The Federation Credential Verification Service (FCVS) from the Federation of State Medical Boards is one, and The Universal Credentialing DataSource system developed by the Council for Affordable Quality Healthcare is another.
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The trend for the future includes a focus on “customers/patients”, emphasizing preventative care and efficiency. The adoption of Information Technology is also becoming extremely important.
HIPAA Security requires medical practices to put reasonable measures in place to protect electronic patient information from internal and external security threats.
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Goodwill is made up of many components, including the tendency of patients to return to the same place of business for a given service, and the patterns of physicians, optometrists, opticians and patients to keep referring to the same practice.
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The State Medical Board, the Hospital, and Managed Care Organizations will need to see a physician’s credentials before practicing can begin.
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If the practice has an established track record of financial success in achieving greater income than other physicians in the specialty, it may hold ongoing value for the buyer.
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Become well prepared to manage the massive amount of communication to be undertaken. Start by creating a journal of contacts to stay organized as you keep a record of contacts made to secure documentation for credentialing from a wide variety of sources.
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There are numerous approaches, formulas and rules of thumb to determine the practice’s goodwill value. One method is called the comparable sales method.
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Often a practice consultant guides the valuation process, much like a general contractor, engaging an appraiser, accountant and/or an attorney as necessary to develop an appropriate valuation and utilize that valuation in negotiations for the transaction being considered.
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Whether you are the referring or the consulting physician, you will be held responsible for the care of a patient who is under your treatment.
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