Kindle Cloud Reader Read instantly in your browser. Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. John Guiliana. The Business Side of Medicine Editorial Reviews From the Back Cover This text provides physicians with the basic business skills in order for them to become involved in the financial aspect of their practices. Not Enabled. Share your thoughts with other customers. Write a customer review.
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Showing of 1 reviews. Top Reviews Most recent Top Reviews. There was a problem filtering reviews right now. Please try again later. Format: Paperback Verified Purchase. As a physician I always thought I lacked training in the bussiness aspect of the profession. Lots of questions have been answered by this book.
It should be "a must" to all last year medical students. See the review. Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers. Wiggins Jr. The promise of PPMCs to consolidate physician practices was a means for physicians to increase their leverage in contracting with managed care organizations and maintain access to patients. In addition, PPMCs promoted management expertise which could streamline practice operations and reduce costs.
Money from venture capitalists and stock sales was used to fund practice purchases and payments from acquired practices were also used to fund further acquisitions. Thousands of physician practices were purchased in the early-mid s. Revenues grew rapidly initially, but by the late s, most PPMCs were reporting losses, and stock prices of those companies that had gone public had fallen precipitously.
By the end of the decade, this business model had run its course. Physicians during this time had great concerns about their ability to compete without being part of a large network of physicians. The reality was that PPMCs did not provide these physicians with either significant contracting benefits or operational efficiencies. Physicians contemplating the sale of their practice to PE firms would do well to familiarize themselves with lessons learned from the experience with PPMCs of the s.
Is it different this time around? For the current private equity business model to be successful, PE firms need to:. In most practice buy-out models, the private equity company gains full practice control. Practice valuation is a critical first step when considering a sale and involves a multiple of earnings before interest, taxes, depreciation and amortization EBITDA. PE practice valuations have increased over the last five years to Their goal is to sell the practice five to seven years after purchase with a growth in the value of the stock to three to five times the initial value.
Practices are acquired for higher prices now leading to less profit initially and long term if multiple sales occur. Private equity sales may create different classes of stock and practice owners should be aware and research the implications. Has private equity interest peaked? In , valuations have not risen. Healthcare reform could put a cap on consolidations profits. Downturns in the market could also result from a recession and a lack of attractive practices to buy.
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Private equity will likely continue to be a factor in ophthalmology, but not a driving force. It is critical to be conservative and do your due diligence before deciding to sell. Capital is the private equity sponsor for AVP. Our practice reviewed eight offers and narrowed down to three before making a final decision. Integration of business processes is important to the decision to sell. Human resources, IT, optical, revenue cycle management, accounts payable, credentialing of providers and surgery processes are critical.
These changes can impact overall revenue.
Successful Private Practice in the s: A New Guide by Joan Kaye Beigel
What type of support will the PE company be providing? Decisions about facilities, how purchases are made, who provides the training to staff and providers, and communications that are consistent and timely must be a part of the integration process. The process of selling your practice is stressful. The greatest success is achieved with a team approach. It is critical to establish a command center with good communications flow.
There is a great deal of actions to track; it is important to separate the emotions from fact. The sale did create new bureaucracies, but with new benefits as well. Cons do exist with the sale, but are within reason. Do your due diligence: Know the company, have frank discussions with partners and staff. Know the effect on partners in different stages of life and practice. PE firms typically offer employment contracts and pay physicians a base rate with bonus, often based on wRVU productivity. A restrictive covenant is common practice.
Know the impact on your staff. Benefit structures, professional development allowances, PTO and human resource policies are just some areas that will change. It is important to hire a good attorney experienced in PE negotiations, BUT you still need to carefully read the contracts. Plan for the optical if you have one. Take time to list all the Pros and Cons of selling your practice. Know that the sale will have a global effect on your staff and physicians. Pay attention to post-sale details: insurance contracting, IT considerations, support for office staff, patient flow, etc.
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Literature Review: Medical Practice Mergers and Acquisitions
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