Astute Physician

When a disaster strikes—whether it be a hurricane, earthquake, flood, terrorist attack, or some other devastating event—many businesses are eager to volunteer and assist those in need. They want to help rebuild the damaged homes and businesses, and they often donate the necessary materials and manpower to do so. Unfortunately, the resources that are brought in on a volunteer and donation basis typically run out much sooner than expected. And very often, those businesses who gladly gave their time and resources to those in need feel guilty charging for additional services, so they pack up and leave the area, proud of their good deed, yet leaving those in the disaster area with few recovery options.

For a long time the Bank of America Doctor Loan was the best and, in some cases, the only option available as financing for doctors and medical residents who wanted to buy a home. On April 1, 2009, Bank of America indefinitely suspended their Doctor Loan Program due to the economy and the impending restrictions on risky lending practices. This has made finding financing for the purchase of a new home very difficult for young physicians, especially those still in residency. There are other programs available, but they are often hard to find and nearly always limited to specific geographical areas. If you can find a lender who offers Doctor Loans in your area, then it is worth checking out because the advantages of owning your own home can often make it more affordable than you think.

HIPAA compliance requires special focus and effort as failure to comply carries significant risk of damage and penalties. A practice with multiple separate systems for patient scheduling, electronic medical records, and billing, requires multiple separate HIPAA management efforts. This article presents an integrated approach to HIPAA compliance and outlines key HIPAA terminology, principles, and requirements to help the practice owner to ensure HIPAA compliance by medical billing service and software vendors.

The last decade of the previous century witnessed accelerating proliferation of digital technology in health care, which, along with reduced costs and greater service quality, introduced new and greater risks for accidental disclosure of personal health information.

Young Physicians and Dentists who graduate from their respective residency and fellowship programs should feel a sense of relief but instead, are saddled with a tremendous amount of tuition debt. Even though many of these professionals will earn a very comfortable income, it really does not provide any form of security when a large portion of that income is allocated directly to paying down those loans. The numbers are staggering.

A study done by the Association of American Medical Colleges in 2008 indicated that the average medical student carries with them over $155,000.00 in student loan debt from tuition costs associated from medical school and related programs.

The healthcare debate is on and mud is being slung in all directions. Physicians have managed to keep their white coats clean, but they won’t stay clean for long. Mud will be slung in our direction. The October 26, 2009 issue of Time magazine has an article that made me realize that some journalist have no idea what they are reporting. They need a story, they have a deadline, and the story needs to sound good. The problem is that many of these stories are filled with inaccuracies and fail to dissect the complex problem that our nation is facing.

“An ounce of prevention is worth a pound of cure” – a phrase applicable in the practice of medicine and also in the practice of commercial real estate law. Having a commercial lease that properly suits your business is a key factor in the “health” of your medical practice. Therefore, before you enter into a lease for medical office space, you should carefully review and evaluate the terms of the lease and negotiate key deal points. If the broker or your prospective landlord tells you that the terms of the lease are not negotiable, do not be dissuaded. In the current real estate recession, you may have more leverage to negotiate desirable concessions or at least those that are deal breakers for you or your practice.

Physicians are constantly looking for ways to increase profits due to lower reimbursements and higher overhead costs. Today physicians are seeking out ancillary services like dispensing as an answer to their financial woes.

If you’re a physician and considering dispensing for your practice, then pay close attention. There are some very important things you should consider before getting involved with a repackager. Some repackagers have high upfront fees, long-term contracts and proprietary systems that make it very difficult to break their contact.

by Relief Jones, III, M.D.
Founder & CEO, Astute Physician

(Astute Physician) — I am always surprised to hear of physicians who are willing to work for a fraction of what they should be earning. This is probably a more common occurrence in larger, more competitive cities like New York or San Francisco. But recently, I’ve started hearing of physicians being severely underpaid in somewhat smaller cities and rural regions of the country. I recall a conversation with my healthcare attorney not long ago. She said that she had seen physicians accept employment contracts offering them less than some nurses and physician’s assistants had been offered. This really got my mind going, and I started to wonder why physicians were so apt to severely undervalue themselves in the healthcare marketplace?

These TIPS have been compiled by astutephysician.com to assist you in obtaining your dream job! The tips are in no particular order. Feel free to review this list frequently during your job search. GOOD LUCK.

TIP #1

You will compare your offers based on salary, CME allowance, vacation time, research time (academia), call schedule, and a long list of other criteria. Potential employers will sometimes ask you to tell them what you want to be paid. The Astute Physician will not fall into this trap. Always let the employer make the initial financial offer. Consider saying, “I’m just a resident (or fellow), and have no idea what I should be asking for, what can you offer me?”