business.

We all know that patients have the luxury of moving from practice to practice, if they so desire. If you just spent X number of dollars on buying the practice, you want to make sure that you maintain a high percentage—if not, a full percentage—of the already existing patients of that practice.

How do you go about doing that? There are a couple of ways.

Management Service Organizations in Healthcare: Pros & Pitfalls

What is a healthcare management service organization? Also referred to as an MSO, this type of organization generally provides practice management and administrative support services to healthcare practices.  

Fee Splitting: Physicians, Take Heed

Fee splitting is when revenue is shared between physician and physician, or between a physician and a third party, based upon referral sources.

For example: Physician A refers a patient to Physician B. Physician B makes a hundred dollars from that referral. As a thank you, he wants to give a percentage to Physician A for that referral.

Malpractice Insurance Policy: Are You Covered?

There are two different types of malpractice insurance policies: an occurrence policy and a claims-made policy. Understanding the difference, and knowing which one you have with your current employer, will help in understanding:

• The contract terms;
• What happens when you leave; and
• What happens if you decide to start your own practice or become an employee of another practice.

When Employment Ends, Practitioners Must Understand the Contract’s Terms

Practitioners who voluntarily or involuntarily leave a practice should immediately revisit their original contract. It is very important that they understand how the contract and its clauses—specifically the restrictive covenants—affect their future employment.

Independent Contractor or Employee? Even the Courts Have a Hard Time Deciding

There was a recent case with respect to a Manhattan yoga studio, which was appealed four times, to determine whether the non-staff instructors were actually employees rather than independent contractors. The matter was In Re Yoga Vida NYC, Inc (Commissioner of Labor), 28 N.Y.3d 1013 (2016).

Protect Your Patients and Your Practice: Routine Consent Forms

Individual healthcare practitioners and practices start their doctor-patient relationships by requiring each patient to sign a consent form before the first date of treatment. This form essentially informs the patient of the type of treatment, the risks and benefits of said treatment, and requests the patient to consent to said treatment, after providing any and all necessary information to the office.

Protect Yourself When Modifying Employment Agreements

Recently, I have been receiving inquiries from practitioners with respect to their executed employment agreements. Various concerns have come up relating to their employer wanting to change or alter the terms in the original employment contract, and they are unclear of the best way to professionally and carefully handle the situation.

As important as it is to understand the terms before you sign the contract, it is also just as important to continue to keep the contract readily available so that you can ensure the employer is acting in accordance with the contract during the term of your employment.

2016 Year in Review: 3 Areas Every Healthcare Practitioner Needs to Know

If you have your own practice, there are certain areas that are pertinent to running your practice in an efficient manner. You should be aware of these areas and if not, you should be on the lookout for next year.

HIPAA

Now that hospitals and larger medical facilities are becoming more HIPAA compliant, the smaller facilities are now the focal point of the state and federal government. However, this means it is only a matter of time before the individual practitioners are on their radar. To no surprise, and as expected, HIPAA is on everyone’s mind.