Unfortunately, many physician partnerships compare more to a boxing match than, well, a partnership. When partners can't get along -- whether it's because of personality issues or divvying up responsibilities -- running a truly successful practice becomes even more difficult. There are ways to knock out many conflicts but, to do so, you'll need to put on your kid gloves.
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Frustrated by rising costs, managed care demands and overwhelming patient loads, a growing number of physicians are converting their traditional practices into retainer-based or "concierge" practices. Under this evolving model, physicians cut back the number of patients they see, spend more time on personalized care and charge each participant an annual fee ranging from $1,500 to $20,000.
When was the last time you took a careful look at your office overhead costs and compared them to the same period last year? Expenses can creep up fast if nobody is monitoring them. Generally speaking, the cost of running a medical office can range between 35 and a whopping 70 percent of the practice's gross revenue.
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit.
Your days at the office are probably hectic as you try to give patients personal attention while juggling a full schedule. But when the exam room door closes and you're focusing on individual patients, are staff members also providing high quality care? Are your front office phones answered with reasonable speed and courtesy?
The manager of a busy medical practice used to spend lots of time listening to patients complain about being left on hold when calling for an appointment or waiting several days to be seen for a minor ailment.
You may have heard about the Vermont doctor who was fed up with way medicine is practiced today and opened an office she calls "Simply Medicine.'' The sole practitioner doesn't accept insurance. Her fee is listed on a board in the waiting room: $2 a minute for labor, plus the cost of supplies.
Nursing homes are potentially one of the most dangerous workplaces in the country. Nursing assistants in long-term care facilities have the highest incidence of assaults of all American workers, with one study showing that 27 percent of all workplace violence occurs in nursing homes.
Internal fraud can be devastating for a medical practice and it can be easier than you might think to steal in some offices. Fraud may have been prevented in some cases if the following steps had been implemented: