Malpractice and Risk Management
Medical Professional Liability Coverage
When choosing a malpractice insurance carrier, several issues should be discussed prior to making a decision. Some of these include:
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Managed Care – Contract Evaluation
Contract evaluation is a process that every practice should have defined and documented. This can be a simple checklist or as sophisticated as a weighted calculated system. Either way, the process should be documented and utilized by all of the individuals who have contracting authority.
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Managed Care – Market Analysis and Strategy Development
Why is it important?
It is Friday night and your high school football team is playing in the state championship playoffs. It is imperative for your team to know:
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Medical Practice Revenue Analysis
The biggest career decision you will make following your medical training may be joining a practice. A medical practice is a small business and you will be entering into the business of medicine. Very likely, you will have business partners in this enterprise.
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National Practitioner Database Use
The world of medicine is changing rapidly and as a new physician entering the marketplace you should become keenly aware of and familiar with two nationwide databases that have been created over the last several years.
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Operations
Introduction
In order to effectively evaluate a practice, the operational structure and daily operations of the office must be understood.
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Partnership and Buy-Ins
Introduction
If there is an opportunity to become a shareholder in the group, inquire about whether or not there will be a “buy-in.” A buy-in is a financial purchase by a new partner to become a shareholder.
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Physician Buy-In Questions
Is there a “buy-in” to the group to become a shareholder?
Once you determine if you will have an opportunity to become a shareholder in the group, inquire about whether or not there will be a “buy-in.” A buy-in is a financial purchase by you to become a shareholder.
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Practice Financial Statements
The biggest medical career decision you will make following your medical training will likely be joining a medical practice. A practice is a small business and you will be entering the business of medicine. Very likely you will have business partners in this enterprise.
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Physician Compensation Formula Scenarios
Equal Sharing
Some groups base shareholder compensation on an equal sharing methodology. There are some variations, but generally in an equal sharing arrangement, profits are shared equally among shareholders.
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