Giving physicians the business know-how to succeed as an "employed physician"
More and more physicians opt for employed positions, either when starting their careers or transitioning from independent practice to “employee” status, when a practice is sold or merged.
Jeffrey T. Gorke, MBA
Nationally known healthcare consultant Jeffrey Gorke translates his nearly 30 years of experience into a winning playbook for employed physicians in healthcare practice.
Packed with tips, insights, and action-oriented tools, this guide helps readers rapidly master the language, the players, and the management structures of healthcare practices. Learn how to size up location, culture, compensation, benefits, and be prepared to ask all of the right questions in identifying, seeking, and landing the best job.
Noteworthy Features
- A comprehensive, step-by-step checklist makes sure you cover every question in the practice-selection process and lets you do revealing side-by-side comparisons of all the practices under consideration.
- Practical tips and reality checkpoints on what to expect in the healthcare practice setting.
- Instant financial mastery: Spreadsheets and graphs make it easy for readers to evaluate business and financial data to learn what’s really happening in a practice — and what questions you’ll need to keep asking if you decide to join.
- Decision points enabling readers to compare/contrast private or employed (hospital-owned) medical practice employment.
- Value-based care content and how that paradigm shift will have an impact on clinic finances.
- The dream job can turn out to be the wrong job if the employment contract is not fair. Make sure you are armed with the critical details.
- Accountants, lawyers, financial advisors. How to find competent professionals.
- Clear action steps: How to evaluate factors such as a practice’s location or culture and what plusses and minuses to look for in terms of managers, consultants, and business structure.
- And a Bonus! Illustrative real-life anecdotes from the medical practice trenches.
Jeffrey T. Gorke, MBA, formerly of Coker Group, is Managing Director, Healthcare, at Stout Risius Ross, LLC, based in Atlanta. With more than 28 years of healthcare experience, Jeff has provided management assistance and advisory services to both large and small health systems, academic medical centers, and privately held physician medical groups.
-
BOOK ONE: The Job Search
- And so it begins
- First things first
- Introspection
- The pyramid
- Physician market saturation
- Patient demographics
- Payer mix
- Jeff 's Non-Exhaustive Managed Care Continuum
- Fun/Educational Anecdote 1
- Med/mal overview
- Jeff's Med/Mal Risk Mitigator
- Bringing It Together to Determine Your Practice Setting
- Fun/Educational Anecdote 2
- Fun/Educational Anecdote 3
- Employment or Private Practice? That's the Question
- Fun/Educational Anecdote 4
- Practice Type – Solo vs. Group
- Group Practice — Single-specialty vs. Multi-specialty
- Decision Pyramid — Group Composition
- Topping Off the Pyramid
- Show Me the Job: Locating the Right Job
- Recruiters, Buddies, and Pals
- The "Friends Network"
- Now, Land Your Ideal Group
- Compensation
- Physician Compensation in an EPN (Employed Physician Network)
- What Do Physicians in Your Specialty Make?
- How Many Physicians
- Payer Mix
- Sources and Sources
- Jeff, Give Me the Bottom Line
- Fun/Educational Anecdote 5
- Type of Organization
- Professional Corporation
- The Interview Process
- Fun/Educational Anecdote 6
- New vs. Old
- The Numbers — Your Contract and Future Buy-in/Buyout
- The Buy-in
-
BOOK TWO: On to Business
- The nuts and bolts of the medical practice
- Group structure—non-tax related
- Fun/Educational Anecdote 7
- What to look for—top down
- Strategic Planning
- Vision and Mission Statements
- Summary
- The Org Chart
- Managing Partner
- Staff
- Fun/Educational Anecdote 8
- Take a Breather and Reconcile
- Fun/Educational Anecdote 9
- Fun/Educational Anecdote 10
- Management Structure
- Fun/Educational Anecdote 11
- Help Wanted: Administrator's Job Description
- Fun/Educational Anecdote 12
- Jeff, Who's Left and Why Do I Care?
- Outside's as Important as Inside
- Accountants
- I'll Take One Lawyer, Alex
- Qui Tam
- No Free Lunch!
- Fair Market Value (FMV)
- Going One Step Deeper
- CPT® Ranges (General)
- Accounts Receivable
- Days in AR
- Cash Controls
- Marketing
- Payers and Such
- Medicare
- The World of HSIAO
- Lastly, as a Dry Aside
- Commercial Payers
- Payments and Such
- Revenue for a Day
- The Scent Behind the Closet Door: Volume to Value
- Overhead: The Cost to Doing Business
- Fun/Educational Anecdote 13
- Overhead: You Know It, So What Is It!?
- Fixed Operating Costs
- How to Cut Overhead: The Sweet Science
- Chasing Your Tail — Another Overhead Possibility
- The Benefits of Controlling Costs
- Decisions, Decisions
- And Yet, More
- Props to the High-Overhead Group
- That's All Folks
- Miscellaneous Ramblings and Assorted Other Thoughts
- Electronic Health Record (EHR) or Not?
- A Word About ROIs
- Monthly Numbers – Dashboard Reporting
- The ACA – New Models – MACRA/MIPS
- A Parting Shot Across the Bow
- Summary
- CHECKLIST
