Ready to Buy a Practice? 3 Guidelines for Practitioners

Practitioners who are ready for the next phase of their career — or eager to hit the ground running — may consider purchasing an existing practice. If you are weighing that option, here are some questions and negotiable points to consider:

Your Malpractice Insurance: Who Owns the Policy?

This past October, MLMIC Insurance Company, one of the largest providers of medical malpractice in New York, became part of Berkshire Hathaway. As a result of becoming a stock company, a sum of money was to be paid out to policyholders who had policies between the years 2013-2016.

Practitioners and Social Media: My Selfie Could Be a HIPAA Breach??

Social media has become prevalent in every aspect of life. Given this, it is important that practitioners are careful about how they and their employees use social media so as not to violate any HIPAA regulations.

The obvious solution is to enforce a no cell phone use policy for employees. This will prevent any employee from taking photos, videos or using social media on their personal phone during work hours. However, this may not be practical.

Starting a Private Practice? Get Familiar with Insurance Carriers First

Healthcare providers who start a private practice have the option to apply for in-network status with insurance carriers or remain as an out-of-network provider.

Out-of-Network Coverage

A provider can elect to provide a super bill to their patients, in order for their patients to directly submit a claim to their insurance for out-of-network coverage. The insurance carrier will then cover whatever their out-of-network rate is for the particular service. However, for all out-of-network services, the patient is always responsible for the full amount charged by the provider. It is up to the provider if they will accept, as partial payment the insurance coverage or not.

Dissolving Your Practice: Be Careful, Not Hasty

When dissolving your practice is time-sensitive, and you need to expediently move on, there are some important things to pay attention to in order to ensure it is done correctly.

First and foremost, you can never abandon your patients. There needs to be ample notice of at least 30 days and appropriate referrals for continuity of care.

Second, you will need to examine any contracts that you have in place with landlords, third parties, and employees, to ensure that you are not in breach of any of the terms and to give the appropriate notice of termination.

MSO Partnership for Physicians: Be Careful of the Wording in Your Agreement!

Practitioners often look to establish Management Service Organizations (MSOs) to help run the business end of a medical practice. Some of these services may include the following: handling payments for office space, providing equipment and supplies, or managing the practitioner’s insurance payments. The MSO can be a partnership between a number of physicians or between a physician and a non-physician. It is important to remember that any medical practice, which provides the actual medical services, may only be owned by licensed practitioners in New York.

How does a Management Service Organization get paid?

MSO Partnership for Physicians: Be Careful of the Wording in Your Agreement!

Practitioners often look to establish Management Service Organizations (MSOs) to help run the business end of a medical practice. Some of these services may include the following: handling payments for office space, providing equipment and supplies, or managing the practitioner’s insurance payments. The MSO can be a partnership between a number of physicians or between a physician and a non-physician. It is important to remember that any medical practice, which provides the actual medical services, may only be owned by licensed practitioners in New York.

How does a Management Service Organization get paid?

Blending Professionals: Ensuring the Overall Protection of Practitioners

When a practice is undergoing changes, it is important for practitioners to work jointly with an attorney, financial advisor, and accountant to ensure the overall protection of their practice.

The lawyer concentrates on the legal compliance of the practice; the accountant ensures that monies are treated according to the tax laws; and the financial advisor/investment broker works to ensure that there is a return on investment. It’s important that all professionals understand the concept of a healthcare practitioner’s needs and goals.

Obtaining a New Job: Important Transition Considerations

It is not uncommon for practitioners to change jobs and join a new practice during the course of their career. When first considering a change in employment, it is imperative to immediately review the current employment contract and examine the following clauses:

Practitioners: What You Need to Know About the GDPR

As of May 25, 2018, the GDPR, which stands for the General Data Protection Regulation, was implemented in the European Union (EU). This regulation is much more expansive than our United States HIPAA law, and its coverage area is quite large considering many different countries comprise the EU. The concept of the GDPR is to protect PHI of residents from the EU.