STRUCTURE
CHANGES: ADDING NEW PHYSICIANS
PARTIAL RETIREMENT, MERGERS, AND SALES
Management
Design Helps Practices Avoid Mistakes When Changing Structure!
Adding
New Physicians - Management Design services include physician recruitment,
employment agreement negotiation, operational planning for the arrival
of the new physician, and integration of the new physician into the practice..
Partial
Retirement - Like the general population, more physicians are healthier
and not ready to retire - even at the "magic" age of 65. More physicians
want to reduce their weekly schedule, take a few long vacations, take
care of their "old" patients, not take new patients or stop seeing certain
types of patients to reduce the intensity of their work.
Management
Design has helped practices develop structures that benefit the "retiring"
physician and the practice. Plans include the development of new expense-sharing
agreements and schedules, and sometimes include recruiting a new physician.
We have even helped merge a nearby solo-practice and had two physicians
transition to part-time simultaneously.
Mergers
-
Some practices want to improve profits and the lifestyle of the physicians
by merging with another practice.
Management
Design helps practices merge operations, personnel, business systems,
wage/benefit plans, and outside support functions.
Practice
Sale - A great deal of the realized value in selling a solo-practice
or one share of a group practice is in how it is done.
Maximizing
the value of the practice for the new doctor also maximizes the value
for the selling physician. The new physician gets a better practice and
the selling physician receives more compensation.
Planning
and timing are key factors. Start early and let Management Design help
you do it right. Management Design has developed many smooth transitions.
Separation
from Hospital Affiliations - Many hospitals that employ physicians
or manage practice operations are severing these relationships. Sometimes
the physicians need to buy their own assets and set up functions, such
as billing, separate from the hospital support organization.
Management
Design develops financial projections to secure financing; pay
and benefit plans for the staff; compensation plans for the
physicians. We help with make/buy decisions regarding billing,
transcription, collection, etc; the selection of systems and services,
such as phone systems, computer systems, outsourced services, accountants
and attorneys; and help the practice with the transition of managed
care contracts and credentialing.
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