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.
Most podiatrists focus intently on providing excellent care for their patients. However, when the time comes to purchase or sell a podiatric medical practice, podiatrists generally lack the knowledge and experience to competently assess the value of podiatry practice, and the terms of a proposed sales agreement.
If you spend sufficient time looking at real... Read More.
By David Edward Marcinko, MBA, CFP, CMP, and Gary L. Bode, CPA, MSA
Most podiatrists equate marketing with advertising. However, advertising is the most expensive and often least effective facet of services marketing. Internal marketing is the most cost effective, most time effective and usually the most dignified form of marketing. Internal marketing within your practice occurs continuously even if you are unaware of it.
... Read More.
As songwriter Henry Kaiser put it, “Problems are only opportunities in work clothes.” I can attest to this truth of this statement. As a podiatric medical assistant and consultant, I frequently lecture at meetings and speak to doctors and assistants all over the country. My mission is to help create a better work dynamic between doctors and assistants. With this in mind, let us... Read More.
Supply chain inventory management (SCIM) is essential for doctors who perform a number of similar procedures, those who dispense a fair number of products and surgeons because a medical practice’s profitability will suffer if it has too much or too little inventory of durable medical equipment (DME) on hand. How can a physician determine the proper DME inventory level? One uncommonly used... Read More.
Any practice goes through a number of stages. The “going into practice stage” begins when you make the decision to start your own practice and ends when your cash flow exceeds your expenses, and you begin to take home a paycheck that covers your living expenses.
The third stage is the mature stage where the practice is utilizing between 80 and 100 percent of... Read More.
By Barbara Aung, DPM and Kim Jungkind, MPH, RN, CCM
Podiatric medical practices strive to provide patients with high quality care. Patients with diabetes pose an added challenge due to the comprehensive nature of the condition and resulting complications. In a proactive effort to improve visit planning and improve the care of these patients, podiatrists may want to consider the use of software decision support and tracking tools... Read More.
In these times of diminishing reimbursement, we must look at ways of decreasing the costs of our practices. Obviously, we cannot cut much from patient care costs and we have a limited ability to increase fees and income from our practices. In any business, there are ways to improve the net profit. One could implement extended hours to see more patients, minimize payroll costs by... Read More.
Successful DPMs know the right formulas for keeping patients. One should manage medical information professionally, run an efficient office, listen to patient concerns and always keep the patient foremost in mind. On the flip side, if a podiatric practice engages in certain other behaviors, the podiatrist will likely see more than a few patients walk out the door without returning any time soon.... Read More.
Mention creating a legal scope of practice for the podiatric medical assistant (PMA) to a group of doctors and you will likely stir some opinions and controversy. Unfortunately, at this point, only opinions can frame the discussion. Without a written scope of practice, there is no standardization of what an assistant can and cannot do. There is only individual interpretation and this is usually... Read More.
As I was channel surfing the other night, something caught my eye. It was the Discovery channel and I was looking at a huge herd of some hoofed animal. They looked pleasant enough and at peace with the world. Then a lioness came out of nowhere and whacked one of the older animals. Indeed, this particular life and death struggle on the Serengeti reminds me of why a group... Read More.