After more than 20 years in the Army and two deployments with forward surgical teams in Afghanistan, I thought I was prepared for anything, and I was looking forward to retirement and settling in to private practice. However, there are a few things I wish I’d known about the transition:
One of the toughest business decisions to make is whether to buy or sell a business. It definitely holds true for the medical industry. And once a physician has made the decision to buy or sell, it’s not as simple as signing on the dotted line and handing the practice over to another doctor. Buying or selling a medical practice is a complex process with serious legal, financial and professional considerations, and a lot of work must be done to ensure a positive transition.
You may want to think twice before accepting anything of value from a manufacturer1 of drugs, devices, biologics, or medical supplies covered by Medicare, Medicaid or the Children’s Health Insurance Program.
As physicians, we must recognize how important health literacy is when we interact with patients. Health literacy directly affects each patient’s health because he or she must understand the information we give verbally during encounters and in writing in the form of patient education brochures and other resources. In short, we must consider and tailor our instructions to each patient’s health literacy.
Clinical trials are research studies on human subjects that ultimately allow a drug to enter the market. The ClinZen Clinical Trial Management System (CTMS) is a software system that coordinates these complex trial processes and manages enterprise-level data.
A three-physician group had been considering adopting an EHR system for more than a year. Many colleagues had moved forward with EHR and some had even received an $18,000–24,000 initial stimulus payment for each physician with other payments to follow.
Many organizations are realizing cost savings, increased productivity, increased employee satisfaction and a sharpened focus on their core competencies by outsourcing some or all of their human resources (HR) responsibilities and tasks.
There is so much talk about physicians not being able to maintain their independent medical practices because of greatly increased administrative burdens, higher expenses, lower reimbursements and the like. That same talk goes on to say that physicians leaving residency will not open new practices, but rather join hospital systems.
In June 2014, a Kentucky oncology center and its former office manager pled guilty to purchasing and selling unapproved and improperly labeled chemotherapy drugs and paid $2 million to reimburse the Centers for Medicare and Medicaid Services (CMS). The crime was purchasing drugs approved in foreign countries from an unregistered Canadian supplier, which constituted “false claims” under federal law.
The Texas franchise tax is an often-forgotten source of additional taxes a practice must incur to operate in Texas. Essentially, this tax places a 1 percent tax on the gross margin of a practice. While the rules governing the franchise tax are lengthy and complicated, potential reductions exist for businesses in the medical industry.
MD News has published several articles recently about new tax laws and tax planning. Now that you have addressed your personal and medical practice taxes for 2012, you can truly focus on planning for 2013.
Lack of sleep could result in irreversible physical damage, including the loss of brain cells. That’s the conclusion of a recent University of Pennsylvania study, “Extended Wakefulness: Compromised Metabolics in and Degeneration of Locus Ceruleus Neurons,” published in the Journal of Neuroscience.
Poor sleep could result in diabetes. In the June 6, 2014, online edition of The American Journal of Respiratory and Critical Care Medicine, researchers concluded there appears to be a confirmed link between sleep apnea and the risk of developing diabetes.
Fifteen years ago, in 1999, South Texas Radiology Imaging Centers (STRIC) emerged as an outpatient radiology provider, bringing almost 50 years of experience from the radiologists of South Texas Radiology Group, PA (STRG).