The Private Medical Practice Academy

Jun 15 2023 27

The Private Medical Practice Academy Podcast artwork

I discuss everything you always wanted and absolutely need to know about start, running and growing a private medical practice. I'll also talk about how to leverage your private practice by adding additional providers, satellite offices and ancillary services. And, vertically integrating other medical businesses like adding an ambulatory surgery center, imaging center, physical therapy and more. I will be sharing my 30+ years of experience as a physician and entrepreneur. After being an employed physician, I started and managed my own private medical practice with 11 providers. I added multiple medical businesses: in-house laboratory services, ambulatory surgery center, physical therapy, imaging center, anesthesia practice management company. I developed joint ventures between physicians and hospitals as well as between physicians and complimentary providers. In addition, I have extensive experience in developing and leasing real estate pertaining to medical services. Be sure to sign up for my newsletter and I'll keep you up to date on everything about starting, running and growing your practice and more.https://www.thepracticebuildingmd.com/podcast-optin-email-newsletter-1

Subscribe on Podcast Addict

Understanding Employer's Responsibilities For Employee taxes

Jun 15 2023 9 mins

Understanding your obligations surrounding employee taxes is crucial for operating a successful business, whether you're an employer or an aspiring entrepreneur. In this episode, we explore the four primary types of employee taxes: • Federal and State income taxWithheld by employerEmployer responsible for submitting• FICAFunds Social Security and MedicareEmployer responsibility

Stark and Anti-Kickback Primer

May 03 2023 12 mins

The Stark Law prohibits physicians from referring patients to entities in which they have a financial interest to prevent financial incentives from driving medical decision-making. The Anti-Kickback Statute prohibits the exchange of anything of value in exchange for referrals for services. Examples of Stark Law violations:A cardiologist refers patients to a diagnostic testing facil

Business Insurances You're Probably Not Thinking About

Mar 14 2023 12 mins

Insurance is one of those things you never want to need or use. But, unfortunately, when life happens having insurance can save you. Some types are pretty obvious but there are some you probably haven’t thought yet. That doesn’t mean you don’t need them. In this episode, I'll tell you the types of insurance your practice needs to mitigate its risks.Medical malpractice insuran

Understanding Your Exit Strategy Options with Eric Miller

Feb 21 2023 39 mins

Owning a private medical practice is a journey. Initially, you're focused on how to get the practice up and running. The next phase is how to best run the practice. Over time, you transition to how to grow and leverage the practice. And, at some point, you will want to leave the practice that you started. Having a roadmap definitely makes the journey easier. That's where having a b

More Patients, More Revenue with Zed Williamson

Feb 08 2023 43 mins

More patients equals more money. Right? Not necessarily.If you want to grow your practice, you're probably thinking how do I get more patients. But is that really the right question to ask?In today's episode, I had the pleasure of having Zed Williamson from TrackableMed back with me to address what you should be asking. For starters, increasing your practice's volume and revenue do

Mistakes Help You Grow Your Practice

Jan 31 2023 37 mins

You've probably heard me say that medicine is a business. It takes work to run a successful business. There are good days and bad days. And, no matter how hard you try, like all business owners, you'll make mistakes. That's the truth. But with mistakes comes experience. The key to running a successful private medical practice, or any business for that matter, is to learn from misst

Developing Your Practice's 2023 Strategic Plan

Jan 02 2023 10 mins

In this episode, I'll outline the key steps you need to develop your practice's strategic plan for the new year.The first step: doing a review of the past year. For this you will need a few things:2022 Profit and Loss statement2021 Profit and Loss statement (so you can look at the year-over-year changes)Year end billing reportsTo develop this year's strategic plan we need to do a p

What I Need To Do Labs In The Office with Dr. Heather Signorelli

Dec 19 2022 41 mins

You never know when your mother-in-law will turn out to be a valuable asset to your practice. Mine was a lab technologist who had started up and ran multiple medical labs. When we told her that I had decided to start my own practice, one of her first questions was "what labs are you planning to do?" followed by you need a CLIA Waiver.Say what? I had no idea what that was or how to

Nuts and Bolts of Medical Real Estate with Colin Carr

Dec 06 2022 50 mins

Finding space for your medical practice can seem very intimidating. So when someone asked me for a consultant in the Dallas-Ft. Worth area to help them figure out where to look for space for their new office I realized that I need to address this topic head on. You don't need to pay a consultant for this. You need a commercial realtor. That's why I invited Colin Carr, the founder o

Drug and Medical Device Reps Help Leverage Your Practice

Nov 22 2022 56 mins

Drug and Device reps often drop into medical offices--usually uninvited. And they seem to always to be there at the most inopportune times. Most annoying is when they camp out in the back waiting for you. It's no wonder that many physicians have disdain for Drug and Device reps.If this is your attitude, you're missing out on a great (free) opportunity to grow your practice.In this