When considering a medical equipment purchase, there are many variables to consider. The first may be whether to actually lease the equipment rather than purchase. This is an economic choice that takes some consideration. Once you have made the decision to make a medical equipment purchase, here are 7 important things to consider: 1) Be…
As a Doctor, you are paid to have answers. Answers to uncertainty, answers to pain, answers to how the future will turn out. However one area where uncertainty looms large for Doctors is how they can get started seeing patients via remote telemedicine services. The next 5 years are expected to see explosive growth of telemedicine…
Very often when looking at productivity bonus structure for doctors, it can be a confusing area to understand and then decide which works best for your needs. For many young physicians who are choosing their first practice opportunity, selecting among compensation plans isn’t likely an option. Contract terms will typically entail some room for negotiation,…
Many doctors don’t know the key medical practice benchmarks that ensure their practice is healthy financially. In many cases, physicians who own their own solo medical practice are just waiting until the end of the year to know if they breaking even or not. However with a few simple Medical Practice Benchmarks in place, any…
The simple joy of being a doctor, of having the chance to serve, is something that we can all be thankful for. On Thanksgiving day, I always like to take some perspective and look at what we can be thankful for as a profession and what is working for us. With this is mind, I…
When you need to assess a medical practice financial return for a buy-in, it is important to know what to look for. No matter how much or a personal or cultural fit the practice may be, the financial health of the practice will typically dictate whether or not a doctor chooses to buy-in to the…
Resource-based relative value scale (RBRVS) is a method used to determine how much money physicians should be paid. It is partially used by Medicare in the United States and by nearly all Health Management Organizations (HMOs). This article explains the history of Resource-based relative value scale and how it works. In 1992, Medicare significantly changed…
When looking for the most common physician compensation models, there are several that doctors can choose from. How a doctor is compensated matters, as it affects the running of the practice, just as much as the financial stability of the individual physician. With this in mind, here are the most common physician compensation models used…
When assessing a medical practice partnership, it is important to understand the benefits of buying-in. The physician considering the medical practice buy-in offer cannot assess it properly without an accurate knowledge of the return. However, the benefits may not be all that significant in terms of financial reward, at least initially. In most cases, this…
Many Physicians make crucial Practice Buy-In Mistakes that cost them a lot of time and money. For this reason considering a medical practice buy-in, it is important to do your homework and know what you are getting into. Making the decision to buy-in to a medical practice is a long term decision that will affect…
When considering a medical practice buy-in, it is important to do your homework and know what you are getting into. Making the decision to buy-in to a medical practice is a long term decision that will affect both finances and the lifestyle of the doctor. No matter, whether it is a solo medical practice, or…
On Veterans Day 2016, the gratitude of a nation turns to those who have served and sacrificed for our country, and in particular to Veterans Affairs who help care Veterans around the Nation. Veterans Affairs, the most widely known organization for caring for Veterans in the USA, was founded in 1930. However it has an…
Physician Credentialing is the process of organizing and verifying a doctors professional records. Hospitals and similar organizations have a legal responsibility to verify provider’s identity, education, work experience, malpractice history, professional sanctions and license verifications to protect patients from unqualified providers. When a doctor applies to practice within a Hospital, a Surgery Center or a…
Negotiating a medical office lease can often be confusing and intimidating to the inexperienced. As a doctor, you are a knowledgeable professional, and yet when it comes to getting a good deal on medical office lease, it is important to know the key items to deal with. The leasing process for medical practices are largely…
Medical Office space is one of the most important considerations as you purchase your medical practice, or transition to a new medical practice location. Once you have chosen the location of your medical practice, decide what kind of space you will need based upon your financial ability and your lifestyle choices. It is also important…