One of the most problematic areas of medical practice valuation is establishing a clear understanding of the factors a valuator must assess in order to arrive at an appropriate fair market value for a medical practice. Failure by one valuator or another to understand these factors can lead to an … [Read more...]
Developing a Physician Merger Team
The Physician Merger Team Well, the first date turned out to be a good one and everyone wants to move forward. The physicians have decided to form a merger committee, participants from the respective medical practices have been selected and everyone is raring to get started. What’s next? One of the … [Read more...]
Handling an Unhappy or Irate Patient
The Irate Patient The following is a situation that recently happened in a physician’s office: An irate patient came in to complain about the "no show" charge of $50. The administrator along with the billing manager went out to meet with him. His first comment was that he only wanted to speak with … [Read more...]
Succession Planning for Solo and Group Medical Practices
Succession Planning Whether you are a solo practicing physician or a member in a larger group practice, it’s wise to begin thinking about succession planning. I have found in my consulting practice that many physicians seem to wait until the last minute to address the issue of succession. With … [Read more...]
Expenses Paid With Forgiven PPP Loan Proceeds Not Deductible
Medical Practice Tax News - COVID-19 The Paycheck Protection Program (PPP) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses. PPP loans can later be forgiven if the employer retains its employees and … [Read more...]
21 Physician Practice Consulting Rules For Medical Practices
In my physician practice consulting endeavors, I've noticed the amazing differences at how physician medical practices operate on a daily basis - some good, some bad, some average. As such, there seem to be a lot of people searching for rules for medical offices. I’ve never heard of such rules, but … [Read more...]