When money is not an issue, when the patient has good insurance coverage, low, affordable copayments and deductibles, and is able to readily make payment, the relationship is without conflict for the physician. The patient-physician relationship is not stressed by economics.
How to determine your practice’s value for buy-in, buy-out and sale to other practitioners.
The trick to a fair shareholder valuation formula is to keep it simple. Think of conveying the calculation to, say, a new physician that is thinking about joining your practice and buying in. If the process takes more than a minute to explain, it is likely that it is more complicated than it needs to be.
Timely and relevant information is essential to staying on top of your finances. Whether you are an employed physician or own your practice, there are four simple things you should look at every month to ensure that your practice is running effectively.
It can feel like a revolving door at your practice, with a never-ending parade of new employees each needing to learn the ropes. Staff turnover disrupts routines, impedes patient care, and wears down office morale and the team’s ‘spirit’. When all is considered, including the cost of the hiring and replacing staff, your practice is losing much more than an employee.
Let’s take a look at some lessons-learned and best practices for managing clinician compensation for both partners and employed clinicians.