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The Private Medical Practice Academy

The Private Medical Practice Academy

How to start, run, grow and leverage your private medical practice.

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Christine Meyer-Mistakes Help You Grow Your Practice

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 missteps. Ideally you learn how to grow from other people's mistakes rather than have to make them yourself.Today I chat with Dr. Christine Meyers of Christine Meyers and Associates about her journey from being an employed physician to starting her own practice and ultimately growing it to the 19 providers she has today.  While I want you to hear that it is really possible to have a phenomenally successful practice, the real goal of this episode is to talk about the mistakes she and I have both made along the way.Dr. Meyers and I discuss everything from hiring providers, to figuring out space requirements to managing staff, how and what to delegate and more. You'll hear about the common pitfalls that many practice owners experience and how to avoid them. One of the most important takeaways from my conversation with Dr. Meyers is, no matter what stage you are at in starting, running or growing your private practice, you need to be actively involved in the management and learn from every experience. Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com Join my FB group, The Private Medical Practice Academy.Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
January 31, 2023

Developing Your Practice’s 2023 Strategic Plan

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 post-mortem on the prior year. We need to figure out what went right and what we can improve. Examples of what we're looking for:Did you meet your 2022 goals?Did your revenue grow? How's your volume?What's happening with your expenses? What expenses  can be pruned?One of the first goals should be your profit projection. How much money do you want to make this year?This year's strategic plan involves setting both yearly and quarterly goals. These goals depend on the stage you are at. The quarterly goals should  build to achieve the yearly goals.Examples of possible yearly goals:Getting credentialed and contracted by Fill in the DateAdd a new physician and/or midlevel to my practiceAdd a new revenue streamHave X% year over year growth in Revenue &/or VolumeExamples of possible quarterly goals:Increase volume by X%Develop standard operating procedures for front desk (or whatever needs work)Decrease average days in ARDecrease number of days until claims are submittedDecrease days to complete chartsIncrease front desk collectionsMine last year's data to look for the good, bad and ugly of how things are going to help you determine the items to focus on this year.If you have any questions about your practice's strategic plan for 2023 contact me at [email protected] 1 AMA CME when you learn and reflect: CMEfy link for it: https://earnc.me/tkXPliWant to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com Join my FB group, The Private Medical Practice Academy.Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
January 3, 2023

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

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 get one. The test said was CLIA Waived. Doesn't that mean that you don't need a CLIA?A CLIA Waived test just means that there are fewer associated rules to follow. You still need to apply for and get a CLIA Waiver. Even for real simple stuff like doing point-of-care lab tests in the office. You want to do a UA or a rapid strep test. Or maybe a urine drug screen or pregnancy test. In this episode of The Private Medical Practice Academy, I chat with Dr. Heather Signorelli, a pathologist who has started and ran multiple labs. We discuss CLIA (Clinical Laboratory Improvement Amendments--in case you were wondering) and the different CLIA programs and their requirements.Apply for a CLIA: https://www.cms.gov/Regulations-and-Guidance/Legislation/CLIA/How_to_Apply_for_a_CLIA_Certificate_International_LaboratoriesHow to get a CLIA waiver: https://www.cms.gov/Regulations-and-Guidance/Legislation/CLIA/Downloads/HowObtainCertificateofWaiver.pdfCLIA Waived tests: https://www.cdc.gov/clia/docs/tests-granted-waived-status-under-clia.pdfIf you are doing any labs in your office or are thinking about adding them, you won't want to miss this episode! Also, remember--you can earn 1 AMA PRA Category 1 CME for completing the reflection after listening to the podcast. Click here to reflect and unlock credits & more.  Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com Join my FB group, The Private Medical Practice Academy.Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
December 20, 2022

Nuts and Bolts of Medical Real Estate with Colin Carr

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 of Carr Healthcare, to join me today to discuss the nuts and bolts of finding a lease space for your practice.  In this episode we cover some of the topics you are frequently asking about. Here's just a sample of what we discussed.Where should I choose a space to lease for my practice?How does using a commercial realtor work?Can I negotiate with multiple landlords at the same time?Should I choose a gray shell or a turn-key space?Do I have to pay for tenant improvements or does the landlord?How much does a buildout cost?Do I need an architect and/or contractor before I choose a space?and so much moreIf you ever need to look for space for your medical practice you are not going to want to miss this episode!Colin's firm only represents physicians who are looking to rent or buy medical office space. Here's the link to Carr Healthcare Realty-- https://carr.us. (I have no affiliate relationship with Carr Healthcare Realty)Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com Join my FB group, The Private Medical Practice Academy.Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
December 6, 2022

Drug and Medical Device Reps Help Leverage Your Practice

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 episode, I chat with Omar Khateeb who helps med tech companies grow sales and drive product adoption using social media.  Omar is an interesting guy. His dad is a vascular surgeon and Omar went to med school before becoming a device rep. Omar ultimately transitioned to marketing and teaching reps how to interact with physicians.Drug and device reps can help you grow your practice in multiple ways. They can:help you assess your draw areagive you insight into your competition and  community in generalhelp market youdo research for you--about reimbursement, new procedures, demographicshelp you recruit new physicianshelp you determine where to open a satellite clinichelp you with social media postshelp you with social media content including testimonials, videos of proceduresKey point: Make the rep part of your team rather than view them as a nuisance. Here's some suggestions for how to make the rep part of your team:Set parameters for when you are available to meet with themBe explicit in what your needs and wants areUnderstand they may not have dollars to spend but they have timeEmpower them to help youBe nice. Get to know them.Give them something back. Sure they want you to use their product more. But aside from that--a Linkedin pat on the back, a written or verbal compliment to their manager, inviting them for a cup of coffee. All of these things are either free or low cost to you and high value to them.I know that all of this may seem counter-intuitive and burdensome. That's exactly why you need to listen to this episode. I don't want you to miss out on this opportunity to grow your practice!Want to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com Join my FB group, The Private Medical Practice Academy.Enroll in How To Start Your Own Practice and get the step-by-step process for opening your practice.Join The Private Medical Practice Academy Membership for live group coaching, expert guest speakers and everything you need to know to start, grow and leverage your private practice. The course, How To Start Your Own Practice is included in the membership, as a bonus.Rate, Review, & Follow on Apple Podcasts"I love Sandy Weitz and The Private Medical Practice Academy Podcast." <-- If that sounds like you, please consider rating and reviewing my show! This helps me support more people -- just like you -- move toward the practice they want . Click here, scroll to the bottom, tap to rate with five stars, and select “Write a Review.” Then be sure to let me know what you loved most about the episode!
November 22, 2022

EMPLOYEE VS INDEPENDENT CONTRACTOR: What You need to know

I’m frequently asked about the benefits of hiring employees versus having independent contractors.  Many physicians are under the impression that hiring someone as an independent contractor is going to be less expensive than as an employee. But not so fast. The IRS has rules that define whether someone is truly an independent contractor or an employee. The employer is responsible for determining if the new hire meets the criteria to be treated as an independent contractor. Choose the wrong status and you may be liable for past taxes and the associated penalties.What does it mean to be an Independent Contractor?The IRS and many states have adopted common law principles to define an independent contractor. These rules focus primarily on the level of control an employer has over a service or product. In other words, do you the employer defines what is being done and how it will be accomplished.The nature of the work that you expect this new hire to perform also helps to define the employment status. When work is considered integral to the business, it is more likely that the person is an employee. On the other hand, work that is temporary and non-integral may imply independent contractor status. Another factor that helps define employment status is the method of compensation. For example, if a person is on your payroll and receives a steady paycheck then that person is clearly an employee and not an independent contractor. The Economic Realities TestThe “economic realities test” looks at the dependence of the worker on the business they work for. If a person gains a large portion of their salary from that business, chances are that person qualifies as an employee. The test also factors in such things as level of skill, integral nature of the work, intent of the parties and payment of social security taxes and benefits. The Right to Control TestCourts also use the "right to control" test. When an employer controls the way work is carried out and a product is delivered, the relationship between the parties is employer/employee. On the other hand, if an employer doesn’t have authority over how a party accomplishes their work but simply requests or gives an outline, the person could be considered an independent contractor.Employer ResponsibilitiesAs an employer, your tax liability is determined by your worker's employment status. When a worker is an employee, you are required to pay state and federal unemployment tax, social security tax, as well as workers compensation and disability premiums to your state’s insurance fund. When a worker is an independent contractor, the hiring party is not required to make any of these payments. The Law Is ClearCertain factors define a worker as an independent contractor:  not relying on the business as the sole source of income, working at his or her pace as defined by an agreement, and retaining a degree of control and independence. An employee, on the other hand, relies on the business for steady income, gives up elements of control and independence and works within constraint of workplace.Most of the staff that you would hire for your medical practice are most likely going to be employees.  I would strongly encourage you to review the IRS guidelines and have a conversation with your CPA prior to hiring any new staff. 
November 8, 2022

The Private Medical Practice Academy

Learn the nuts and bolts of how to start, run and grow your own private medical practice. I'll also talk about how to leverage your practice by adding vertically-integrated services. Using the tips discussed in this podcast you will make more money and take better care of your patients.
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Host

Sandra Weitz

Sandra Weitz

Dr. Weitz is a fellowship-trained, board certified pain management specialist who started and ran a multidisciplinary, multimodality practice with 11 providers. She did a surgery internship, anesthesia residency and pain management fellowship at UCSF. Dr. Weitz stayed on faculty at UCSF as the Director of the Pain Service. After 5 years in academics, she grew frustrated with the red tape, lack of control and limited income potential.

Dr. Weitz recognized that the only way to control the quality of medicine she practiced and her financial potential was to start her own private practice. Dr. Weitz bought a lot and built a 25,000 square foot medical office building to house her clinic and multi-specialty ambulatory surgery center. Dr. Weitz started, ran and grew multiple horizontally and vertically integrated medical businesses related to her medical practice in order to improve patient satisfaction and outcomes as well as generate revenue. She has syndicated shares in businesses to other physicians, sold businesses to publicly traded companies and private equity.

Now, Dr. Weitz teaches other physicians how to start, run, grow and leverage their own private practices. Her goal is to teach physicians the business of medicine so that they can have successful, lucrative medical practices that can be leveraged into other related revenue streams. In addition to The Private Medical Practice Academy podcast, Dr. Weitz has a Facebook group, The Private Medical Practice Academy to provide a supportive community for physicians at all stages of the private practice success path. She also offers consulting through her Private Medical Practice Academy Membership and on a one-on-one basis.

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