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I discuss everything you always wanted and absolutely need to know about start, running and growing a private medical practice. I'll also talk about how to leverage your private practice by adding additional providers, satellite offices and ancillary services. And, vertically integrating other medical businesses like adding an ambulatory surgery center, imaging center, physical therapy and more. I will be sharing my 30+ years of experience as a physician and entrepreneur. After being an employed physician, I started and managed my own private medical practice with 11 providers. I added multiple medical businesses: in-house laboratory services, ambulatory surgery center, physical therapy, imaging center, anesthesia practice management company. I developed joint ventures between physicians and hospitals as well as between physicians and complimentary providers. In addition, I have extensive experience in developing and leasing real estate pertaining to medical services. Be sure to sign up for my newsletter and I'll keep you up to date on everything about starting, running and growing your practice and more.https://www.thepracticebuildingmd.com/podcast-optin-email-newsletter-1
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You never know when your mother-in-law will turn out to be a valuable asset to your practice. Mine was a lab technologist who had started up and ran multiple medical labs. When we told her that I had decided to start my own practice, one of her first questions was "what labs are you planning to do?" followed by you need a CLIA Waiver.Say what? I had no idea what that was or how to get one. The test said was CLIA Waived. Doesn't that mean that you don't need a CLIA?A CLIA Waived tes...
Drug and Device reps often drop into medical offices--usually uninvited. And they seem to always to be there at the most inopportune times. Most annoying is when they camp out in the back waiting for you. It's no wonder that many physicians have disdain for Drug and Device reps.If this is your attitude, you're missing out on a great (free) opportunity to grow your practice.In this episode, I chat with Omar Khateeb who helps med tech companies grow sales and drive product adoption using social...
I’m frequently asked about the benefits of hiring employees versus having independent contractors. Many physicians are under the impression that hiring someone as an independent contractor is going to be less expensive than as an employee. But not so fast. The IRS has rules. The employer is responsible for determining if the new hire meets the criteria. Choose the wrong status and you may be liable for past taxes and the associated penalties.What does it mean to be an Independent ...
Are you afraid of getting audited by insurance companies or Medicare? Do you get anxious when one of the payers sends you a request to audit 5 of your charts? Have you heard horror stories of the Feds knocking on a physician's door? Don't worry--you are not alone. But not all audits are created equal.Today David Vaughn joins me to discuss what you need to know about the different types of payer audits. David is both an attorney and certified professional coder and has been my healt...
If you are an employed physician, chances are your employer purchases malpractice insurance for you. Your first introduction to the complexities of malpractice insurance may come when you leave that employer and have to buy a "tail." And, if when you start your own practice you'll need to understand how to get the best malpractice insurance. Today, I chat with Jennifer Wiggins from Aegis Malpractice to help demystify malpractice insurance. Here are some highlights:Differ...
Today I had a great chat with Dr. John Lin about how to think about choosing to be In-Network vs. Out-of-Network. We all know that dealing with health insurance companies can be very frustrating. But reimbursement rates are only a part of what makes dealing with these companies a headache.Trying to decide whether it makes sense for you and your practice to be In-Network or Out-of-Network has to be an informed calculation rather than an emotional decision. Here are some of the topics we ...
You’re a Medicare provider. And you know that the Centers for Medicare and Medicaid Services (CMS) runs Medicare. But did you know that CMS is just the umbrella organization? The actual administration is done by a Medicare Administrative Contractor (MAC.) What is a MAC? A MAC is a private health care insurer that’s been awarded a geographic jurisdiction to process claims for Medicare Fee-For-Service beneficiaries. CMS relies on the network of MACs to serve as the primary oper...
To start with, make a list of supplies that you everything you need: drugs, syringes, gloves, paper for your exam table, cleaning supplies and more. Include how often you are using these supplies because we’ll need this info to figure out the quantities you need to order. You’ll want to develop an inventory system will help you track how often you use each item and when you need to reorder. Before I talk about where to buy supplies—buying for your practice is no differen...
1Here are some strategies that can help keep you on schedule. Get to clinic before your first scheduled patient. Preferably you get to clinic early. If you show up at 8 am, your first patient is at 8am and then you first need put out whatever this morning’s fire is, you start the day off behind and you will be all day long. The other advantage to getting in early is to huddle with your MA so that you have a game plan for potential bottlenecks. Create a block schedule. Tra...
To reduce the volume of after-hour phone calls, you need to have a policy that implements these strategies.Implement strategies that help reduce after-hour call volume without sacrificing patient care. 1. Set up your phone system's phone treeWhen a patient calls after hours, your phone system should answer and give the patient a set of instructions. The message should start with, “If this is a medical emergency, please hang up and dial 911 or go to the nearest emergency room.” 2. Au...
When you run a private medical practice, you’re invariably going to need services and vendors outside of your practice. What you need to know is that any person or organization that you hire to handle, use, distribute, or access protected health information is a Business Associate (BA) and that you need to have a Business Associate Agreement (BAA.) You need to have a Business Associate Agreement in place before you share protected health information. The goal behind the Busi...
We send and receive email every day so it would seem natural to send emails to your patients. But what if the emails contain protected health information? How do you make email HIPAA compliant?How you will use email with protected health informationThe first questions to ask are, “Is my email network is behind a firewall?” Are you only emailing protected health information between you and your staff within the confines of the firewall? If you answer yes to both questions, then you don’t...
Trying to figure out how the digital world fits into your private practice can seem very overwhelming. Today, I had a great conversation with Dr. Dana Corriel, a board certified internist, entrepreneur, digital stratgeist and the founder of doctorsonsocialmedia.com to get her insights. Here are some of the key points we discussed: Social Media is Media. It's a form of advertising. Don't think about it as "Social"Whatever content you put into the digital space represents you and your...
I’m sure that you’ve heard the expression: build it and they will come. You started your private practice because you want to see patients. But how do you build your patient volume?In this episode, you'll learn 6 steps to accelerate your ramp-up. Define your messageDifferentiate yourself from the competitionCreate your brandThe name of your businessYour taglineYour domain nameYour logoYou need printed materials. This isn't old-fashioned. Business cardsAppointment cardsSt...
In this episode, I had the pleasure of chatting with Wendy Margolin who owns Sparkr Marketing and is the founder of The Clinician’s Social Media Club. I asked Wendy to join me to discuss where social media fits into the private practice physician's business plan. Here are some of the topics we discussed:How to choose which social media channel(s) should you chooseWhat content should you postHow to get your posts seenShould you spend money on ads (and how much)Your personal FB profile vs...
The Notice of Privacy Practices is a form that many patients toss in the garbage but that can you into a lot of trouble and costs an enormous amount of money. HIPAA guarantees a variety of patient rights--including a patient’s right to know how you’re going to use their Protected Health Information (PHI.) As part of that, you are required to describe your office’s privacy practices in writing in an easy-to-read document called a Notice of Privacy Practices.The HIPAA guidelines sta...
If you practice medicine, sooner or later you’ll get to the point that you want to fire a patient. Whatever the reason that you may have for terminating the physician-patient relationship, there needs to a clear and consistent policy and procedure for doing so or you're exposing yourself to hassles and unnecessary potential liability. Once you have made the difficult decision to end the doctor-patient relationship, there are a number of steps you need to take:Understand the legal standar...
New ventures require money. The question is always where does that money come from. It may come from your savings, a loan or other investors. Regardless of whether you are starting your own practice, buying into a practice or related business (ASC, Imaging Center, etc)--you will need to make a capital investment. In this episode, Dr. Brent Lacey and I discuss personal finances and financing your business ventures. Dr. Lacey is a gastroenterologist and founder of The Scope of Practice. He has ...
What is the difference between an office manager and a practice manager. If you hire someone to help manage your practice—regardless of how small it is—that employee is a practice manager. What are the tasks that practice managers may be responsible for? Here's just a short list:All things Human ResourcesOversee billing and understand revenue cycle management. Medical records management One of the questions that I’m frequently asked is, “How much should I pay my practice ...
In this episode, I have the great pleasure of chatting with Dr. Cheng Ruan, the founder of Texas Center for Lifestyle Medicine. Dr. Ruan started out in an internal medicine practice before starting his extremely successful and lucrative lifestyle medicine practice. Here are some of the key points we touched on:The importance of understanding every aspect of how a private practice functions before starting your ownHow to get patients BEFORE you open your doorsHow to create the right cultu...
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