I believe the podiatry field is in a crisis. With the aging of the baby boomers, we have seen an explosion of patients with diabetes and non-invasive foot care into our offices. At the same time, co-pays are rising steadily while reimbursement decreases bit by bit, and insurance companies are refusing more claims. The results are higher workloads but lower income and profit in... Read More.
I was sitting in my recliner one evening when the phone rang. It was a very experienced podiatrist who lived in a town 20 miles away. He wanted me to buy his part-time practice so he could retire.
I told the retiring podiatrist that I was too busy. I suggested that he call another podiatrist — one we both knew — who had an associate with time on his hands. The... Read More.
By David Edward Marcinko, MBA, CMP, and Hope Rachel Hetico, RN, MHA, CMP
When it comes to purchasing a podiatry practice, there are a variety of factors that one must consider in evaluating the worth of the practice. Assessing the value of a practice is fraught with potential landmines if one does not go into the process with a strong understanding of some key principles to medical practice valuation.
According to the Dictionary of... Read More.
Predictably, the most sought after and most efficient medical practices have a common denominator: the ability to educate and communicate in a timely and effective manner. Patients do not come to us for our ability to make a buttress pad or apply an Unna boot. They come to us for our diagnostic ability and to be effectively educated on their condition and the available treatment options. As an... Read More.
More often than not, we feel like we’re doing the managed care company a favor by applying. There’s also a tendency to believe the process is so cut and dry that we can apply at the last minute. Let’s clear up these misconceptions. If you don’t apply and apply properly, someone else will. Secondly, as our mothers use to tell us, haste makes waste. Indeed, simple mistakes can slow the process down... Read More.
Professional malpractice liability insurance protection is a major fixed operational expense in any at-risk medical practice. In most practices, liability insurance costs often represent one of the largest single line item expenses, often falling second only to staff payroll expenses.
To contain these liability overhead expense costs, the physician-executive should understand the dynamics of the... Read More.
In over 25 years of practice, I have witnessed the importance of recognizing patient learning styles. As a physician and now as a practice consultant, I have found that communication is of strategic importance. As physicians, we must educate our patients first through effective communication. Only then will our patients understand their condition and agree to our recommended course of treatment... Read More.
By Jonathan Moore, DPM, MS and Kimberly Moore, OTR
If you as a podiatric physician have not established yourself as the expert of the diabetic foot within your area, now is the time. There is no reason why you shouldn’t be the “go to” guy or gal in your community when it comes to treating, managing and preventing diabetes-related lower extremity complications.
Managing the diabetic foot is all about a team approach and establishing yourself as... Read More.
It happens every year. All healthcare professionals have learned to anticipate annual changes in Medicare regulations, coding and reimbursement. However, this year’s delays and payment uncertainties definitely qualify 2003 as one of the worst years yet for physicians trying to do some financial planning for their practices.
For starters, the Centers for Medicare and Medicaid Services (CMS)... Read More.
When you decide to hire a new podiatrist for your practice, one of the most important decisions you will face is deciding how much to pay your new hire. Ideally, you want to pay a base salary and offer an incentive that encourages the new podiatrist to work hard, pay for him- or herself quickly and then participate in the collections above his or her costs to the practice.
Potential employees are... Read More.
Assessing the value of your medical practice is an investment in your practice’s future. Not only does it help build equity value, it would be shortsighted not to have a professional appraiser working with you to understand the key issues involved and the reasons for them. After all, it is very easy in the emotion of buying or selling a practice to make a mistake, especially in a changing... Read More.
By Christopher R. Jarvis, MBA and David B. Mandell, JD, MBA
Over the past few years, we have written many articles on potential strategies that podiatrists can use to reduce income taxes, increase benefits or build retirement savings. Unfortunately, these consultations often turn out to be less than fruitful because of office politics.
While the younger members of a podiatry group are often very motivated to reduce their income taxes, the older, more... Read More.