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As a new physician, it's important that you understand what the practice you're interested in is involved with. The Evaluating a Practice community has a variety of useful information to help guide you on your way.

 

 
Evaluating A Practice Contributor

Wesley Millican, MBA
Founder and CEO
CareerPhysician

Most Recent Articles

  • Operations

    Introduction: In order to effectively evaluate a practice, the operational structure and daily operations of the office must be understood. The operational efficiencies, or inefficiencies, can have a direct impact on the economic return, both short and long term, and should not be ignored. A lack of understanding of how the medical practice operates, as well as how day to day decisions are made, can at a minimum cause a great deal of frustration ...

Most Recent Terms

  • Net Collection Rate

    The net collection rate shows how much a practice collects based on what is available to be collected. This ratio is calculated by dividing the sum of total receipts and total adjustments by total charges. http://physiciansnews.com/business/502migliore...
    by admin on 05-05-2009
  • Capital Equipment Plan

    A plan to acquire or improve long-term assets such as property or equipment. http://www.revophth.com/1999/august_articles/899%20purchasing.htm
    by admin on 05-05-2009
  • Practice Administrator or Manager

    Practice managers have the responsibility for the overall running of a doctor's surgery, managing the accounts and records, and developing the practice's business strategy. They recruit, train and supervise clerical staff, and calculate and arrange...
    by admin on 05-05-2009
  • Gross Collection Rate

    A rate calculated by dividing total receipts by total charges. This indicates the percentage of total charges being collected. http://physiciansnews.com/business/502migliore.html For example, a practice charges $100 for a service. In accordance with the...
    by admin on 05-05-2009
  • G&A

    The indirect overhead costs contained within the General and Administrative expense / cost categories. http://www.fin.ucar.edu/presentations/pcpres_miscga/sld001.htm
    by admin on 05-05-2009
  • Technical Fees

    Fees charged on behalf of the physician for ancillary services provided to the patient. These services include, but are not limited to, procedures, chemotherapy, laboratory, x-rays, etc. http://www.otm.ucsf.edu/tech/SF02-092.htm
    by admin on 05-05-2009
  • Professional Fees

    Those fees charged by the physician for the professional services rendered to a patient. http://www.otm.ucsf.edu/tech/SF02-092.htm http://www.lni.wa.gov/ClaimsInsurance/Files/ProviderPay/FeeSchedules/2003FS/FsEm.pdf
    by admin on 05-05-2009
  • CPT Code

    Current Procedural Terminology. Universal system for assigning a unique numeric code to all medical procedures. http://www.ama-assn.org/ama/pub/category/3113.html
    by admin on 05-05-2009
  • Management Codes (E&M)

    Codes used to charge patients (Example: 99204 charged for a complex office visit on a new patient. http://www.coding-compliance.com/cgi-bin/article.cgi?article_id=767
    by admin on 05-05-2009
  • AR Aging

    (last 6 months, by month for 0-30, 31-60, 61-90, 91-120, 120+ days) A Report showing the outstanding AR for each of the day range categories listed above http://www.physicianspractice.com/index.cfm?method=parent&submethod=questionsdetail&QA_ID...
    by admin on 05-05-2009
  • Bad Debt

    The nonpayment of an expected reimbursement. http://www.physicianspractice.com/index.cfm?method=parent&submethod=questionsdetail&QA_ID=321&r=p
    by admin on 05-05-2009
  • Contractual Adjustments

    The difference between the amount billed at established charges for the services provided and the amount received or due from a third-party payer under a contract. http://www.sleepreviewmag.com/Articles.ASP?articleid=S0110F05
    by admin on 05-05-2009
  • Accounts Receivable (A/R)

    The balance due from a debtor, such as an insurance company and/or a patient, on an account which is currently being carried on the practice’s financials/books http://www.physiciansnews.com/business/103nealon.html
    by admin on 05-05-2009
  • Stark II Regulations

    The Physician Self-Referral Act, Section 1877 of the Social Security Act, ("Stark II") bars physician referrals for many Medicare and Medicaid-covered "designated health services" furnished by an entity that the referring physician...
    by admin on 05-05-2009
  • Production-Based Compensation Plan

    A compensation plan to pay a fee or salary based on an individual's contribution to the practice or business success. http://www.lathamconsulting.com/SR-Compensation_1.htm
    by admin on 05-05-2009

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