Preparing for Professional and Financial Success as a DO. Richard A.Feely, DO, FAAO, FCA, FAAMA Chicago,IL

Transcription

1 Preparing for Professional and Financial Success as a DO Richard A.Feely, DO, FAAO, FCA, FAAMA Chicago,IL ww

2 Goals The physician participant will; be asked to decide who,where, and what they want to become as a D.O. be able to articulate a plan for professional success in their life be able to discuss the various possibilities regarding employment and ownership

3 Professional Success Personal characteristics, body/mind/spirit Competency; Graduate, complete residency/fellowship Legal; Obtain a state license, DEA, speciality Employable; To be an Employer or an Employee?

4 Plan, Practice, Preform Plan for success. Without a vision U perish! Why not plan on be a great leader? Every great leader earned respect by actions. Every great boss learned what it takes to be a good employee, advisor, mentor, businessman

5 30+ years of Practice Junior physician x 2 FL and IL Instructor, assistant, associate professor CCOM Part-time to full time solo practitioner Physician employer: physicians, clinical, IT and support staff

6 30+ years of professional development Board certified in; OMM FP Medical Acupuncture Disability Evaluation Independent Medical Examiner Quality Assurance

7 30+ years of Structure Employed physician in FP group Worked Emergency Department Hospital staff, Speciality clinic staff Academics, OMM Department Solo Two man practice National speciality group

8 30+years of Business Know your market Know who is your patient Know your unique Value proposition

9 30+years of Payers Federal - Medicare State - Medicaid Private Insurances - HMO, PPO, HSA, Unions NEW - ACO Workers compensation Auto insurances Patients- Cash

10 How do you become a Great Employee? Show up on time with a smile Be the answer to your boss problem Create value to your employer, boss and coworkers. Be productive. Provide AAA service Go where you are appreciated Observe, learn and plan your next advancement

11 Do you have what it takes to become an Employer? Love Business, live it 6 days/week Have the temperament to manage people Have money management skills Have marketing skills Can handle the pressure

12 One common path,1 Start out employed by a COM as an NMM instructor Start out employed by a Hospital system - ACO Start out employed by a physician/group or a combination Decide BETWEEN a job and a career

13 One common path,2 New grad advantage; no:malpractice, licensure problems, easily moldable, easily sign up for any and all health plans, not business smart. New grad disadvantage; untested, no patient base, credibility and productivity gap Physicians during pregnancy and afterward often for up to 6 years want part-time scheduled jobs. Some specialities have a short career life span- ER done at Intensivists done at 45.

14 One common path,3 Administrations of almost all employers change every 3-8 years. The go to/premiere group have personnel changes every 3-10 years in the hospital/community. All most all Physicians MOST PRODUCTIVE and PROFITABLE years are between years old. Most malpractice occurs first 5 years and when they practice outside there speciality, too busy, rushed or have personal problems.

15 So you want to own and operate your own business... What is next?

16 The Business First Steps You know yourself, your market, your value proposition and YOU have Patients who want to see you at your price, location, and times.

17 The Business Advisers Health care attorney/firm Business in corporation Contracts Personnel/EEOC/Compliance issues Malpractice Business law suits

18 The Business Advisers Certified Public Accountant Tax structure Annual Tax prep Monthly or Quarterly reports Monthly tax payments

19 The Business Advisers Health care marketing/business adviser develop your brand website, Facebook, twitter introductions to referral sources print and other media

20 The Business Structure Professional national and state licensuredone NPI State # AOA# AAO# Malpractice Insurance # State and City business licensure

21 The Business Structure Incorporation status- who, what, where, when, why SC service corp: subchapter S, files in March LLC Limited Liability Corp: your SS # INC Incorporation: separate corp, accrual accounting

22 The Business Structure/Location Own your office Your physician business pays rent from one corp to another corp/entity that you own, i.e pay yourself You design it the way you want Location usually is not next to hospital Your in the Real Estate business added risk

23 The Business Lease Structure/Location your office Location close to other physicians/hospital Free rent Some/All build out expenses paid by landlord Usually can easily expand or contract space It s an expense - you have nothing to show for all the millions of dollars you spend over the years, your strictly in the doctor

24 The Business Structure/Location IDEAL Live closest (1 mile) to either the hospital or your office Have office in the medical area/center of town If see Medicaid and HMO have office designed and furnished like a state/utilitarian office. If see cash only people, concierge practice have it look like a first class/high end office.

25 The Business Structure/Payers Cash only All insurances Medicare - Par, Non-Par, Opt-out Medicaid - Par, Opt-out ACO, PHO, HMO par or non-par Workers Comp Auto Insurance

26 The Business Structure/Payers/Patient Sectors Concierge Practice Contracts are the key If you accept everything - staff cost are maximized Your Fee Structure and 3rd party fee Schedule is key Know your costs and accept the fee schedules that you can make a living servicing - monitor productivity, & collections weekly!

27 The Business - Employees Physicians contract Professional requirements Duties/responsibilities/performance Benefits/salary

28 The Business - Employees Practice Management Personnel - hire/fire/review/supervision/files/complianc e/credentials/privileges/schedules IT - evaluate/choose/install/maintain/manage/r eport/performance/security Building/Equipment - design/build/maintain/safety

29 The Business - Employees Practice management Accounts receivable Accounts payable Payroll/Taxes/Benefits/Insurances Business Compliance/licenses

30 Reinventing yourself Identify what you are good at, what comes naturally. Do what gives you energy? What is needed in your community? How can you meet that need? Is financially profitable?

31 Solo and small group physicians Always stay connected to the larger community; AAO, AOA, OCA,ACOFP, etc. You need to be connected to the politics of your state and community personally and professionally. Stay connected to your referral specialists

32 Large group practice You have a insular situation and are totally dependent upon the organizations effectiveness in politics, profitability and performance for lively hood and advancement within the organization.

33 Colleges of Osteopathic Medicine mission is to educate students, profitably! OMM department is added cost structure unique to the profession, but it s reason-deetra.

34 WETHER YOUR TALENT AND PASSION IS: Teaching Treating Business Political leadership

35 NOW GO Be the best D.O. you can be!