Accident Versus Intention: Six Ways to Improve Office Protocols
All too often, protocols in a medical practice evolve by accident. A person decides that something should be done a certain way, everyone follows suit and it becomes standard operating procedure. However, it is better to intentionally assess your processes and develop systems that can be used as guidelines for meeting your practice’s goals.
The Vital Signs of Your Practice: Choose and Use the Right Key Performance Indicators
In the age of big data, it is possible to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So, what should your medical practice measure?
What are the Elements of a Medical Practice Business Plan?
Physicians typically generate business plans at two junctures in their practice’s development — when they want loans, or when they want start-up capital. In other words, physicians tend to get serious about a business plan only when they need to go to a bank and ask for money. Knowing the key elements of a business plan will help you construct an effective, comprehensive plan for your medical practice.
How the Tax Cuts and Jobs Act May Affect Physician Practice Owners
Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.
Private Practice Owner or Hospital Employee?
More physicians are currently employed by hospitals or medical practices than ever before, while fewer are in private practice. According to a 2016 Medscape report, physicians as a group have shifted from private practice to being employed with the rate of employed physicians growing by more than 30% from 2000 through 2016.
Should You Outsource Billing?
Deciding to handle your billing in-house or hire an outside billing company is an important decision with significant implications for your practice’s long-term financial health. It is a good idea to look at all of the pros and cons to ensure your decision is the right one.
How to Control Overhead Costs
You cannot control costs if you do not know what they are. Unfortunately, many medical practices do not have enough granularity in their budgets to determine what is actually going on, let alone where to start making cuts if needed.
Buy-Sell and Partnership Agreements Can Keep Things Running Smoothly
One of the more common transactions that occurs in any business is new owners buying in, while established owners are bought out. Medical practices are no exception. The existence of buy-sell agreements which spell out the terms under which these transactions will occur can make these transitions in the practice much easier.
Physician, Heal Thyself! Ten Steps to Help Avoid Burnout
Each and every day, physicians face unprecedented work stresses. Included are the ever demanding responsibility for their patient’s health and well-being, coupled with long working hours, sleep disruption, making life and death decisions, and navigating a complex and ever changing health care system. Facing these ever-present and unrelenting pressures can lead to “physician burnout.” This article suggests some steps that can help combat burnout, including accepting limitations, finding a niche and developing a support system.
Should You Rent or Purchase Your Practice Facility?
Whether they are just opening a new practice or building a current one, physicians may need to assess whether owning or renting medical office space best serves their needs and those of their colleagues, employees and patients. This article explains some pros and cons of both owning and renting, as well as provides some helpful pointers in making this important decision. A Sidebar provides an equation for determining the amount of space needed for a new or expanding practice.