This is one of the most frequent emails that I get from my readers. Why have I not sold a portion of my practice to private equity? You might be thinking about having private equity buying a portion of your practice. Or you might be starting scratch with a private equity group. I’ll go through my opinions on the pros and cons behind private equity.… Read the rest
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Flat salary compensation models are becoming less common. Instead, production models have become much more popular. These contracts are often called an RVU based contract. Today’s post I will go through RVU based contracts and what you need to know to avoid in these contracts.
When you submit a bill to insurance companies, they assign a value to each code.… Read the rest
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With inflation reaching record levels, many medical practices are going through the rate negotiation process with insurance companies trying to get better pay. If you have never done this before, that’s okay. I was new to it also until a few years ago. Let me tell you the theme of dealing with commercial insurance companies for rate negotiations. Intentionally difficult and broken.… Read the rest
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Electronic medical records, or EMR for short, is a big decision for your company to decide which one will be used. This should be one of the most important things you “stress” over when you start up your practice. We decided to change from Practice Fusion to AdvancedMD. This decision was one that we have been mulling over for about a year.… Read the rest
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Sometimes it is best to learn from others mistakes. Well, today let’s see if you can learn from some of my mistakes in my private practice. This blog is a raw account of what it takes to run a practice. Today I will open up about the biggest mistakes I have made so far while managing my practice. For those hoping to get some accounts on medical mistakes, you will be disappointed by this post.… Read the rest
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Maybe you are already a practice owner. Or maybe you are thinking of owning your own practice. Maybe you are just curious what the 2-year penalty is all about. For those of you thinking of owning your own business, congratulations! It is absolutely worth it, if you like the business side of medicine. However, there is a huge downside beyond the work that it takes to run a business.… Read the rest
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I recently found out someone tried to fraudulently cash a check from my business account. I got a call from Wells Fargo, my bank, alerting me that someone in a city 4 hours away was attempting to cash a $8,955 check with my business account number on it. The check was written out to an individual, not a business. Wells Fargo immediately tagged it as fraud.… Read the rest
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Inflation numbers are in, and they were worse than we all thought. Inflation based on consumer price index was 7.5% for the past 12 months as of January 2022. If you follow the consumer price index, CPI, then you can see that inflation has been on a tear lately.
This has potential to be huge implications for practicing physicians. Spoiler alert, things do not look good.… Read the rest
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January is often a time of self-reflection for me. As I look back, I think about all the worries I had when starting my medical practice. I think of all the lessons I learned along the way. So much time was wasted on worrying over things that were all in my mind. Have you ever looked back and thought something similar?… Read the rest
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It is expensive to run a medical practice, but have you ever wondered how expensive? At the end of every year, I do a breakdown to see where we might be able to save money. Maybe you’ll find it of some interest.
In an effort to help those of you who are deciding on possibly starting your own practice, let us take a look at my breakdown of where money was spent in 2021 in my practice.… Read the rest
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