Tips for Selling Your Medical Practice
The medical practice environment has gone through some extensive adjustments in how business is conducted with the new healthcare initiatives. What hasn’t change when selling a practice, or buying a practice are the details and legal preparations needed to complete the process. It’s important to work with a medical broker experienced in maximizing the valuation of the practice for sale, and knowledgeable of the recent healthcare law requirements to avoid federal penalties.
When selling a practice the most critical factors is determining the value of the medical practice according to the market segment, economic development of the region including the region’s professional and social amenities. It’s no
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A good assessment is based on the actual business value not the owner’s emotional opinion and supported with clearly defined information consisting of market findings, rational judgements and accurate calculations easily understood by the seller. Part of the assessment considerations for medical practices today are assumptions, which may play a role in determining the final sales price. The assumptions are mostly due to the recent changes in healthcare requirements and the potential future changes affecting the business …show more content…
What these two components share is information about business relationships established along with the medical office practice influencing not only current clients but the future ones. One of the major values for the healthcare business being sold is tied to its electronic medical records. As of 2015 medical offices were mandated to implement digital technology for record keeping in the office. Failure to do so jeopardizes certain aspects of reimbursement revenues for particular medical services. There’s no doubt about it non-compliance at any level affects the value of the
• Provides a basic level of interoperability among electronic health records (EHRs) maintained by individual physicians and organizations
General Practices Affiliates is considering an offer from Titus Lake Hospital to join under a provider leasing model. Under a provider leasing model, Titus Lake Hospital is purchasing General Practices Affiliates’ services. The practice will retain control of personnel, management, and practice policies. Titus Lake Hospital submitted financial reports to assure transparency during the lease agreement process. The following analysis will discuss whether Titus Lake hospital is a viable financial partner for General Practice Affiliates, possible implications of the lease, and recommendations.
Without question the cost of medical care in this country has skyrocketed over the last few decades. Walk into an emergency room with an earache or the need for a few stitches and you’re apt to walk out with a bill that is nothing short of shocking.
Memorial Medical Center was situated “three feet below sea level, which is on one of the low points in the bowl in New Orleans (Fink, Sheri, 2009).” This hospital served as a “shelter whenever hurricanes threatened: employees would bring their families and pets, as well as coolers packed with food (Fink, Sheri, 2009).” Having 2,000 people taking shelter in this hospital on top of 200 patients, and over 600 workers in one place during a category 5 hurricane, ran a huge risk. This was not something that was assessed, because the author stated, “this is something that citizens who live around the hospital normally do during a crisis like this (Fink, Sheri, 2009).” I also do not think that individuals believed that Hurricane Katrina would have been as bad as it was, because this is the storm that is considered to be a “lesson learned (President George W. Bush, 2005)”.
The patient, LL, is a twenty four year old female who was diagnosed with obsessive-compulsive disorder five years ago. Around the ago of eighteen, LL started to experience many symptoms of obsessive-compulsive disorder. She had just started her freshman year at a local college and moved into the dorms with a random roommate. LL was constantly washing her hands and grossed out by the germs, so she came to realize she had a phobia of germs. She would begin sweating and having major anxiety when people went to shake her hand or her roommate would touch her food or any of her things. LL started skipping class and isolating herself in her room in order to avoid contact with other people. When her grades dramatically declined,
“An electronic health record (EHR) is a digital version of a patient’s paper chart. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users.” (healthit.gov) The EHR mandate was created “to share information with other health care providers and organizations – such as laboratories, specialists, medical imaging facilities, pharmacies, emergency facilities, and school and workplace clinics – so they contain information from all clinicians involved in a patient’s care.” ("Providers & Professionals | HealthIT.gov", n.d., p. 1) The process has proved to be quite challenging for providers. As an incentive, the government began issuing payments to those providers who “meaningfully use certified electronic health record (EHR) technology.” (hhs.gov) There are three stages that providers must progress through in order to receive theses financial incentives. Stage one is the initial stage and is met with the creation and implementation of the HER in the business. Stage two “increases health information exchange between providers.” ("United States Department of Health and Human Services | HHS.gov", n.d., p. 1) Stage three will be the continuation and expansion of the “meaningful use objectives.” ("United States Department of Health and Human Services | HHS.gov", n.d., p. 1) The hospital, where I work, initiated the HER mandate many years ago. In this paper, I will discuss the progression and the challenges that my hospital encountered while implementing the EHR mandate.
Recognizing the advantage of computers that were now able to obtain electronic files, Congress called for a more standardized approach in regards to storing patient information. Under HIPAA, the idea was that creating a standard system would increase flexibility when communicating between hospitals, clinics, and insurance companies, providing more time to be spent on the quality of patient care that was being provided. In addition, the goal was that electronic record storage would allow instant tracking and analysis of data in order to cut down costs and easily access trends that could have major impacts on patient care.
The purpose of this paper is to discuss how Electronic Medical Records (EMR), affects healthcare delivery. I will discuss the positives and negatives this issue has on healthcare and how it effects the cost and quality for healthcare services. In addition, I will identify any potential trade-offs to cost or quality. Lastly, I will discuss how the EMR affects my job as well as any challenges or opportunities this issue presents.
The current set up does not give them the rewards they properly deserve. In fact, the prospect of a limited income is completely unavoidable. These medical doctors are also small business owners. First, they invest an enormous amount of money for office space, office equipments, and medical equipments. Second, the additional burden of overhead expenses and personnel salaries will put a dent on their bottom-line. Third, the inescapable specter of malpractice insurance premiums is a necessary evil the...
Medtronic responds to regulations and directives from external stake holders such as governmental bodies by being proactive towards federal government regulations and by internal record monitoring. Medtronic does not leave anything to chance and as a company, likes to stay ahead of governmental regulations. The federal government has announced that medical device companies will soon have to disclose any transfer of value between the company and external customers. Transfer of value is seen as anything that can persuade a physician or customer to use the medical device company’s product over a competitor’s product due to personal gain. Before the federal government announced that medical device companies would have to provide transparency documentation between the company and customers. Medtronic took action and developed and implemented transparency practices in all aspects of customer relations. Now every time a surgeon or external customer is approached for a consultation, the meeting must be recorded and every possible form of transfer of value must be documented and recorded. In the world of Medtronic transparency, anything from lunch provided to a customer to a pen with the company’s logo is considered transfer of value and must be
In this unit, we will be discussing real-life healthcare organizations, the 5 P’s of healthcare marketing, and evaluation strategies that may be used to determine marketing potential.
The role of nurse practitioner in the Canadian healthcare system is relatively new compared to the traditional roles of doctors and registered nurses, and as with any new role, there are people who oppose the changes and others who appreciate them. Some members of the public and the healthcare system believe that the addition of the nurse practitioner (NP) role is an unnecessary change and liability to the system because it blurs the line between a doctor and a nurse; this is because nurse practitioners are registered nurses with additional training (usually a masters degree) that allows them to expand their scope of practice into some areas which can be treated by doctors. Other people feel that nurse practitioners can help provide additional primary care services, while bridging communication between nurses and doctors. There are always legitimate challenges to be overcome when changing a system as complicated as healthcare,
The cost of Medical equipment plays a significant role in the delivery of health care. The clinical engineering at Victoria Hospital is an important branch of the hospital team management that are working to strategies ways to improve quality of service and lower cost repairs of equipments. The team members from Biomedical and maintenance engineering’s roles are to ensure utilization of quality equipments such as endoscope and minimize length of repair time. All these issues are a major influence in the hospital’s project cost. For example, Victory hospital, which is located in Canada, is in the process of evaluating different options to decrease cost of its endoscope repair. This equipment is use in the endoscopy department for gastroenterological and surgical procedures. In 1993, 2,500 cases where approximately performed and extensive maintenance of the equipment where needed before and after each of those cases. Despite the appropriate care of the scope, repair requirement where still needed. The total cost of repair that year was $60,000 and the repair services where done by an original equipment manufacturers in Ontario.
Shapiro, K., Peterman, N., & Wolnerman, D. (2013). Turmoil in the health care industry: what about the patients. The Americas Restructuring and Insolvency Guide, 100-106. Retrieved from http://www.americasrestructuring.com/08_SF/p100-106%20Turmoil%20in%20the%20healthcare%20industry.pdf
‘Retail Clinics: Six state approaches to regulation and licensing’. (Feb 2009). California Health Foundation, 1-17.