Medical Practice Management
Feb 18

A physician speaks

My good friend Frank Cohen (www.cpahealth.com) recently received the following email from a friend of his who is a physician.  It is really quite sad but reflects the state of affairs we often find with our physician clients; any follow up comments to this email from the readership??:

Dear Frank;

How are you? Hope all is well and the new year is firmly in God’s hands!

I need your help! I cannot seem to define the problem in my practice. I have a practice that excludes endoscopies and breast problems, yet emphasizes the minimally invasive approach to all forms of other general surgical issues. I have an EMR that works well and without difficulty but I am being suspended from hospital practice for record incompletion. I have a compassionate level of care and can endear patients to refer friends and family as well as bake pies. I fail to have the volume consistently that allows me to make more than $100,000. Despite this, I fail to have any malpractice events since starting practice here exactly 3 years ago. I am having a hard time paying for medication, repair of house or cars as I think necessary. I think that my product is really good for $300,000, so that I wonder if I am missing something. Certainly, I have been in prayer about this and also with patients.

I obtained the Ingenix percentile surgical charges for my zip code and am charging the 75 percentile amount for most of my procedures.

My questions are do I have a practice? Am I losing money in any way that I can stop? What is missing? How do you need the data to perform the analysis that you did previously? Thank you.

All my best,

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →