today's practice: changing the business of medicine

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JUNE/AUG COLORADO 2014 6.95 US DISPLAY UNTIL AUG 15th 2014 NOT FOR RESALE OR DISTRIBUTION WWW.TODAYSPRACTICE.COM DIGITAL COPY EDITION HAVE WE LOST IT ? REPUTATION YOUR HOW DO YOUR PATIENTS PERCEIVE YOU? MARKETING ADVISORY SERIES: TECHNOLOGY ADVISORY SERIES: THE HUMAN TOUCH 5 SPECIAL FEATURE: PRACTICE CULTURE DEVELOPMENT SERIES FINANCIAL ADVISORY SERIES ESSENTIAL CONSIDERATIONS IN CHOOSING A SECURE TEXT MESSAGING SERVICE ESTATE PLANNING FOR RETIREMENT ACCOUNTS: UNDERSTAND AND BENEFIT FROM TODAY’S LANDSCAPE.

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Page 1: Today's Practice: Changing the Business of Medicine

JUNE/AUG COLORADO 20146.95 US DISPLAY UNTIL AUG 15th 2014

NOT FOR RESALEOR DISTRIBUTION

WWW.TODAYSPRACTICE.COM

DIGITAL COPY

EDITION

HAVE WE LOST IT?

REPUTATIONYOUR

HOW DO YOUR PATIENTS PERCEIVE YOU?

MARKETING ADVISORY SERIES:

TECHNOLOGY ADVISORY SERIES:

THEHUMANTOUCH

5

SPECIAL FEATURE:PRACTICE CULTUREDEVELOPMENT SERIES

FINANCIAL ADVISORY SERIES

ESSENTIAL CONSIDERATIONSIN CHOOSING A SECURE TEXTMESSAGING SERVICE

ESTATE PLANNING FOR RETIREMENT ACCOUNTS: UNDERSTAND AND BENEFIT FROM TODAY’S LANDSCAPE.

Page 2: Today's Practice: Changing the Business of Medicine

2 5 0 G S T. • P. O . B O X 1 2 0 • B L A I N E , WA 9 8 2 3 1 - 0 1 2 0

www.ScenarPT.com

3 6 0 . 3 3 2 . 8 1 6 7 • I N F O @ S C E N A R P T. C OM

Many of your clients experience chronic pain that results in abuse of narcotic pain relievers. Breaking the addiction cycle with chronic pain patients has been an ongoing challenge. The solution has arrived.

Scenar PT is a Drug Free chronic pain treatment delivered through a hand-held medical device. Non invasive, non narcotic, computer modulated, and therapeutic electro-stimulation is delivered onto and through the skin.

Less pain and more function for your patients means less dependence on narcotics. Scenar PT provides a powerful solution for drug free chronic pain treatment.

FDA-cleared for pain relief, muscle re-education and stress reduction, Scenar is a a biofeedback device that aids the body in the self-healing process.

Scenar Therapy has been proven to be highly effective and longer lasting than other pain control methods. In fact, a randomized study done at the Macquarie University in Sydney, Australia, compared traditional TENS (Transcutaneous Electrical Nerve Stimulation) to Scenar Therapy. Patients treated with the Scenar showed dramatic and sustained results with chronic pain reduction, functional improvements and general health restoration. Scenar prompts the body’s own adaptive processes by reducing stress and inflammation. It facilitates the return to homeostatic function, effectively changing the symptoms of pain and dysfunction. Decrease relapse rates, improve your clinical outcomes, and free your patients from pain and narcotic dependence.

DISCOVER MORE BY VISITING

Page 3: Today's Practice: Changing the Business of Medicine

2 5 0 G S T. • P. O . B O X 1 2 0 • B L A I N E , WA 9 8 2 3 1 - 0 1 2 0

www.ScenarPT.com

3 6 0 . 3 3 2 . 8 1 6 7 • I N F O @ S C E N A R P T. C OM

Many of your clients experience chronic pain that results in abuse of narcotic pain relievers. Breaking the addiction cycle with chronic pain patients has been an ongoing challenge. The solution has arrived.

Scenar PT is a Drug Free chronic pain treatment delivered through a hand-held medical device. Non invasive, non narcotic, computer modulated, and therapeutic electro-stimulation is delivered onto and through the skin.

Less pain and more function for your patients means less dependence on narcotics. Scenar PT provides a powerful solution for drug free chronic pain treatment.

FDA-cleared for pain relief, muscle re-education and stress reduction, Scenar is a a biofeedback device that aids the body in the self-healing process.

Scenar Therapy has been proven to be highly effective and longer lasting than other pain control methods. In fact, a randomized study done at the Macquarie University in Sydney, Australia, compared traditional TENS (Transcutaneous Electrical Nerve Stimulation) to Scenar Therapy. Patients treated with the Scenar showed dramatic and sustained results with chronic pain reduction, functional improvements and general health restoration. Scenar prompts the body’s own adaptive processes by reducing stress and inflammation. It facilitates the return to homeostatic function, effectively changing the symptoms of pain and dysfunction. Decrease relapse rates, improve your clinical outcomes, and free your patients from pain and narcotic dependence.

DISCOVER MORE BY VISITING

Page 4: Today's Practice: Changing the Business of Medicine

COLORADO EDITIONCONTRIBUTORS

PUBLISHERCharles Tramont

ct ramont@todayspract ice.com

MARKETING EDITORNathan Purcell

npurce l l@todayspract ice.com

PRACTICE MANAGEMENT EDITORCandy Caverley

ccaver ley@todayspract ice.com

LEGAL EDITORNeil Thomson Esq.

nthomson@todayspract ice.com

TECHNOLOGY EDITORBob Smith

bsmi th@todayspract ice.com

FINANCE EDITORChris Hynes, JD, CFP

chynes@todayspract ice.com

EDITORIAL ASSISTANTNancy Smoot

nsmoot@todayspract ice.com

BUSINESS MANAGERKathy Schauer

kschauer@todayspract ice.com

Becky RudolfHeal thcare Management Par tners, LLC

[email protected]

Randall C. SchauerFox Rothschi ld LLP

rschauer@foxrothsch i ld.com

Doreen JaressMySuccess Inc.

d [email protected]

Bob SmithMySuccess Inc.

bsmi [email protected]

Alan BrandfonPr ior i ty Payment Systems At lant ic

abrandfon@ppsat lant ic.com

Richard Wagner, JDql iqSof t

r ichard@ql iqsof t .com

Allan W. GermanSolar is Imaging

agerman@solar is imaging.com

Christopher Hynes, JD, CFPHynes F inanc ia l

chr is@hynesfinancia l .com

Brendan J. King, EsquireEstate Preser vat ion Law Offices

bk ing@estatepreser vat ion law.com

Philip C. Gallant, CLTCThe Opt imus Group, LLC

phi l@theopt imusgroupl lc.com

Alan FinstonWhatcom Phys ica l Therapy

a [email protected]

Ron MerittOn Adver t is ing

rmer i t t@on-adver t is ing.com

Keith ClarkAbode Systems

[email protected]

R. Scott LiffLi f f Laborator ies

Page 5: Today's Practice: Changing the Business of Medicine

COLORADO EDITIONCONTRIBUTORS

PUBLISHERCharles Tramont

ct ramont@todayspract ice.com

MARKETING EDITORNathan Purcell

npurce l l@todayspract ice.com

PRACTICE MANAGEMENT EDITORCandy Caverley

ccaver ley@todayspract ice.com

LEGAL EDITORNeil Thomson Esq.

nthomson@todayspract ice.com

TECHNOLOGY EDITORBob Smith

bsmi th@todayspract ice.com

FINANCE EDITORChris Hynes, JD, CFP

chynes@todayspract ice.com

EDITORIAL ASSISTANTNancy Smoot

nsmoot@todayspract ice.com

BUSINESS MANAGERKathy Schauer

kschauer@todayspract ice.com

Becky RudolfHeal thcare Management Par tners, LLC

[email protected]

Randall C. SchauerFox Rothschi ld LLP

rschauer@foxrothsch i ld.com

Doreen JaressMySuccess Inc.

d [email protected]

Bob SmithMySuccess Inc.

bsmi [email protected]

Alan BrandfonPr ior i ty Payment Systems At lant ic

abrandfon@ppsat lant ic.com

Richard Wagner, JDql iqSof t

r ichard@ql iqsof t .com

Allan W. GermanSolar is Imaging

agerman@solar is imaging.com

Christopher Hynes, JD, CFPHynes F inanc ia l

chr is@hynesfinancia l .com

Brendan J. King, EsquireEstate Preser vat ion Law Offices

bk ing@estatepreser vat ion law.com

Philip C. Gallant, CLTCThe Opt imus Group, LLC

phi l@theopt imusgroupl lc.com

Alan FinstonWhatcom Phys ica l Therapy

a [email protected]

Ron MerittOn Adver t is ing

rmer i t t@on-adver t is ing.com

Keith ClarkAbode Systems

[email protected]

R. Scott LiffLi f f Laborator ies

Page 6: Today's Practice: Changing the Business of Medicine

IN SYNCManaging the business & cultural

aspects of a practice merger

THE LATEST BLISTERINGPHRASE IN HIRING

STRESSAddressing the elephant in the corridors,

the exam rooms, and in the mirror.

THE PERFECT COMPLIMENTUpgrade your human resource function to

better support your strategic mission, whilemore effectively administering the basics.

ARTICLE DIRECTORY

PRACTICE MANAGEMENT

ESCAPE FROM THE TAX TRAPCan you become a Financial McGyver?

DEFINING YOURINVESTMENT PHILOSOPHY

FINANCE

YOUR REPUTATIONProtecting & using it to your advantage.

LOCAL SEARCH ENGINE OPTIMIZATIONThe importance to your practice.

MARKETING

5 ESSENTIAL CONSIDERATIONSIN CHOOSING A SECURE TEXTMESSAGING SERVICE

IS YOUR PRACTICE READY FOR EMV?

KEY BENEFITS OF MEDICALRECORD SCANNING

TECHNOLOGY

BUILD A STRONGER FOUNDATIONUpgrade your human resource function tobetter support your strategic mission, whilemore effectively administering the basics.

ESTATE PLANNING FORRETIREMENT ACCOUNTSUnderstand and benefit from today’s landscape.

LEGAL

9

19

23

27

47

53

15

8

43

59

63

31

39

36

SPECIAL FEATURE: PRACTICE CULTURE DEVELOPMENT SERIES

9

15

47

43

53

31

23

59

5 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 6

Page 7: Today's Practice: Changing the Business of Medicine

IN SYNCManaging the business & cultural

aspects of a practice merger

THE LATEST BLISTERINGPHRASE IN HIRING

STRESSAddressing the elephant in the corridors,

the exam rooms, and in the mirror.

THE PERFECT COMPLIMENTUpgrade your human resource function to

better support your strategic mission, whilemore effectively administering the basics.

ARTICLE DIRECTORY

PRACTICE MANAGEMENT

ESCAPE FROM THE TAX TRAPCan you become a Financial McGyver?

DEFINING YOURINVESTMENT PHILOSOPHY

FINANCE

YOUR REPUTATIONProtecting & using it to your advantage.

LOCAL SEARCH ENGINE OPTIMIZATIONThe importance to your practice.

MARKETING

5 ESSENTIAL CONSIDERATIONSIN CHOOSING A SECURE TEXTMESSAGING SERVICE

IS YOUR PRACTICE READY FOR EMV?

KEY BENEFITS OF MEDICALRECORD SCANNING

TECHNOLOGY

BUILD A STRONGER FOUNDATIONUpgrade your human resource function tobetter support your strategic mission, whilemore effectively administering the basics.

ESTATE PLANNING FORRETIREMENT ACCOUNTSUnderstand and benefit from today’s landscape.

LEGAL

9

19

23

27

47

53

15

8

43

59

63

31

39

36

SPECIAL FEATURE: PRACTICE CULTURE DEVELOPMENT SERIES

9

15

47

43

53

31

23

59

5 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 6

Page 8: Today's Practice: Changing the Business of Medicine

SPECIAL FEATURE:Practice Culture Development Series

HIPAA COMPLIANT MESSAGING FOR ALL.qliqSOFT provides a real-time, secure, HIPAA and HITECH

compliant healthcare communication platform that connects

doctors, nurses, and other members of the healthcare team

to facilitate patient care.

HIPAACOMPLIANT

PEER-TO-PEER ENCRYPTION REDUCES RISK OF PHI BREACH

SECURE MOBILE MESSAGING

DESIGNED FOR HEALTHCARE PROFESSIONALS

from any location

RECEIVE DELIVERY CONFIRMATION

SECURELY SHARE DOCUMENTS, IMAGES,

AUDIO AND VIDEO FILES

SEND MESSAGES TO ENTIRE GROUPS OR

SELECTED USERS

free qliqCONNECT Secure Messaging

(866) 295-0451

qliqCONNECT SECURE MESSAGING FOR HEALTHCARE PROFESSIONALS

July/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 8

Page 9: Today's Practice: Changing the Business of Medicine

SPECIAL FEATURE:Practice Culture Development Series

HIPAA COMPLIANT MESSAGING FOR ALL.qliqSOFT provides a real-time, secure, HIPAA and HITECH

compliant healthcare communication platform that connects

doctors, nurses, and other members of the healthcare team

to facilitate patient care.

HIPAACOMPLIANT

PEER-TO-PEER ENCRYPTION REDUCES RISK OF PHI BREACH

SECURE MOBILE MESSAGING

DESIGNED FOR HEALTHCARE PROFESSIONALS

from any location

RECEIVE DELIVERY CONFIRMATION

SECURELY SHARE DOCUMENTS, IMAGES,

AUDIO AND VIDEO FILES

SEND MESSAGES TO ENTIRE GROUPS OR

SELECTED USERS

free qliqCONNECT Secure Messaging

(866) 295-0451

qliqCONNECT SECURE MESSAGING FOR HEALTHCARE PROFESSIONALS

July/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 8

Page 10: Today's Practice: Changing the Business of Medicine

managing the business & culturalaspects of a practice merger

In Sync.special feature: practice culture development series

featuring becky rudolph, MShealthcare management partners, l.l.c.

EDITOR’S NOTE: Becky Rudolph is the founding partner of Healthcare Management Partners, LLC in Denver. In this article she will touch upon the business and cultural aspects of a practice merger. With a background in psychology she has been focused on the business and people aspects of health care for the past 30 years. �e emphasis on physician practice management, operational e�ciency, organizational development and mergers has evolved over the last 15 years. Becky is called upon for the nuts and bolts of how to blend everything into one functional business model a�er the attorneys and CPAs are �nished. She turns several business cultures and systems into one seamless entity; dealing with everything from �nance to business process to cultural aspects.

INTERVIEWER: Among physicians, there’s a growing perception that there’s a bene�t to larger practices. From the non-physician side, what are the actual bene�ts you have seen with practice mergers?

BECKY RUDOLPH: Having been involved with practice mergers predominantly for the past 15 years, I would say the economies of scale are there, but the knowledge of how to get to those economies is a mystery to most organizations. Many of the mergers I’ve been involved with have started with exorbitant overhead, and by work-ing through streamlining business and management systems, they’ve been able to cut their overhead from 70% to 80% down to 50% to 55%. �is of course takes time and expense may actually rise for a brief period while new systems emerge.

PRACTICE MANAGEMENT

9 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 10

Page 11: Today's Practice: Changing the Business of Medicine

managing the business & culturalaspects of a practice merger

In Sync.special feature: practice culture development series

featuring becky rudolph, MShealthcare management partners, l.l.c.

EDITOR’S NOTE: Becky Rudolph is the founding partner of Healthcare Management Partners, LLC in Denver. In this article she will touch upon the business and cultural aspects of a practice merger. With a background in psychology she has been focused on the business and people aspects of health care for the past 30 years. �e emphasis on physician practice management, operational e�ciency, organizational development and mergers has evolved over the last 15 years. Becky is called upon for the nuts and bolts of how to blend everything into one functional business model a�er the attorneys and CPAs are �nished. She turns several business cultures and systems into one seamless entity; dealing with everything from �nance to business process to cultural aspects.

INTERVIEWER: Among physicians, there’s a growing perception that there’s a bene�t to larger practices. From the non-physician side, what are the actual bene�ts you have seen with practice mergers?

BECKY RUDOLPH: Having been involved with practice mergers predominantly for the past 15 years, I would say the economies of scale are there, but the knowledge of how to get to those economies is a mystery to most organizations. Many of the mergers I’ve been involved with have started with exorbitant overhead, and by work-ing through streamlining business and management systems, they’ve been able to cut their overhead from 70% to 80% down to 50% to 55%. �is of course takes time and expense may actually rise for a brief period while new systems emerge.

PRACTICE MANAGEMENT

9 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 10

Page 12: Today's Practice: Changing the Business of Medicine

In Sync... (continued) Becky Rudolph, MS

INTERVIEWER: �e legal and �nancial issues have been worked out; now it is time to call you to help us with the nuts and bolts. What do we do next?

BECKY RUDOLPH: When I consult on a merger, the initial step is an organizational analysis of each entity to deter-mine the operational strengths and weaknesses. Each practice is going to have its own culture and manage-ment style. I think it’s important to look at any poten-tially con�icting management and practice styles because dealing with hot topics early on can lead to relatively easy negotiation of the issues. When con�ict happens, people are on edge; they have formed an opin-ion and there is much more to deal with as everyone thinks they’re right. Potential partners will be willing to manage things more openly and positively if we can talk about each of the practices’ styles—what is relevant, what is not, and what the group agrees to adopt as the business culture. Make no mistake—when change happens, chaos will follow, and mergers create massive change for the inside of each business. Fear and doubt rule and the sta� member thoughts are: “Am I going to have a job?” or “We don’t do it that way” or “Our o�ce is better than yours.” �e physicians are caught in the middle, trying to navigate these issues and practice medi-cine at the same time. If you do not address the issues with management and sta�, fear and doubt can and will undermine the most positive intent.

�e model I use in dealing with change I like to call the Change-Chaos Model; it is characterized by the acknowledge that change creates chaos, and chaos has to be managed by systems, protocols, and uniform imple-mentation. Con�ict has to be addressed, decisions made and implemented; then with solid directives from the stakeholders and the business will settle down to a

day-to-day process that will run smoothly. �is kind of transition takes 18 to 24 months. �ere’s no easy way out—it takes a lot of hard work and communication. But the new culture blending all parties emerges in to one new entity where the mentality of all goes from “I” to “we.”

INTERVIEWER: So is it good to start with a hybrid model of the care centers and eventually ends up with the fully integrated? Or stay with the care center? Or does it depend on the situation?

BECKY RUDOLPH: I think it’s all about nuance. �ere are certain things within the operational structure that immediately need to be part of a complete merger. Busi-ness systems—billing, �nancial systems, management styles, and front-o�ce operation— need attention and consistency from the beginning. Other processes can wait until the group is more comfortable in moving forward together. Because sta� is the biggest culture killer behind the scenes in any practice, the most impor-tant factors are giving thought and attention to consist-ency of knowledge and training. When working with physicians, it is important to get them to realize that they all practice in the same fashion about 85% of the time. �ey all have an excellent standard of care, and thus subscribe to similar standards of practice. About 15% of what they do in clinic is physician preference, so sta� must be trained consistently to accommodate these physician preferences. When sta� can be trained to cover a multitude of situations instead of being able to work for only 1 or 2 physicians, coverage becomes much more consistent and patients can be accommodated. �at’s one of the e�ciencies you gain, as it keeps physi-cians in production day to day. So I agree with a blended model to start with full integration as the ultimate goal. It is best to look at processes from the beginning of the merger and streamline sensibly. It is so important that decisions about the business make sense to all partners.

INTERVIEWER: Are there factors that can predict whether a merger’s likely to be successful?

PRACTICE MANAGEMENT

BECKY RUDOLPH: If the physicians do not like each other, you’ve got challenges to overcome that need close atten-tion and mediation to �nd positive resolution to the con�ict. If there is a huge disparity in production and it is not addressed up front, it will tank the merger as feelings will arise concerning fairness. If there is one controlling group and you don’t set up an executive com-mittee model that represents the needs of the entire partnership, it’s going to scuttle the merger. �ese are the business/social/cultural issues that are the hardest to get your hands around unless you spend time with each physician. As the Consultant on a merger I �nd out each physicians preferences and what they think works so the issues can be mediated. It is a sure formula for con�ict if thoughts and feelings are not dealt with from behind the scenes.

INTERVIEWER: What about practices’ inequities and inequalities with productivity? Does that play into whether a merger’s successful or not? How do you deal with that?

BECKY RUDOLPH: �e shaky ground regarding this issue is the willingness for people to have an open and honest conversation about inequities or perceived inequities. I �nd Physicians as a group are usually very con�ict-avoid-ant. �ey want in no way to hurt anyone’s feelings, espe-cially someone as valued as a partner. So they’ll tend to talk about inequities through the back door and not address them in the open air so people can come up with creative solutions about how to deal with them. Once they are to the point where a trusting conversation can ensue, they can come up with some pretty creative solutions.

INTERVIEWER: Is there a management style you would recommend?

BECKY RUDOLPH: �e management style I �nd most e�ective is one that is highly collaborative and focuses on communication at all levels. In many cases, management is pretty unprepared for dealing with the scope of the

merger. So people become very territorial and the man-agement sta� can split the physicians and ramp the chaos, even at the partnership level. �e conversations have to be highly collaborative from the beginning, and I think that a high-level Consultant is the key to bringing something like this together. A consultant is a neutral party to help unify the physicians and managers until things calm back down and people feel they’re on solid ground. �e Consultant can help all parties select best practices for running the business that are a blend of the former organizational preferences. When the new processes make sense to people at every level of the organization and a new identity has emerged, it is very possible that current management can rise to the occa-sion and run the new business model. I think it’s really signi�cant to address culture, deal with change, bring the partners together into a uni�ed voice, and ensure management knows the direction in which they are headed. If these items are dealt with early, the potential for con�ict lessens and all parties can focus on the change and chaos management necessary to make the new organization work.

In Sync... (continued) Becky Rudolph, MS

about the author:

Becky Rudolph, MSFounding Partner, ConsultantHealthcare Management PartnersDenver, Colorado

Thirty-years of accomplished health care management, effective, result-oriented leadership with a rare acumen for organizational and business development. Over the coarse of her career Becky has built and sold two businesses; over the past fifteen years Becky has focused on physician practice management where she has demon-strated proven excellence in working with medical professionals to attain thier goals. Her expertise includes: practice merger and acquisi-tions; innoovation and change management techniques; medical practice turnaround; billing and coding services; practice start-ups; physician recruitment; succession strategies, planning and implemen-tation; ancillary business lines for physician practice and surgery center build out. Extensive experience in executive management and leadership in all phases of operations, expense control, budgeting, risk management, human resources, business development, marketing, strategic planning and organizational development.

“Each practice is going to have its own culture and

management style.”

10 MAY/JUNE 2013 MAY/JUNE 2013 11

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM11 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 12

Page 13: Today's Practice: Changing the Business of Medicine

In Sync... (continued) Becky Rudolph, MS

INTERVIEWER: �e legal and �nancial issues have been worked out; now it is time to call you to help us with the nuts and bolts. What do we do next?

BECKY RUDOLPH: When I consult on a merger, the initial step is an organizational analysis of each entity to deter-mine the operational strengths and weaknesses. Each practice is going to have its own culture and manage-ment style. I think it’s important to look at any poten-tially con�icting management and practice styles because dealing with hot topics early on can lead to relatively easy negotiation of the issues. When con�ict happens, people are on edge; they have formed an opin-ion and there is much more to deal with as everyone thinks they’re right. Potential partners will be willing to manage things more openly and positively if we can talk about each of the practices’ styles—what is relevant, what is not, and what the group agrees to adopt as the business culture. Make no mistake—when change happens, chaos will follow, and mergers create massive change for the inside of each business. Fear and doubt rule and the sta� member thoughts are: “Am I going to have a job?” or “We don’t do it that way” or “Our o�ce is better than yours.” �e physicians are caught in the middle, trying to navigate these issues and practice medi-cine at the same time. If you do not address the issues with management and sta�, fear and doubt can and will undermine the most positive intent.

�e model I use in dealing with change I like to call the Change-Chaos Model; it is characterized by the acknowledge that change creates chaos, and chaos has to be managed by systems, protocols, and uniform imple-mentation. Con�ict has to be addressed, decisions made and implemented; then with solid directives from the stakeholders and the business will settle down to a

day-to-day process that will run smoothly. �is kind of transition takes 18 to 24 months. �ere’s no easy way out—it takes a lot of hard work and communication. But the new culture blending all parties emerges in to one new entity where the mentality of all goes from “I” to “we.”

INTERVIEWER: So is it good to start with a hybrid model of the care centers and eventually ends up with the fully integrated? Or stay with the care center? Or does it depend on the situation?

BECKY RUDOLPH: I think it’s all about nuance. �ere are certain things within the operational structure that immediately need to be part of a complete merger. Busi-ness systems—billing, �nancial systems, management styles, and front-o�ce operation— need attention and consistency from the beginning. Other processes can wait until the group is more comfortable in moving forward together. Because sta� is the biggest culture killer behind the scenes in any practice, the most impor-tant factors are giving thought and attention to consist-ency of knowledge and training. When working with physicians, it is important to get them to realize that they all practice in the same fashion about 85% of the time. �ey all have an excellent standard of care, and thus subscribe to similar standards of practice. About 15% of what they do in clinic is physician preference, so sta� must be trained consistently to accommodate these physician preferences. When sta� can be trained to cover a multitude of situations instead of being able to work for only 1 or 2 physicians, coverage becomes much more consistent and patients can be accommodated. �at’s one of the e�ciencies you gain, as it keeps physi-cians in production day to day. So I agree with a blended model to start with full integration as the ultimate goal. It is best to look at processes from the beginning of the merger and streamline sensibly. It is so important that decisions about the business make sense to all partners.

INTERVIEWER: Are there factors that can predict whether a merger’s likely to be successful?

PRACTICE MANAGEMENT

BECKY RUDOLPH: If the physicians do not like each other, you’ve got challenges to overcome that need close atten-tion and mediation to �nd positive resolution to the con�ict. If there is a huge disparity in production and it is not addressed up front, it will tank the merger as feelings will arise concerning fairness. If there is one controlling group and you don’t set up an executive com-mittee model that represents the needs of the entire partnership, it’s going to scuttle the merger. �ese are the business/social/cultural issues that are the hardest to get your hands around unless you spend time with each physician. As the Consultant on a merger I �nd out each physicians preferences and what they think works so the issues can be mediated. It is a sure formula for con�ict if thoughts and feelings are not dealt with from behind the scenes.

INTERVIEWER: What about practices’ inequities and inequalities with productivity? Does that play into whether a merger’s successful or not? How do you deal with that?

BECKY RUDOLPH: �e shaky ground regarding this issue is the willingness for people to have an open and honest conversation about inequities or perceived inequities. I �nd Physicians as a group are usually very con�ict-avoid-ant. �ey want in no way to hurt anyone’s feelings, espe-cially someone as valued as a partner. So they’ll tend to talk about inequities through the back door and not address them in the open air so people can come up with creative solutions about how to deal with them. Once they are to the point where a trusting conversation can ensue, they can come up with some pretty creative solutions.

INTERVIEWER: Is there a management style you would recommend?

BECKY RUDOLPH: �e management style I �nd most e�ective is one that is highly collaborative and focuses on communication at all levels. In many cases, management is pretty unprepared for dealing with the scope of the

merger. So people become very territorial and the man-agement sta� can split the physicians and ramp the chaos, even at the partnership level. �e conversations have to be highly collaborative from the beginning, and I think that a high-level Consultant is the key to bringing something like this together. A consultant is a neutral party to help unify the physicians and managers until things calm back down and people feel they’re on solid ground. �e Consultant can help all parties select best practices for running the business that are a blend of the former organizational preferences. When the new processes make sense to people at every level of the organization and a new identity has emerged, it is very possible that current management can rise to the occa-sion and run the new business model. I think it’s really signi�cant to address culture, deal with change, bring the partners together into a uni�ed voice, and ensure management knows the direction in which they are headed. If these items are dealt with early, the potential for con�ict lessens and all parties can focus on the change and chaos management necessary to make the new organization work.

In Sync... (continued) Becky Rudolph, MS

about the author:

Becky Rudolph, MSFounding Partner, ConsultantHealthcare Management PartnersDenver, Colorado

Thirty-years of accomplished health care management, effective, result-oriented leadership with a rare acumen for organizational and business development. Over the coarse of her career Becky has built and sold two businesses; over the past fifteen years Becky has focused on physician practice management where she has demon-strated proven excellence in working with medical professionals to attain thier goals. Her expertise includes: practice merger and acquisi-tions; innoovation and change management techniques; medical practice turnaround; billing and coding services; practice start-ups; physician recruitment; succession strategies, planning and implemen-tation; ancillary business lines for physician practice and surgery center build out. Extensive experience in executive management and leadership in all phases of operations, expense control, budgeting, risk management, human resources, business development, marketing, strategic planning and organizational development.

“Each practice is going to have its own culture and

management style.”

10 MAY/JUNE 2013 MAY/JUNE 2013 11

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Page 14: Today's Practice: Changing the Business of Medicine

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MAKE YOUR MARK.

C R E AT I V E & W E B D E S I G N M A R K E T I N G A N D B R A N D D E V E L O P M E N T M E D I A P L A N N I N G & B U Y I N G

T H E R A W R A G E N C Y. C O M

Page 15: Today's Practice: Changing the Business of Medicine

12 MAY/JUNE 2013 MAY/JUNE 2013 13

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

MAKE YOUR MARK.

C R E AT I V E & W E B D E S I G N M A R K E T I N G A N D B R A N D D E V E L O P M E N T M E D I A P L A N N I N G & B U Y I N G

T H E R A W R A G E N C Y. C O M

Page 16: Today's Practice: Changing the Business of Medicine

upgrade your human resource function tobetter support your strategic mission, whilemore effectively administering the basics.

Foundationbuilding a strongerspecial feature: practice culture development series

featuring randall c. schauerfox rothschild llp

One of the challenges facing many medical practices is how to e�ectively and uniformly administer the human resources (“HR”) function across a number of o�ces, o�entimes with a diversity of cultures and historic practices. �is article is not going to focus on HR issues unique to a medical workplace, but rather the HR issues unique to multi-location operations and the unique HR opportunities and challenges those pose. As the administrative work historically associated with a large part of the HR function are capable of being performed by computers or entry-level individuals, and the legal mandates in the workplace become greater and more complex, many organizations are wrestling with how to both gear up the strategic and compliance capabilities, while pushing other administrative items down to the appropri-ate level, or even outsourcing. As employment law advisor to many medical practices, I have seen many examples of what does and does not work in this industry.

LEGAL

15 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 16

Page 17: Today's Practice: Changing the Business of Medicine

upgrade your human resource function tobetter support your strategic mission, whilemore effectively administering the basics.

Foundationbuilding a strongerspecial feature: practice culture development series

featuring randall c. schauerfox rothschild llp

One of the challenges facing many medical practices is how to e�ectively and uniformly administer the human resources (“HR”) function across a number of o�ces, o�entimes with a diversity of cultures and historic practices. �is article is not going to focus on HR issues unique to a medical workplace, but rather the HR issues unique to multi-location operations and the unique HR opportunities and challenges those pose. As the administrative work historically associated with a large part of the HR function are capable of being performed by computers or entry-level individuals, and the legal mandates in the workplace become greater and more complex, many organizations are wrestling with how to both gear up the strategic and compliance capabilities, while pushing other administrative items down to the appropri-ate level, or even outsourcing. As employment law advisor to many medical practices, I have seen many examples of what does and does not work in this industry.

LEGAL

15 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 16

Page 18: Today's Practice: Changing the Business of Medicine

Building a Stronger... (continued) Randall C. Schauer

�ere are several bene�ts to e�ectively implementing what is sometimes referred to as “shared HR services.” It allows a “total solution” and “total approach” to prob-lems by centralizing the HR function, rather than having it administered in whatever number of o�ces may be involved in your Practice. On the conceptual level, this approach allows the hiring of a high-level HR profes-sional who has the capacity, and also the work and educational capability, to provide strategic advice at the highest levels of the organization in the administration of the HR function, broadly including recruiting, train-ing, compliance, bene�ts, and productivity. �is person can interface with legal counsel and the Board of Direc-tors of the organization in the strategic function, helping the business to successfully execute strategy. Another component of the centralized o�ce are administrative experts who can improve organizational e�ciency by making sure that the HR function and other work processes, including bene�ts administration and track-ing legal compliance item such as use of FMLA leave by employees across the organization, are consistent with the needs of the speci�c organization and its employees. A third skill set that is required in the multi-o�ce environment are the individuals that interface with the o�ce managers and sta� to assure consistent enforce-ment and administration of HR initiatives and policies among all o�ces. �is position would be responsible for providing or initiating training; being available for daily consultation as workplace issues present themselves to the o�ce managers; and periodic visitation to o�ces for feedback and understanding. �ese individuals would be critical to implementing best practices in the HR world, and assuring that sta� morale does not diminish through feelings of alienation or distance. With the bene�ts above, there should be improved career develop-ment for all sta� development and training, while obtaining e�ciencies in the professional provision of HR services.

Critical to the success of a centralized HR function is that the o�ce managers understand the critical need for uniform administration of consistent policies across the

organization, by referring HR issues to the appropriate HR professional, rather than handling it themselves (and freeing the O�ce Manager for other tasks). In any organization, it is lack of consistency that most o�en turns workplace decisions into claims that will need to be addressed either in settlement or in litigation, as there is disparate treatment of individuals by managers who may not have known what others were doing and have treated individuals in di�erent classi�cations di�erently, even if there is no di�erence in the demographics of the individuals involved. Hopefully the organization can obtain better management information by consistently gathering information across an organization, rather than the practice management only hearing about HR issues a�er they have become a problem.

On the other side of the coin, issues that need to be addressed which can undercut a centralized HR function in a multi-o�ce environment is the loss of face-to-face contact; employee involvement with the HR manage-ment sta�; a lack of ownership of Human Resource prob-lems at the o�ce level; and possible IT problems with an extended network.

Management should also be aware that a smooth trans-formation to provision of centralized HR services is critical in assuring that the e�ciencies and enhanced bene�ts of a centralized model are not lost. In that regard, management needs to de�ne and achieve business goal as early as possible. �e centralized HR group must be extremely diligent initially so as to be taken seriously be other management, particularly o�ce managers. It is important that o�ce managers understand what the

LEGAL

process will look like. Initially also, there should be a high visibility of the central HR sta� in the o�ces to help with buy-in and con�dence around the new model.

In summary, management needs to consider strategic issues as to why an enhanced, upgraded central HR function is useful; consider how it will a�ect the busi-ness strategy, understand the relationship between the HR professionals, o�ce managers and line managers, and how it will provide both day-to-day administra-tive support while providing the strategic input at the corporate level. Management will need to be very attentive to managing the change process from the current system, o�entimes one of a laissez-faire man-agement with o�ce managers being relatively empow-ered versus centralized management. Operational issues will need to be considered with regard to loca-tion and access. Finally, there needs to be understand-ing of what changes and goals are reasonably expected from the process to avoid failure of implementation. And while this model may not work for all, it is one that can provide signi�cant improvement in recruit-ment, compliance, risk avoidance, and e�cient provi-sion of bene�ts and other employee programs. With a commensurate improvement to the bottom line.

Building a Stronger... (continued) Randall C. Schauer

about the author:

Randy C. SchauerPartner, Fox Rothschild LLP

Randy's practice focuses on all aspects of labor relations and employment law. He handles the full spectrum of the employment relationship from pre-hire procedures to post-termination closure, including unem-ployment compensation and statutory compliance issues such as Title VII, ADA, FLSA, FMLA and OSHA compliance. Randy negotiates, drafts, and enforces contracts protecting client's rights in all aspects of the employment relationship, including employ-ment and separation, confidentiality and non-competition, intellectual property protection, and independent contractor arrangements.

“Critical to the success of a centralized HR function is that the office managers understand the critical need for uniform administration of consistent policies across the organization”

17 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 18

Page 19: Today's Practice: Changing the Business of Medicine

Building a Stronger... (continued) Randall C. Schauer

�ere are several bene�ts to e�ectively implementing what is sometimes referred to as “shared HR services.” It allows a “total solution” and “total approach” to prob-lems by centralizing the HR function, rather than having it administered in whatever number of o�ces may be involved in your Practice. On the conceptual level, this approach allows the hiring of a high-level HR profes-sional who has the capacity, and also the work and educational capability, to provide strategic advice at the highest levels of the organization in the administration of the HR function, broadly including recruiting, train-ing, compliance, bene�ts, and productivity. �is person can interface with legal counsel and the Board of Direc-tors of the organization in the strategic function, helping the business to successfully execute strategy. Another component of the centralized o�ce are administrative experts who can improve organizational e�ciency by making sure that the HR function and other work processes, including bene�ts administration and track-ing legal compliance item such as use of FMLA leave by employees across the organization, are consistent with the needs of the speci�c organization and its employees. A third skill set that is required in the multi-o�ce environment are the individuals that interface with the o�ce managers and sta� to assure consistent enforce-ment and administration of HR initiatives and policies among all o�ces. �is position would be responsible for providing or initiating training; being available for daily consultation as workplace issues present themselves to the o�ce managers; and periodic visitation to o�ces for feedback and understanding. �ese individuals would be critical to implementing best practices in the HR world, and assuring that sta� morale does not diminish through feelings of alienation or distance. With the bene�ts above, there should be improved career develop-ment for all sta� development and training, while obtaining e�ciencies in the professional provision of HR services.

Critical to the success of a centralized HR function is that the o�ce managers understand the critical need for uniform administration of consistent policies across the

organization, by referring HR issues to the appropriate HR professional, rather than handling it themselves (and freeing the O�ce Manager for other tasks). In any organization, it is lack of consistency that most o�en turns workplace decisions into claims that will need to be addressed either in settlement or in litigation, as there is disparate treatment of individuals by managers who may not have known what others were doing and have treated individuals in di�erent classi�cations di�erently, even if there is no di�erence in the demographics of the individuals involved. Hopefully the organization can obtain better management information by consistently gathering information across an organization, rather than the practice management only hearing about HR issues a�er they have become a problem.

On the other side of the coin, issues that need to be addressed which can undercut a centralized HR function in a multi-o�ce environment is the loss of face-to-face contact; employee involvement with the HR manage-ment sta�; a lack of ownership of Human Resource prob-lems at the o�ce level; and possible IT problems with an extended network.

Management should also be aware that a smooth trans-formation to provision of centralized HR services is critical in assuring that the e�ciencies and enhanced bene�ts of a centralized model are not lost. In that regard, management needs to de�ne and achieve business goal as early as possible. �e centralized HR group must be extremely diligent initially so as to be taken seriously be other management, particularly o�ce managers. It is important that o�ce managers understand what the

LEGAL

process will look like. Initially also, there should be a high visibility of the central HR sta� in the o�ces to help with buy-in and con�dence around the new model.

In summary, management needs to consider strategic issues as to why an enhanced, upgraded central HR function is useful; consider how it will a�ect the busi-ness strategy, understand the relationship between the HR professionals, o�ce managers and line managers, and how it will provide both day-to-day administra-tive support while providing the strategic input at the corporate level. Management will need to be very attentive to managing the change process from the current system, o�entimes one of a laissez-faire man-agement with o�ce managers being relatively empow-ered versus centralized management. Operational issues will need to be considered with regard to loca-tion and access. Finally, there needs to be understand-ing of what changes and goals are reasonably expected from the process to avoid failure of implementation. And while this model may not work for all, it is one that can provide signi�cant improvement in recruit-ment, compliance, risk avoidance, and e�cient provi-sion of bene�ts and other employee programs. With a commensurate improvement to the bottom line.

Building a Stronger... (continued) Randall C. Schauer

about the author:

Randy C. SchauerPartner, Fox Rothschild LLP

Randy's practice focuses on all aspects of labor relations and employment law. He handles the full spectrum of the employment relationship from pre-hire procedures to post-termination closure, including unem-ployment compensation and statutory compliance issues such as Title VII, ADA, FLSA, FMLA and OSHA compliance. Randy negotiates, drafts, and enforces contracts protecting client's rights in all aspects of the employment relationship, including employ-ment and separation, confidentiality and non-competition, intellectual property protection, and independent contractor arrangements.

“Critical to the success of a centralized HR function is that the office managers understand the critical need for uniform administration of consistent policies across the organization”

17 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 18

Page 20: Today's Practice: Changing the Business of Medicine

the latestblisteringphrase

�ere is a phrase that is bouncing around in both the Technology and Medical �elds; “Hire Slow – Fire Fast”. Nice intention – but it misses the mark com-pletely.  If you are competing for the best talent you can get, then you can’t waste time.   In some markets there are 4 jobs for every candidate.  If you are the only company in your space that is growing and the market around you is staying still and no competitors are looming, then take your time.  (Of course I am being sarcastic). No business facing the potential of growth is alone in its quest.

PRACTICE MANAGEMENT

special feature: practice culture development series

by bob smithMySuccess Staffing Solutions

15 SEPTEMBER/OCTOBER 2012 SEPTEMBER/OCTOBER 2012 1718 NOVEMBER/DECEMBER 2012 NOVEMBER/DECEMBER 2012 19

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Page 21: Today's Practice: Changing the Business of Medicine

the latestblisteringphrase

�ere is a phrase that is bouncing around in both the Technology and Medical �elds; “Hire Slow – Fire Fast”. Nice intention – but it misses the mark com-pletely.  If you are competing for the best talent you can get, then you can’t waste time.   In some markets there are 4 jobs for every candidate.  If you are the only company in your space that is growing and the market around you is staying still and no competitors are looming, then take your time.  (Of course I am being sarcastic). No business facing the potential of growth is alone in its quest.

PRACTICE MANAGEMENT

special feature: practice culture development series

by bob smithMySuccess Staffing Solutions

15 SEPTEMBER/OCTOBER 2012 SEPTEMBER/OCTOBER 2012 1718 NOVEMBER/DECEMBER 2012 NOVEMBER/DECEMBER 2012 19

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM19 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 20

Page 22: Today's Practice: Changing the Business of Medicine

The Latest... (continued) Bob Smith

We suggest that you “Hire E�ectively and Fire E�cient-ly” and this phrase is not even close. On this basis, you want to have a very clear understand-ing of the direction and strategy of your business, be aware of how the position you are �lling will a�ect that strategy and understand the results that you want the person in that role to generate.  Also, you want to under-stand what Skills, Knowledge, Experience, Attitudes and Beliefs that the ideal candidate brings so that you can more easily recognize a winning combination. Be prepared to act in your hiring process, but utilize all your resources (an interviewing team, key associates, Executives from other areas, Mentors or Advisors), they can help you get additional perspective on the upside and concerns that go with every candidate.

 As for Fire E�ciently, it’s important to make the release of someone be a necessary next step – not your �rst step (unless it is for “cause”).  Informal (versus formal) Perfor-mance Improvement plans let someone know that they are not meeting needs and expectations.  It also lets them know that a signi�cant change has to happen quickly.  Very o�en, people will take themselves out of the game, because they don’t want to be someplace where they can’t really �t. �e process you use to determine if someone is a �t a�er they are hired, is as important as the hiring process.  It tells everyone in the a�ected area, what the standards for performance are and how the company’s culture is repre-sented in the process. It tells people what you really stand for as a company and what you can be counted on, relative to fair treatment. 

Have a well-formed and clear hiring process and e�cient shared model for performance evaluation and accounta-bility.  It can save the company a fortune and people a lot of grief. One additional point that can really make a di�erence occurs during the hiring process.  You can let people know that you are not just �lling a role, but you are building culture that has to be a great �t all the way around.  You might specify a time frame to review “the �t” (1 or 3 or 6 months) and then spell out what happens if there doesn’t seem to be a �t.  For example, “It is our custom to make sure that we as a company are a good �t for everyone that works here and we want to be a �t for each person working.  We check-in to make sure things still make sense for us to be together.  If either of us decides that a change out of the company is best, then we provide 1 day severance for every 2 months someone is employed.   (or whatever your compliance and labor laws allow).  If a separation is the next step, we will do it with respect and appreciation.  �at is what you can count on from us and that is what we want to be able to count on from you.” As you can see, it is a very mature approach to working relationships, managing performance and value.  Of course, make sure your legal resources concur that you are in compliance with how your State Labor Laws impact your workplace.

PRACTICE MANAGEMENT

about the author:

Bob SmithFounder/Senior PartnerMySuccess Staffing SolutionsLas Vegas, NV

As Founder of Mysuccess, Inc., Bob has applied studies from program work at MIT Systems Thinking Lab, along with Organization and Growth Strategy and beyond with MAP (mental Aptitude Pattern-ing) Relationship and Communication tools. Bob now works with key individuals and teams within companies that want to boost perfor-mance through Relationship, and has provided corporate and execu-tive strategy for industry leaders such as Marriot Corporation, Sears, Northwest Airlines, Children’s Hospital, Pulte Homes, Staples Inc., GAP Inc. and numerous startups and fast growth companies.

“We suggest that you ‘Hire Effectively and Fire Efficiently’... and this phrase isn’t even close. “

20 MAY/JUNE 2013 MAY/JUNE 2013 21

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

“Boulder Valley IPA has been great to work with all these years. Whenever we need help getting our claims paid with a contracted insurance, BVIPA is more then willing to contact the insurance company on our behalf to help resolve the issues.“

“Any questions we have had regarding our contracts, reimbursement or just general questions have been answered by BVIPA very professionally and promptly-often the same day. “

“...when BVIPA helps me analyze the contractual offers, I am in a much better position to accept or place a counter offers due the assistance of a

I would not want to go alone in this market.”

- BVIPA Member

- BVIPA Member

- BVIPA Member

Boulder Valley IPA is run by individuals with old school values: honesty, integrity and hard work for the dollars earned. They are a 1st class organization.

- BVIPA Affiliate Member

What BVIPA Members are saying:

6676 Gunpark Drive, Suite B, Boulder, CO 80301 303 530-3405 www.BVIPA.com [email protected]

Boulder Valley IPA’s purpose is to coordinate the delivery of high-quality, affordable health care services through a physician-directed, market responsive, and accountable system. This system is designed to provide physicians the tools to enhance the viability of, and satisfaction in, independent medical practice.

CENTRALIZED REFERRAL/PRE-CERTIFICATION PROCESSING

PHYSICIAN COMPENSATION PLAN DESIGN/REDESIGN

PHYSICIAN BUY IN/OUT FORMULAS AND AGREEMENTS

STAFFING

BOOKKEEPING

PRACTICE ASSESSMENTS

OUR INDIVIDUAL SERVICES INCLUDE:

21 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

Page 23: Today's Practice: Changing the Business of Medicine

The Latest... (continued) Bob Smith

We suggest that you “Hire E�ectively and Fire E�cient-ly” and this phrase is not even close. On this basis, you want to have a very clear understand-ing of the direction and strategy of your business, be aware of how the position you are �lling will a�ect that strategy and understand the results that you want the person in that role to generate.  Also, you want to under-stand what Skills, Knowledge, Experience, Attitudes and Beliefs that the ideal candidate brings so that you can more easily recognize a winning combination. Be prepared to act in your hiring process, but utilize all your resources (an interviewing team, key associates, Executives from other areas, Mentors or Advisors), they can help you get additional perspective on the upside and concerns that go with every candidate.

 As for Fire E�ciently, it’s important to make the release of someone be a necessary next step – not your �rst step (unless it is for “cause”).  Informal (versus formal) Perfor-mance Improvement plans let someone know that they are not meeting needs and expectations.  It also lets them know that a signi�cant change has to happen quickly.  Very o�en, people will take themselves out of the game, because they don’t want to be someplace where they can’t really �t. �e process you use to determine if someone is a �t a�er they are hired, is as important as the hiring process.  It tells everyone in the a�ected area, what the standards for performance are and how the company’s culture is repre-sented in the process. It tells people what you really stand for as a company and what you can be counted on, relative to fair treatment. 

Have a well-formed and clear hiring process and e�cient shared model for performance evaluation and accounta-bility.  It can save the company a fortune and people a lot of grief. One additional point that can really make a di�erence occurs during the hiring process.  You can let people know that you are not just �lling a role, but you are building culture that has to be a great �t all the way around.  You might specify a time frame to review “the �t” (1 or 3 or 6 months) and then spell out what happens if there doesn’t seem to be a �t.  For example, “It is our custom to make sure that we as a company are a good �t for everyone that works here and we want to be a �t for each person working.  We check-in to make sure things still make sense for us to be together.  If either of us decides that a change out of the company is best, then we provide 1 day severance for every 2 months someone is employed.   (or whatever your compliance and labor laws allow).  If a separation is the next step, we will do it with respect and appreciation.  �at is what you can count on from us and that is what we want to be able to count on from you.” As you can see, it is a very mature approach to working relationships, managing performance and value.  Of course, make sure your legal resources concur that you are in compliance with how your State Labor Laws impact your workplace.

PRACTICE MANAGEMENT

about the author:

Bob SmithFounder/Senior PartnerMySuccess Staffing SolutionsLas Vegas, NV

As Founder of Mysuccess, Inc., Bob has applied studies from program work at MIT Systems Thinking Lab, along with Organization and Growth Strategy and beyond with MAP (mental Aptitude Pattern-ing) Relationship and Communication tools. Bob now works with key individuals and teams within companies that want to boost perfor-mance through Relationship, and has provided corporate and execu-tive strategy for industry leaders such as Marriot Corporation, Sears, Northwest Airlines, Children’s Hospital, Pulte Homes, Staples Inc., GAP Inc. and numerous startups and fast growth companies.

“We suggest that you ‘Hire Effectively and Fire Efficiently’... and this phrase isn’t even close. “

20 MAY/JUNE 2013 MAY/JUNE 2013 21

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

“Boulder Valley IPA has been great to work with all these years. Whenever we need help getting our claims paid with a contracted insurance, BVIPA is more then willing to contact the insurance company on our behalf to help resolve the issues.“

“Any questions we have had regarding our contracts, reimbursement or just general questions have been answered by BVIPA very professionally and promptly-often the same day. “

“...when BVIPA helps me analyze the contractual offers, I am in a much better position to accept or place a counter offers due the assistance of a

I would not want to go alone in this market.”

- BVIPA Member

- BVIPA Member

- BVIPA Member

Boulder Valley IPA is run by individuals with old school values: honesty, integrity and hard work for the dollars earned. They are a 1st class organization.

- BVIPA Affiliate Member

What BVIPA Members are saying:

6676 Gunpark Drive, Suite B, Boulder, CO 80301 303 530-3405 www.BVIPA.com [email protected]

Boulder Valley IPA’s purpose is to coordinate the delivery of high-quality, affordable health care services through a physician-directed, market responsive, and accountable system. This system is designed to provide physicians the tools to enhance the viability of, and satisfaction in, independent medical practice.

CENTRALIZED REFERRAL/PRE-CERTIFICATION PROCESSING

PHYSICIAN COMPENSATION PLAN DESIGN/REDESIGN

PHYSICIAN BUY IN/OUT FORMULAS AND AGREEMENTS

STAFFING

BOOKKEEPING

PRACTICE ASSESSMENTS

OUR INDIVIDUAL SERVICES INCLUDE:

21 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

Page 24: Today's Practice: Changing the Business of Medicine

featuring cynthia ackrill, mdpresident of wellspark

As physicians we are no strangers to stress- learning to perform under pressure is part of the package. But in “perfecting” this skill, could we be losing sight of the real impact of stress in our lives and in the lives of our patients? �e changes in healthcare are about to make our patients mental well-being more critical to our revenue. And if we don’t make our own mental well-being more of a priority we cannot reverse the alarming numbers (40%!) of physicians who would choose to leave practice if they could!

Early in my career I was always fascinated by the fact that patients with essentially the same clinical picture could be experiencing their diseases in such a wide range of ways—from profound misery to cheerful acceptance to even apparent vitality of spirit in the face of death. What made one person focus on the su�ering and another on hope, possibility or gratitude? Clearly, those who were not handling the stress of life well were less resilient in the face of medical challenges. (I was also bemused by the arbitrary separation of physi-cal and mental health—as if putting the diagnoses in separate books and under separate insurance codes teased apart the intricacies of human experience?!)

PRACTICE MANAGEMENT

Stress.addressing the elephant in

the corridors, the exam rooms, and in the mirror.

23 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 24

Page 25: Today's Practice: Changing the Business of Medicine

featuring cynthia ackrill, mdpresident of wellspark

As physicians we are no strangers to stress- learning to perform under pressure is part of the package. But in “perfecting” this skill, could we be losing sight of the real impact of stress in our lives and in the lives of our patients? �e changes in healthcare are about to make our patients mental well-being more critical to our revenue. And if we don’t make our own mental well-being more of a priority we cannot reverse the alarming numbers (40%!) of physicians who would choose to leave practice if they could!

Early in my career I was always fascinated by the fact that patients with essentially the same clinical picture could be experiencing their diseases in such a wide range of ways—from profound misery to cheerful acceptance to even apparent vitality of spirit in the face of death. What made one person focus on the su�ering and another on hope, possibility or gratitude? Clearly, those who were not handling the stress of life well were less resilient in the face of medical challenges. (I was also bemused by the arbitrary separation of physi-cal and mental health—as if putting the diagnoses in separate books and under separate insurance codes teased apart the intricacies of human experience?!)

PRACTICE MANAGEMENT

Stress.addressing the elephant in

the corridors, the exam rooms, and in the mirror.

23 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 24

Page 26: Today's Practice: Changing the Business of Medicine

Stress... (continued) Cynthia Ackrill, MD

Equally apparent were the varied reactions of fellow clini-cians under the strain of ridiculous hours and whopping mental and physical demands. �e very mechanism of the stress reaction reduces blood supply to the frontal lobe, that part of the brain responsible for self-awareness. (�us explaining the “What was I thinking” phenomenon!)

To make matters worse, many high achievers train them-selves to further ignore the signals and alarms of the stress reaction. Sadly this leads to higher risk for costly mistakes, career or personal dissatisfaction, burnout, relationship and health problems. We have all witnessed the burnout of far too many excellent, caring doctors. When coaching physicians, I o�en �nd we need to work on down-regulating the stress, before we can e�ectively address leadership or career strategies.

I spent 10 years studying brain mapping (qEEG), various forms of biofeedback, and the mechanics of behavior. I had the opportunity to see �rst-hand how simply chang-ing thoughts minute to minute radically alters our physi-ology and our brain activity. I found that patients with high perceived stress scores had a much harder time learning new patterns of behavior, or �ghting the depres-sion or health decline of extended cortisol overload.

Stress—our reaction to the perception that our homeo-stasis or safety has been threatened, or that we do not have the skills or energy to meet the challenge—has been estimated to be somehow involved with 70-90% of all doctors visits! Yet we barely have time to review labs and adjust meds, much less ask questions that might open a can of worms about dealing with the complicating factors of real life. We were not taught to empower our patients to handle stress—we weren’t taught healthy ways to handle it ourselves!

To be e�ective in addressing the role of stress we need a better model to develop the language to help our patients and ourselves. (Our brains love models!) �e term “stress” is so overused and misunderstood that many myths have taken root.

�e job of our brains is to �lter out the billions of bits of information it receives moment to moment searching for anything that might be a threat to us. �at identi�ca-tion process (mostly amygdala based) is dependent on our perception—our genetics, stories, experiences, and current psycho-physiological state.

Once the alarm is sounded the mostly sympathetic reaction involves some 1400 chemical reactions—a very energy intensive process! �is is a one-sized-�ts-all reaction designed to protect early man from chasing wildebeests. But there has been no so�ware upgrade to help us deal with constant onslaught of annoying emails, EMR challenges, technology breakdowns, or interrupt-ed sleep. �e chronic ringing of the alarm bell depletes the energy balance of every physiological and psycholog-ical system.

We know this—the research is overwhelming and our experience lives it—but we need to �nd ways to clearly and succinctly discuss this with our patients and proac-tively step up our own stress management.

PRACTICE MANAGEMENT

In this model there are 3 entry points to change the balance:

I �nd this way of looking at stress empowers patients and professionals to see they have choices that will increase their energy, their con�dence, and their personal accountability to take an active role in their health, performance, and overall well-being. By choosing to balance the energy we spend with thoughts, behaviors, and practices that renew our energy, we can make the subtle shi�s that take the bite out of stress.

What small change can you make today that will �nd you more energy, more ease? How can you help your patients take a more active role in their stress manage-ment and well-being?

Stress... (continued) Cynthia Ackrill, MD

about the author:

Cynthia Ackrill, MDHuman Performance ConsultantPresident of WellSpark

Dr. Ackrill is a Human Performance Consultant, Coach, and Speaker President of WellSpark.

Dr. Ackrill works with professional leaders and teams to expand perfor-mance capacities and resilience. With the latest science and research, she provides innovative ways to optimize energy, creativity, focus, and access to brilliance for enhanced, sustainable performance. Her work includes the systematic management of stress, addressing specific lifestyle/health risk challenges, facilitating behavior change, and creating collaborative cultures to support excellence. She coaches individual leaders, their teams, consults on wellness programming, organizational effectiveness, and cultural shifts, and speaks at off-sites and conferences.

Cynthia L. Ackrill, MD brings a unique and thorough background to the subject of health as a business strategy and the power of mission and values based leadership. She combines her knowledge as a primary care physician with her extensive experience in neuro-psycho-physio-logic approaches to behavior, performance, and health, and her training in coaching. She is a graduate of Duke University and the University of Maryland School of Medicine, a Fellow of the American Institute of Stress, a charter member of HeartMath, and a former board member of the International Society of Neurofeedback and Research. A certified Wellcoach® and Well People coach, and certified Professional/Executive coach, Dr. Ackrill has also completed training in positive psychology, intrinsic motivation, and peak perfor-mance coaching. She enjoys the “diagnosis” of systemic issues and facilitating groups toward mutuality of purpose and is a certified Team Advantage leader.

Stress—our reaction to the perception that our homeostasis or safety has been threatened, or that we do not have the skills or energy to meet the challenge—has been estimated to be some-how involved with 70-90% of all doctors visits!

Proactively reducing the exposure to internal and external stressors (seeing this as proactive choosing how to spend our precious time and energy.)

Reframing our perspective to sound the alarm less often—acceptance,mindfulness, attitude work.

Raising our resilience by increasingthe habits that support our fitness- physically, mentally, emotionally, and spiritually.

25 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 26

Page 27: Today's Practice: Changing the Business of Medicine

Stress... (continued) Cynthia Ackrill, MD

Equally apparent were the varied reactions of fellow clini-cians under the strain of ridiculous hours and whopping mental and physical demands. �e very mechanism of the stress reaction reduces blood supply to the frontal lobe, that part of the brain responsible for self-awareness. (�us explaining the “What was I thinking” phenomenon!)

To make matters worse, many high achievers train them-selves to further ignore the signals and alarms of the stress reaction. Sadly this leads to higher risk for costly mistakes, career or personal dissatisfaction, burnout, relationship and health problems. We have all witnessed the burnout of far too many excellent, caring doctors. When coaching physicians, I o�en �nd we need to work on down-regulating the stress, before we can e�ectively address leadership or career strategies.

I spent 10 years studying brain mapping (qEEG), various forms of biofeedback, and the mechanics of behavior. I had the opportunity to see �rst-hand how simply chang-ing thoughts minute to minute radically alters our physi-ology and our brain activity. I found that patients with high perceived stress scores had a much harder time learning new patterns of behavior, or �ghting the depres-sion or health decline of extended cortisol overload.

Stress—our reaction to the perception that our homeo-stasis or safety has been threatened, or that we do not have the skills or energy to meet the challenge—has been estimated to be somehow involved with 70-90% of all doctors visits! Yet we barely have time to review labs and adjust meds, much less ask questions that might open a can of worms about dealing with the complicating factors of real life. We were not taught to empower our patients to handle stress—we weren’t taught healthy ways to handle it ourselves!

To be e�ective in addressing the role of stress we need a better model to develop the language to help our patients and ourselves. (Our brains love models!) �e term “stress” is so overused and misunderstood that many myths have taken root.

�e job of our brains is to �lter out the billions of bits of information it receives moment to moment searching for anything that might be a threat to us. �at identi�ca-tion process (mostly amygdala based) is dependent on our perception—our genetics, stories, experiences, and current psycho-physiological state.

Once the alarm is sounded the mostly sympathetic reaction involves some 1400 chemical reactions—a very energy intensive process! �is is a one-sized-�ts-all reaction designed to protect early man from chasing wildebeests. But there has been no so�ware upgrade to help us deal with constant onslaught of annoying emails, EMR challenges, technology breakdowns, or interrupt-ed sleep. �e chronic ringing of the alarm bell depletes the energy balance of every physiological and psycholog-ical system.

We know this—the research is overwhelming and our experience lives it—but we need to �nd ways to clearly and succinctly discuss this with our patients and proac-tively step up our own stress management.

PRACTICE MANAGEMENT

In this model there are 3 entry points to change the balance:

I �nd this way of looking at stress empowers patients and professionals to see they have choices that will increase their energy, their con�dence, and their personal accountability to take an active role in their health, performance, and overall well-being. By choosing to balance the energy we spend with thoughts, behaviors, and practices that renew our energy, we can make the subtle shi�s that take the bite out of stress.

What small change can you make today that will �nd you more energy, more ease? How can you help your patients take a more active role in their stress manage-ment and well-being?

Stress... (continued) Cynthia Ackrill, MD

about the author:

Cynthia Ackrill, MDHuman Performance ConsultantPresident of WellSpark

Dr. Ackrill is a Human Performance Consultant, Coach, and Speaker President of WellSpark.

Dr. Ackrill works with professional leaders and teams to expand perfor-mance capacities and resilience. With the latest science and research, she provides innovative ways to optimize energy, creativity, focus, and access to brilliance for enhanced, sustainable performance. Her work includes the systematic management of stress, addressing specific lifestyle/health risk challenges, facilitating behavior change, and creating collaborative cultures to support excellence. She coaches individual leaders, their teams, consults on wellness programming, organizational effectiveness, and cultural shifts, and speaks at off-sites and conferences.

Cynthia L. Ackrill, MD brings a unique and thorough background to the subject of health as a business strategy and the power of mission and values based leadership. She combines her knowledge as a primary care physician with her extensive experience in neuro-psycho-physio-logic approaches to behavior, performance, and health, and her training in coaching. She is a graduate of Duke University and the University of Maryland School of Medicine, a Fellow of the American Institute of Stress, a charter member of HeartMath, and a former board member of the International Society of Neurofeedback and Research. A certified Wellcoach® and Well People coach, and certified Professional/Executive coach, Dr. Ackrill has also completed training in positive psychology, intrinsic motivation, and peak perfor-mance coaching. She enjoys the “diagnosis” of systemic issues and facilitating groups toward mutuality of purpose and is a certified Team Advantage leader.

Stress—our reaction to the perception that our homeostasis or safety has been threatened, or that we do not have the skills or energy to meet the challenge—has been estimated to be some-how involved with 70-90% of all doctors visits!

Proactively reducing the exposure to internal and external stressors (seeing this as proactive choosing how to spend our precious time and energy.)

Reframing our perspective to sound the alarm less often—acceptance,mindfulness, attitude work.

Raising our resilience by increasingthe habits that support our fitness- physically, mentally, emotionally, and spiritually.

25 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 26

Page 28: Today's Practice: Changing the Business of Medicine

by alan finston p.t., ocs

During the course of patient care, the recognition of the need for referral for outpatient physical therapy frequently arises. �e nature of this referral could be for a condition as common as chronic low back pain, or more involved like post surgical rehabilitation or a chronic disease process. Whatever the condition or illness, it is important to remember that there are a number of options for outpatient physical therapy services and that quali�cations and credentials are an important factor in determining what may be the best clinic partner for your patient’s care.

�e American Physical �erapy Association (APTA) has an advanced certi�cation program with specialization areas for a number of advanced areas of study/focus. An APTA certi�ed specialist must have a minimum of 2,000 hours of experience in their clinical practice area and demonstrate advanced knowledge with coursework and testing. APTA certi�ed specialists may be in one of 8 clinical practice specializations: Orthopedics, Geriatric, Cardio-pulmonary, Neurological, Pediatric, Sports, Women’s Health, and Clinical Electrophysiology. In addition, the APTA website has a link to allow a search in your patient’s geographic area to help �nd the closest APTA certi�ed specialist in the speci�c area of medical focus for the prospective patient.

Other criteria for partnering with a given physical therapy o�ce may be of a more practical nature and include issues such as “Can the clinic get my patients seen in a timely manner?”

PRACTICE MANAGEMENT

the perfectcomplement

The right partner means theright patient outcome.

27 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 28

Page 29: Today's Practice: Changing the Business of Medicine

by alan finston p.t., ocs

During the course of patient care, the recognition of the need for referral for outpatient physical therapy frequently arises. �e nature of this referral could be for a condition as common as chronic low back pain, or more involved like post surgical rehabilitation or a chronic disease process. Whatever the condition or illness, it is important to remember that there are a number of options for outpatient physical therapy services and that quali�cations and credentials are an important factor in determining what may be the best clinic partner for your patient’s care.

�e American Physical �erapy Association (APTA) has an advanced certi�cation program with specialization areas for a number of advanced areas of study/focus. An APTA certi�ed specialist must have a minimum of 2,000 hours of experience in their clinical practice area and demonstrate advanced knowledge with coursework and testing. APTA certi�ed specialists may be in one of 8 clinical practice specializations: Orthopedics, Geriatric, Cardio-pulmonary, Neurological, Pediatric, Sports, Women’s Health, and Clinical Electrophysiology. In addition, the APTA website has a link to allow a search in your patient’s geographic area to help �nd the closest APTA certi�ed specialist in the speci�c area of medical focus for the prospective patient.

Other criteria for partnering with a given physical therapy o�ce may be of a more practical nature and include issues such as “Can the clinic get my patients seen in a timely manner?”

PRACTICE MANAGEMENT

the perfectcomplement

The right partner means theright patient outcome.

27 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 28

Page 30: Today's Practice: Changing the Business of Medicine

The Perfect Compliment... (continued) Alan Finston, P.T., OSC

If a clinic is so busy that it can’t schedule a new patient for three to four weeks out, it presents di�culty for a patient obtaining the necessary care in a timely manner. Physicians should consider the timeliness with which the prospective physical therapy partner clinic is able to see their patients.

Additionally, the referring Physician should consider the experience they have had with the physical therapy clinic’s services in the past. Are the patients satis�ed with their care? Have the patients had a lot of di�erent thera-pists or have they been seen by a consistent provider?

Sometimes this is important, however it is situational. What is the “word of mouth” about the o�ce? Is it a clinic which takes time with their patients and spends the e�ort to tailor the therapy to the patient’s individual conditions or injury, or is it more of a “cookie cutter” approach, where patients experience a more generic protocol of techniques and exercises for a given condi-tion? Would a physician feel comfortable sending a family member to that o�ce? If no, then partnering with that clinic may not be an advisable proposition.

A typical referral cycle can be anywhere from 4-8 weeks , and up to 2-3 visits/week. Anything longer than that without a progress note/update may be indicative that care is occurring without adequate updates and reassess-ments.

• Is the physical therapy clinic’s communication timely with the physician’s o�ce?

• Does the office send timely evaluation reports, progress notes, and discharge summaries?

• Is there a good impression that care is occurring in an appropriate manner?

• Is the clinic requesting multiple referrals for continued care without appropriate progress notes or rechecks with the physician’s o�ce?

�e following are questions which on the surface seem obvious, but have a huge impact on the quality of care that occurs in a given physical therapy care cycle.

• Is the clinic conveniently located near the patient’s home or work? • Do they have convenient hours?

• Is the support staff available for assisting with scheduling, as well going the extra mile to ensure that the patients are seen in a consistent manner and with the appropriate thera-pist?

• Is the billing office efficient and effective at answering patient’s questions and dealing with insurance billing issues?

Finally, it is important to remember that the care the patient receives in the physical therapist’s o�ce is a re�ec-tion of the physician who made the referral. You want your patients to feel like they have received appropriate care with a physical therapist that is capable, talented, skilled, possi-bly with advanced specialist certi�cation from the APTA, and most importantly professional. �is re�ects well in the patient’s outcome to physical therapy, as well as on the physician who made the referral. A professional partner relationship with a quality clinic can prove to be a win-win-win for patient, physician, and the partner clinic providing the valuable and necessary service.

PRACTICE MANAGEMENT

about the author:

Alan Finston - P.T.,OCS Ritm Certified Scenar TherapistFounder, ScenarPTBlaine, Washington

Alan is the founder of Whatcom Physical Therapy, a multi-location Physi-cal Therapy Clinic based in the state of Washington. Alan received an MPT from the University of Puget Sound in 1993 and a BA from Whitman College in 1987, and is Board Certified Orthopedic Specialist (OSC) American Physical Therapy Association, 6/01, Level II Orthopedic Certifi-cation in North American Institute of Manual Therapy.

29 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

Page 31: Today's Practice: Changing the Business of Medicine

The Perfect Compliment... (continued) Alan Finston, P.T., OSC

If a clinic is so busy that it can’t schedule a new patient for three to four weeks out, it presents di�culty for a patient obtaining the necessary care in a timely manner. Physicians should consider the timeliness with which the prospective physical therapy partner clinic is able to see their patients.

Additionally, the referring Physician should consider the experience they have had with the physical therapy clinic’s services in the past. Are the patients satis�ed with their care? Have the patients had a lot of di�erent thera-pists or have they been seen by a consistent provider?

Sometimes this is important, however it is situational. What is the “word of mouth” about the o�ce? Is it a clinic which takes time with their patients and spends the e�ort to tailor the therapy to the patient’s individual conditions or injury, or is it more of a “cookie cutter” approach, where patients experience a more generic protocol of techniques and exercises for a given condi-tion? Would a physician feel comfortable sending a family member to that o�ce? If no, then partnering with that clinic may not be an advisable proposition.

A typical referral cycle can be anywhere from 4-8 weeks , and up to 2-3 visits/week. Anything longer than that without a progress note/update may be indicative that care is occurring without adequate updates and reassess-ments.

• Is the physical therapy clinic’s communication timely with the physician’s o�ce?

• Does the office send timely evaluation reports, progress notes, and discharge summaries?

• Is there a good impression that care is occurring in an appropriate manner?

• Is the clinic requesting multiple referrals for continued care without appropriate progress notes or rechecks with the physician’s o�ce?

�e following are questions which on the surface seem obvious, but have a huge impact on the quality of care that occurs in a given physical therapy care cycle.

• Is the clinic conveniently located near the patient’s home or work? • Do they have convenient hours?

• Is the support staff available for assisting with scheduling, as well going the extra mile to ensure that the patients are seen in a consistent manner and with the appropriate thera-pist?

• Is the billing office efficient and effective at answering patient’s questions and dealing with insurance billing issues?

Finally, it is important to remember that the care the patient receives in the physical therapist’s o�ce is a re�ec-tion of the physician who made the referral. You want your patients to feel like they have received appropriate care with a physical therapist that is capable, talented, skilled, possi-bly with advanced specialist certi�cation from the APTA, and most importantly professional. �is re�ects well in the patient’s outcome to physical therapy, as well as on the physician who made the referral. A professional partner relationship with a quality clinic can prove to be a win-win-win for patient, physician, and the partner clinic providing the valuable and necessary service.

PRACTICE MANAGEMENT

about the author:

Alan Finston - P.T.,OCS Ritm Certified Scenar TherapistFounder, ScenarPTBlaine, Washington

Alan is the founder of Whatcom Physical Therapy, a multi-location Physi-cal Therapy Clinic based in the state of Washington. Alan received an MPT from the University of Puget Sound in 1993 and a BA from Whitman College in 1987, and is Board Certified Orthopedic Specialist (OSC) American Physical Therapy Association, 6/01, Level II Orthopedic Certifi-cation in North American Institute of Manual Therapy.

29 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

Page 32: Today's Practice: Changing the Business of Medicine

ESSENTIAL CONSIDERATIONSIN CHOOSING A SECURETEXT MESSAGING SERVICE5It’s well beyond crunch time. Following the Sept 23rd HIPAA Omnibus deadline, as the CIO of healthcare provider facility you’ve come to discover that a number of your physician and nurse providers have been communicating with one another over standard text message, exchanging information in a HIPAA noncompliant manner. �e time has come for these events turn into reportable breaches, so you decide to implement a secure text messaging application. What are the most important features you must take into consideration in choosing a vendor?

TECHNOLOGY

by richard wagner, jdcompliance evangelist, qliqsoft

“Using a cloud-based,decrypt-store-re-encrypt service leaves

your stored PHI at the mercy of your vendor’s security controls.“

31 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 32

Page 33: Today's Practice: Changing the Business of Medicine

ESSENTIAL CONSIDERATIONSIN CHOOSING A SECURETEXT MESSAGING SERVICE5It’s well beyond crunch time. Following the Sept 23rd HIPAA Omnibus deadline, as the CIO of healthcare provider facility you’ve come to discover that a number of your physician and nurse providers have been communicating with one another over standard text message, exchanging information in a HIPAA noncompliant manner. �e time has come for these events turn into reportable breaches, so you decide to implement a secure text messaging application. What are the most important features you must take into consideration in choosing a vendor?

TECHNOLOGY

by richard wagner, jdcompliance evangelist, qliqsoft

“Using a cloud-based,decrypt-store-re-encrypt service leaves

your stored PHI at the mercy of your vendor’s security controls.“

31 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 32

Page 34: Today's Practice: Changing the Business of Medicine

5 Essential Considerations... (continued) RICHARD WAGNER, JD

1. Peer-to-Peer Encryption Any secure text messaging service is better than nothing, but not all services are created equal. A P2P encryption infrastructure ensures that PHI is only being sent direct-ly from user to user, cutting out the middle man vendor server. Using a cloud-based, decrypt-store-re-encrypt service leaves your stored PHI at the mercy of your vendor’s security controls.

2. Data Archiving Just because you use a P2P encryption product doesn’t mean that you can’t store your own data. �e best secure text messaging services give their users complete control over their data, allowing them to store messages in their own data center or cloud. �is sort of data can provide all sorts of bene�ts to a CIO, from provider benchmarking information to even medical malpractice defense evidence.

3. Read Confirmation and Time Stamps �ese features add two essential bene�ts: usability and compliance protection. Read receipts ensure that urgent information was communicated to the recipient, allow-ing the sender to take other actions if necessary. Moreo-ver, in the event of a lost phone or other security incident, the ability to prove that the PHI-containing message was never read by a potential malicious third party is an essential component to a breach analysis.

4. Access Logs Speaking of breach analyses, the new breach standard outlined in the HIPAA Omnibus Regulations requires the analyst to prove that PHI was not accessed by a third party. Proving a negative can be almost impossible, especially in the context of a lost phone with local-

ly-stored PHI. However, if the secure texting application can provide access logs to the secured application, an analyst can easily show that PHI in question was kept safe. �is can be all the di�erence in a multi-million dollar privacy lawsuit.

5. Intuitive Usability Finally, a secure text messaging service will only be e�ective if your users decide to adopt it as a replacement to SMS. �erefore, usability is paramount. A simple interface goes a long way in achieving this, as do intuitive features such as group messaging and �le attachment. A usable service not only keeps your providers happy, but it also helps getting your users to buy in and stop texting PHI.

TECHNOLOGY

about the author:

RICHARD WAGNER, JDCompliance EvangelistqliqSoft

With a background in healthcare data security and privacy, Richard provides qliqSOFT and its customers guidance on IT regulatory compliance issues. Prior to his time at qliqSOFT, Richard served as the compliance and security officer for a number of health IT and provider organizations. Richard has also consulted industry groups on regula-tory issues, assisting the ILHIE on their efforts to create a statewide health information exchange and guiding the ABA eHealth Security subgroup in interpreting the recent HIPAA/HITECH Omnibus regula-tions. Richard has a law degree with a concentration in health law studies from the Saint Louis University School of Law.

33 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

California Colorado Connecticut Delaware District of Columbia Florida Nevada New Jersey New York Pennsylvania

Randall C. Schauer, Esq.Partner

[email protected]

Attorney Advertising

In a world of traditional thinking and conventional wisdom, where can you find a legal partner nimble enough to keep up with your business, entrepreneurial enough to understand your world, and imaginative enough to anticipate your next challenge?

Fox Rothschild could be just what you’re looking for. It’s what we like to think of as uncommon law.

NOT YOUR ORDINARY ATTORNEYS.

Page 35: Today's Practice: Changing the Business of Medicine

5 Essential Considerations... (continued) RICHARD WAGNER, JD

1. Peer-to-Peer Encryption Any secure text messaging service is better than nothing, but not all services are created equal. A P2P encryption infrastructure ensures that PHI is only being sent direct-ly from user to user, cutting out the middle man vendor server. Using a cloud-based, decrypt-store-re-encrypt service leaves your stored PHI at the mercy of your vendor’s security controls.

2. Data Archiving Just because you use a P2P encryption product doesn’t mean that you can’t store your own data. �e best secure text messaging services give their users complete control over their data, allowing them to store messages in their own data center or cloud. �is sort of data can provide all sorts of bene�ts to a CIO, from provider benchmarking information to even medical malpractice defense evidence.

3. Read Confirmation and Time Stamps �ese features add two essential bene�ts: usability and compliance protection. Read receipts ensure that urgent information was communicated to the recipient, allow-ing the sender to take other actions if necessary. Moreo-ver, in the event of a lost phone or other security incident, the ability to prove that the PHI-containing message was never read by a potential malicious third party is an essential component to a breach analysis.

4. Access Logs Speaking of breach analyses, the new breach standard outlined in the HIPAA Omnibus Regulations requires the analyst to prove that PHI was not accessed by a third party. Proving a negative can be almost impossible, especially in the context of a lost phone with local-

ly-stored PHI. However, if the secure texting application can provide access logs to the secured application, an analyst can easily show that PHI in question was kept safe. �is can be all the di�erence in a multi-million dollar privacy lawsuit.

5. Intuitive Usability Finally, a secure text messaging service will only be e�ective if your users decide to adopt it as a replacement to SMS. �erefore, usability is paramount. A simple interface goes a long way in achieving this, as do intuitive features such as group messaging and �le attachment. A usable service not only keeps your providers happy, but it also helps getting your users to buy in and stop texting PHI.

TECHNOLOGY

about the author:

RICHARD WAGNER, JDCompliance EvangelistqliqSoft

With a background in healthcare data security and privacy, Richard provides qliqSOFT and its customers guidance on IT regulatory compliance issues. Prior to his time at qliqSOFT, Richard served as the compliance and security officer for a number of health IT and provider organizations. Richard has also consulted industry groups on regula-tory issues, assisting the ILHIE on their efforts to create a statewide health information exchange and guiding the ABA eHealth Security subgroup in interpreting the recent HIPAA/HITECH Omnibus regula-tions. Richard has a law degree with a concentration in health law studies from the Saint Louis University School of Law.

33 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014

California Colorado Connecticut Delaware District of Columbia Florida Nevada New Jersey New York Pennsylvania

Randall C. Schauer, Esq.Partner

[email protected]

Attorney Advertising

In a world of traditional thinking and conventional wisdom, where can you find a legal partner nimble enough to keep up with your business, entrepreneurial enough to understand your world, and imaginative enough to anticipate your next challenge?

Fox Rothschild could be just what you’re looking for. It’s what we like to think of as uncommon law.

NOT YOUR ORDINARY ATTORNEYS.

Page 36: Today's Practice: Changing the Business of Medicine

EMV?is your practice ready for

By Alan Brandfon

TECHNOLOGY

about the author:

Alan BrandfonManaging PartnerPriority Payment Systems Atlantic

Alan Brandfon is the Managing Partner of Priority Payment Systems Atlantic and holds an M.B.A. in Accounting. Alan obtained his C.P.A. in 1992 and has worked in the financial industry for over 22 years. Mr. Brandfon's major focuses include increasing cash flow, collecting receivables, decreasing bad-debt expense, lowering credit card expenses and offering a myriad of payment solutions to all businesses.Mr. Brandfon presently sits on the Advisory Board of Governors at the Boca Raton Resort and Club, a Blackstone company.

In Your Practice Ready... (continued) Alan Brandfon

�e evolution of EMV technology is something that will impact every business that accepts payment cards. EMV (which stands for the original founders Europay, Master-Card and Visa) is a global card security standard that has been widely adopted outside the United States to combat counterfeit cards and fraud. �e United States is in the process of migrating from traditional magnetic stripe technology to chip technology following EMV standards. EMVCo, which is owned by American Express, JCB, MasterCard and Visa manages and maintains the EMV speci�cations.

Since April of 2013, acquirers and processors have been required to support acceptance of EMV chip transactions. In October of 2015, any practice that does not process 75 percent of its transactions through an EMV-enabled terminal must assume the liability for fraud.

How does EMV work?

At a very high level, there are two basic types of EMV certi�ed transactions: “Contact” and “Contactless.” A “Contact” EMV transaction is a chip card that must be inserted into the terminal. A “Contactless” EMV trans-action (using a card or Smartphone) can be tapped on the POS terminal or a peripheral device. With card present transactions, either a signature or a PIN is required. Most US processors have opted for “chip and signature” cards; “chip and PIN” is more prevalent in Europe.

�e EMV Migration Forum reports that an estimated 17 to 20 million chip-enabled cards had been issued in the US by the end of 2013. �e group expects another 100 million or more chip-enabled cards to be issued in 2014.

How Will EMV Impact Your Practice?

Practices that have not adopted contact chip technology by October of 2015 will be liable for losses linked to card fraud, if EMV chip technology could have prevented the fraud. Hospitals, physicians’ o�ces and all other health-

care providers that accept credit or debit cards for payment are strongly urged to upgrade their equipment at some point before the liability shi�.

How Can You Get Ready for EMV?

Now is the time to begin to adopt EMV protocol, ahead of the October 2015 deadline. EMV compatible termi-nals are now available and can be implemented in your place of business. Start planning to replace your current terminal, whether hardware or virtual, computer-based systems.

Regions that have transitioned to EMV already have seen drastic reductions in fraud losses. As the amount of fraud continues to rise in the U.S., an investment in payment technology is inevitable to provide a more secure environment for your patients to pay for appoint-ments, medications and other services.

In October of 2015, any practice that does not process 75 percent

of its transactions through an EMV-enabled terminal must

assume the liability for fraud.

35 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 36

Page 37: Today's Practice: Changing the Business of Medicine

EMV?is your practice ready for

By Alan Brandfon

TECHNOLOGY

about the author:

Alan BrandfonManaging PartnerPriority Payment Systems Atlantic

Alan Brandfon is the Managing Partner of Priority Payment Systems Atlantic and holds an M.B.A. in Accounting. Alan obtained his C.P.A. in 1992 and has worked in the financial industry for over 22 years. Mr. Brandfon's major focuses include increasing cash flow, collecting receivables, decreasing bad-debt expense, lowering credit card expenses and offering a myriad of payment solutions to all businesses.Mr. Brandfon presently sits on the Advisory Board of Governors at the Boca Raton Resort and Club, a Blackstone company.

In Your Practice Ready... (continued) Alan Brandfon

�e evolution of EMV technology is something that will impact every business that accepts payment cards. EMV (which stands for the original founders Europay, Master-Card and Visa) is a global card security standard that has been widely adopted outside the United States to combat counterfeit cards and fraud. �e United States is in the process of migrating from traditional magnetic stripe technology to chip technology following EMV standards. EMVCo, which is owned by American Express, JCB, MasterCard and Visa manages and maintains the EMV speci�cations.

Since April of 2013, acquirers and processors have been required to support acceptance of EMV chip transactions. In October of 2015, any practice that does not process 75 percent of its transactions through an EMV-enabled terminal must assume the liability for fraud.

How does EMV work?

At a very high level, there are two basic types of EMV certi�ed transactions: “Contact” and “Contactless.” A “Contact” EMV transaction is a chip card that must be inserted into the terminal. A “Contactless” EMV trans-action (using a card or Smartphone) can be tapped on the POS terminal or a peripheral device. With card present transactions, either a signature or a PIN is required. Most US processors have opted for “chip and signature” cards; “chip and PIN” is more prevalent in Europe.

�e EMV Migration Forum reports that an estimated 17 to 20 million chip-enabled cards had been issued in the US by the end of 2013. �e group expects another 100 million or more chip-enabled cards to be issued in 2014.

How Will EMV Impact Your Practice?

Practices that have not adopted contact chip technology by October of 2015 will be liable for losses linked to card fraud, if EMV chip technology could have prevented the fraud. Hospitals, physicians’ o�ces and all other health-

care providers that accept credit or debit cards for payment are strongly urged to upgrade their equipment at some point before the liability shi�.

How Can You Get Ready for EMV?

Now is the time to begin to adopt EMV protocol, ahead of the October 2015 deadline. EMV compatible termi-nals are now available and can be implemented in your place of business. Start planning to replace your current terminal, whether hardware or virtual, computer-based systems.

Regions that have transitioned to EMV already have seen drastic reductions in fraud losses. As the amount of fraud continues to rise in the U.S., an investment in payment technology is inevitable to provide a more secure environment for your patients to pay for appoint-ments, medications and other services.

In October of 2015, any practice that does not process 75 percent

of its transactions through an EMV-enabled terminal must

assume the liability for fraud.

35 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 36

Page 38: Today's Practice: Changing the Business of Medicine

for today’s healthcare practice.

Managing the

Health of your

Practice.

Billing Management EMRINCLUDING FREE

AND NOCONTRACT!An unbelievable flat rate starting as low as 4.5%*

You keep 100% of patient copayments and deductibles

Daily posting of EOBs

Automatic appeal for all denied claims

FREE Insurance Verification and Pre-authorization

Extremely Low Credentialing Fee

Free EMR

No Contract

Cancel Anytime

30 DAY FREE TRIAL

Doctors Billing Solution is able to comprehensively serve any type of healthcare practice throughout the nation. We work just as hard for small practices as for the large ones. Our experienced team of billing specialists is determined to turn your unresolved claims into compensation that you deserve. As a company that specializes in all forms of medical billing, DBS is the only resource you will ever need to improve your cash flow.

Start your 30 DAY FREE TRIAL by visiting www.DoctorsBillingSolution.com

* Rates subject to approval

Call 844.855.1300 today.

Page 39: Today's Practice: Changing the Business of Medicine

for today’s healthcare practice.

Managing the

Health of your

Practice.

Billing Management EMRINCLUDING FREE

AND NOCONTRACT!An unbelievable flat rate starting as low as 4.5%*

You keep 100% of patient copayments and deductibles

Daily posting of EOBs

Automatic appeal for all denied claims

FREE Insurance Verification and Pre-authorization

Extremely Low Credentialing Fee

Free EMR

No Contract

Cancel Anytime

30 DAY FREE TRIAL

Doctors Billing Solution is able to comprehensively serve any type of healthcare practice throughout the nation. We work just as hard for small practices as for the large ones. Our experienced team of billing specialists is determined to turn your unresolved claims into compensation that you deserve. As a company that specializes in all forms of medical billing, DBS is the only resource you will ever need to improve your cash flow.

Start your 30 DAY FREE TRIAL by visiting www.DoctorsBillingSolution.com

* Rates subject to approval

Call 844.855.1300 today.

Page 40: Today's Practice: Changing the Business of Medicine

of medical record scanningKey benefitsby allan w. germanSolaris Imaging Pro.

�ere are many bene�ts associated with the digitization of paper medical records. Whether or not your organization is using or considering a term purchase of an EMR (Electronic Medical Record) System, DMS (Document Management System) or just looking to clear up some valuable space currently being over-run with boxes of old documents, the digitization of your paper records is a critical step in realizing new �nancial and operational bene�ts.

�e introduction of the Health Insurance Portability and Accountability Act (HIPAA) has made it far more critical to identify more viable solutions to address paper medical records and security issues. Managing paper medical records required a certain standardized set of practices in place for protecting medical privacy, and when and how this information could be shared. As a result there were key security concerns associated with paper medical records that needed to be addressed.

Paper records are o�en hard to track and locate. �ere is a greater chance that a document in the patients chart can be misplaced or even worst end up in a di�erent patients chart.

Typically paper medical records are stored on shelves or an o�-site storage facility. �ese type of environments are vulnerable to a number of security and preservation issues. �is especially applies to areas of the country that are a�ected by tornados, hurricanes and severe �ooding.

Faxing and copying paper medical records can potentially end up in a trash can or accidentally be transmitted to the wrong recipient or location. �is creates a further security concern and the pros-pects become greater for identity the�.

�ere were many other security issues which included mis�led or misplaced medical records.

TECHNOLOGY

39 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 40

Page 41: Today's Practice: Changing the Business of Medicine

of medical record scanningKey benefitsby allan w. germanSolaris Imaging Pro.

�ere are many bene�ts associated with the digitization of paper medical records. Whether or not your organization is using or considering a term purchase of an EMR (Electronic Medical Record) System, DMS (Document Management System) or just looking to clear up some valuable space currently being over-run with boxes of old documents, the digitization of your paper records is a critical step in realizing new �nancial and operational bene�ts.

�e introduction of the Health Insurance Portability and Accountability Act (HIPAA) has made it far more critical to identify more viable solutions to address paper medical records and security issues. Managing paper medical records required a certain standardized set of practices in place for protecting medical privacy, and when and how this information could be shared. As a result there were key security concerns associated with paper medical records that needed to be addressed.

Paper records are o�en hard to track and locate. �ere is a greater chance that a document in the patients chart can be misplaced or even worst end up in a di�erent patients chart.

Typically paper medical records are stored on shelves or an o�-site storage facility. �ese type of environments are vulnerable to a number of security and preservation issues. �is especially applies to areas of the country that are a�ected by tornados, hurricanes and severe �ooding.

Faxing and copying paper medical records can potentially end up in a trash can or accidentally be transmitted to the wrong recipient or location. �is creates a further security concern and the pros-pects become greater for identity the�.

�ere were many other security issues which included mis�led or misplaced medical records.

TECHNOLOGY

39 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 40

Page 42: Today's Practice: Changing the Business of Medicine

Key Benefits... (continued) Alan W. German

In addition, medical o�ces can greatly improve on regu-latory compliance, reduce labor costs, increase produc-tivity around shared documents across all aspects of the organization (patient records, human resources, accounting etc.). Add to this list a reduction in the cost of storage and the retrieval of documents, paper, paper clips, staples, folders, labels, printing, mailing, faxing and special delivery.

Currently, if you only have paper �les, chances are that you do not have a disaster recovery capability in place. A catastrophic event could virtually cripple the practice. Most physicians operate their practices as cost centers and not pro�t centers. O�ce space is becoming more important as physicians struggle with overhead, and one way to shrink costs is by removing �ling cabinets and shelves which allowing for maximized space and increased patient volume.

TECHNOLOGY

about the author:

Alan W. GermanSenior VP of Sales and MarketingSolaris Imaging Pro.Boca Raton, Florida

Allan W. German is currently the Senior VP of Sales and Marketing for Solaris LLC a Florida based custom document imaging and manage-ment software company. Allan has over thirty five years of experience in the document imaging and software industry, including six years in healthcare principally in sales and management positions. Previously he was a National Account Executive with Ricoh and Toshiba Business Solutions, an HP Accredited Sales Professional and was VP of Sales for The Digital Library Systems Group a wholly owned subsidiary of Image Access Inc. where he was responsible for creating a brand name for digitization software that was specifically designed for University and College Libraries.

“Is a medical office the right place to be conducting a

Treasure Hunt?”

I am o�en reminded of a story that was shared with me by a practice administrator for a large group of physi-cians. As she was trying to locate a patient chart, she announced to her sta� that that the �rst person who could locate the chart would be treated to lunch that day. Which begs the question, “Is a medical o�ce the right place to be conducting a Treasure Hunt?”.HIRING STRATEGIES

FOR TODAY’S PACE OF

BUSINESS.com

SPECIALIZING IN:

RECRUIT ING

ASSESSMENT

PERFORMANCE ACCELERAT ION

RAPID REVENUE STRATEGIES

SCALABLE GROWTH STRATEGIES

ENTREPRENEURIAL TEAMS

HUMAN RESOURCE STRATEGIES

TALENT ACQUIS IT ION AND MANAGEMENT STRATEGIES

Helping Entrepreneurs and ManagersLearn to Hire Wel l and Fire Wel l

www.MySuccess .com 1.702.740.8080

July/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 42

Page 43: Today's Practice: Changing the Business of Medicine

Key Benefits... (continued) Alan W. German

In addition, medical o�ces can greatly improve on regu-latory compliance, reduce labor costs, increase produc-tivity around shared documents across all aspects of the organization (patient records, human resources, accounting etc.). Add to this list a reduction in the cost of storage and the retrieval of documents, paper, paper clips, staples, folders, labels, printing, mailing, faxing and special delivery.

Currently, if you only have paper �les, chances are that you do not have a disaster recovery capability in place. A catastrophic event could virtually cripple the practice. Most physicians operate their practices as cost centers and not pro�t centers. O�ce space is becoming more important as physicians struggle with overhead, and one way to shrink costs is by removing �ling cabinets and shelves which allowing for maximized space and increased patient volume.

TECHNOLOGY

about the author:

Alan W. GermanSenior VP of Sales and MarketingSolaris Imaging Pro.Boca Raton, Florida

Allan W. German is currently the Senior VP of Sales and Marketing for Solaris LLC a Florida based custom document imaging and manage-ment software company. Allan has over thirty five years of experience in the document imaging and software industry, including six years in healthcare principally in sales and management positions. Previously he was a National Account Executive with Ricoh and Toshiba Business Solutions, an HP Accredited Sales Professional and was VP of Sales for The Digital Library Systems Group a wholly owned subsidiary of Image Access Inc. where he was responsible for creating a brand name for digitization software that was specifically designed for University and College Libraries.

“Is a medical office the right place to be conducting a

Treasure Hunt?”

I am o�en reminded of a story that was shared with me by a practice administrator for a large group of physi-cians. As she was trying to locate a patient chart, she announced to her sta� that that the �rst person who could locate the chart would be treated to lunch that day. Which begs the question, “Is a medical o�ce the right place to be conducting a Treasure Hunt?”.HIRING STRATEGIES

FOR TODAY’S PACE OF

BUSINESS.com

SPECIALIZING IN:

RECRUIT ING

ASSESSMENT

PERFORMANCE ACCELERAT ION

RAPID REVENUE STRATEGIES

SCALABLE GROWTH STRATEGIES

ENTREPRENEURIAL TEAMS

HUMAN RESOURCE STRATEGIES

TALENT ACQUIS IT ION AND MANAGEMENT STRATEGIES

Helping Entrepreneurs and ManagersLearn to Hire Wel l and Fire Wel l

www.MySuccess .com 1.702.740.8080

July/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 42

Page 44: Today's Practice: Changing the Business of Medicine

understand and benefit from today’s landscape

Estate Planningfor retirement accounts

or many of us, “quali�ed retirement accounts” such as IRAs and 401Ks make up the bulk of our retire-ment savings. �ese accounts, which are funded with pre-tax earnings and grow income tax-free, are great vehicles for saving and investing, but pose a unique challenge in the estate planning process.

LEGAL

F

Brendan J. King, Esquireestate preservation law offices

43 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 44

Page 45: Today's Practice: Changing the Business of Medicine

understand and benefit from today’s landscape

Estate Planningfor retirement accounts

or many of us, “quali�ed retirement accounts” such as IRAs and 401Ks make up the bulk of our retire-ment savings. �ese accounts, which are funded with pre-tax earnings and grow income tax-free, are great vehicles for saving and investing, but pose a unique challenge in the estate planning process.

LEGAL

F

Brendan J. King, Esquireestate preservation law offices

43 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 44

Page 46: Today's Practice: Changing the Business of Medicine

Estate Planning... (continued) Brendan J. King, Esquire

Because quali�ed retirement accounts are funded with pre-tax dollars, distributions that are later taken from the accounts are fully income taxable to the recipient – both to you during your life as the original account owner/-contributor, and to your bene�ciaries a�er your death.

In a typical retirement scenario, quali�ed retirement accounts are used to supplement retirement income and are spent slowly over a period of years. When the origi-nal account holder reaches age 70 ½, he/she must begin taking “required minimum distributions” (RMDs) from the account – and as the money comes out, the income taxes get paid. Most owners avoid taking more than the RMD to minimize the income tax obligation in any one year and maximize the tax-free growth of the account.

Upon the owner’s death, the account passes automatical-ly to the bene�ciaries named by the owner when he/she set up the account. If a spouse is named he/she may elect a “spousal rollover” and continue deferring distributions until 70 ½. All other non-spousal bene�ciaries have two options: 1) take a lump-sum distribution and pay all the

income taxes at once, or 2) establish an “inherited IRA”, which allows the new owner to begin taking RMDs calculated on the basis of his/her actuarial life expectan-cy. �e latter is clearly a better option for income tax planning (taxes paid in any one year will be minimal because withdrawals are stretched over a long period of time) and retirement savings (the account balance continues to grow tax-free).

Now for the estate planning challenge: statistically, inherited money is spent at a substantially faster rate than earned/saved money. �is means that a�er the account holder dies, children and other bene�ciaries are more likely than not to withdraw the account in one lump sum, pay all the income taxes at once, and spend the money. For the average bene�ciary, the damage consists of a huge tax hit and a loss of potential future earnings – not an ideal result, but not the end of the world.

But what about bene�ciaries who are �nancially vulnera-ble because they are young, disabled/receiving bene�ts, struggling with an addiction, facing bankruptcy or on

LEGAL

the verge of a divorce? �e safest option in these cases is to designate a trust for such person’s bene�t rather than name the person directly as bene�ciary. However, IRS regulations only permit a “designated bene�ciary” to stretch the withdrawals over a bene�ciary’s life expectan-cy, and most trusts used in estate planning do not meet this requirement. Bottom line: the trust would have to withdraw the account funds over a shortened period of time – as few as �ve years – resulting in higher income taxes and loss of tax-free growth.

�is poses a tough choice for quali�ed retirement account owners: Do you name your bene�ciaries directly so they will have the option of using their life expectancy to stretch the distributions, but risk them losing the account to impulsive spending or third parties (credi-tors, divorcing spouses, etc.)? Or do you protect the inheritance inside a trust for the bene�t of your bene�-ciaries, but knowing they will end up paying higher income taxes and losing the long term tax-free growth?

�e good news is that there is now a third option: name a special “Retirement Trust” that acts as a “designated bene�ciary”, allowing the life expectancy of the individu-al bene�ciaries inside the trust to be utilized to stretch the distributions to the trust over the life expectancy of the individual(s) (thereby minimizing taxes/achieving long term tax-free growth), while at the same time protecting the account and the distributions from �nan-cial threats the bene�ciary may face.

If you have a quali�ed/pre-tax retirement account, take the time to think about your intended bene�ciaries and whether they may be �nancially vulnerable based on age, marital status, health/disability, �nancial acumen, personal or professional activities that may expose them to lawsuits, prior bankruptcies or judgments, or any other reason. If so, you should consider establishing a Retirement Trust as part of your estate plan. Even if you have done Roth conversions on your IRAs, there are still RMD components and post-conversion taxable growth with which to contend.

Estate Planning... (continued) Brendan J. King, Esquire

about the author:

Brendan J. King, EsquirePartnerEstate Preservation Law OfficesWorcester, Massachusetts

Brendan J. King is a founding partner at Estate Preservation Law Offices. Brendan has earned a reputation for his expertise integrating asset protection and wealth preservation with estate planning. He has extensive experience in the complexities of estate planning and probate matters, and in managing the administration of trusts and estates. Additionally, his Master of Laws in Taxation uniquely positions him to understand and respond to tax consequences fundamental to estate planning. Brendan’s industry knowledge is broad, encompass-ing estate planning, asset protection, tax planning, business and succession planning, trust and estate administration, elder and disability law and financial aid planning. Prior to establishing the firm, he was a partner at the Worcester law firm of Fusaro, Altomare & Ermilio where he established and chaired its Estate, Trust and Tax Department.

Brendan has long been involved in community outreach. He is a former board member of Forward in Health and travelled with that organiza-tion on a medical mission to Haiti. He has served the Worcester Art Museum as a trustee, corporator, and president of its Members Coun-cil. He served on the Worcester State Foundation as vice-chair of the Planned Giving Committee, and on the Becker College Board of Trustees. He is a lifetime member of the National Eagle Scouts Associ-ation and serves on the Board of Directors for the National Education for Assistance Dog Services (NEADS).

Brendan is a presenter at numerous community and professional seminars on a variety of topics. He was a co-host on Money Matters Radio for several years and has been a guest on local radio and cable TV shows.

Brendan has been recognized three times as a Massachusetts Rising Star by Super Lawyers, a Thomson Reuters Service. He is a past recipient of Worcester Business Journal’s Forty under 40 award.

“Do you name your beneficiaries directly so they will have the option of using their life expectancy to stretch the distributions, but risk them losing

the account to impulsive spending or third parties (creditors, divorcing spouses, etc.)?”

45 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 46

Page 47: Today's Practice: Changing the Business of Medicine

Estate Planning... (continued) Brendan J. King, Esquire

Because quali�ed retirement accounts are funded with pre-tax dollars, distributions that are later taken from the accounts are fully income taxable to the recipient – both to you during your life as the original account owner/-contributor, and to your bene�ciaries a�er your death.

In a typical retirement scenario, quali�ed retirement accounts are used to supplement retirement income and are spent slowly over a period of years. When the origi-nal account holder reaches age 70 ½, he/she must begin taking “required minimum distributions” (RMDs) from the account – and as the money comes out, the income taxes get paid. Most owners avoid taking more than the RMD to minimize the income tax obligation in any one year and maximize the tax-free growth of the account.

Upon the owner’s death, the account passes automatical-ly to the bene�ciaries named by the owner when he/she set up the account. If a spouse is named he/she may elect a “spousal rollover” and continue deferring distributions until 70 ½. All other non-spousal bene�ciaries have two options: 1) take a lump-sum distribution and pay all the

income taxes at once, or 2) establish an “inherited IRA”, which allows the new owner to begin taking RMDs calculated on the basis of his/her actuarial life expectan-cy. �e latter is clearly a better option for income tax planning (taxes paid in any one year will be minimal because withdrawals are stretched over a long period of time) and retirement savings (the account balance continues to grow tax-free).

Now for the estate planning challenge: statistically, inherited money is spent at a substantially faster rate than earned/saved money. �is means that a�er the account holder dies, children and other bene�ciaries are more likely than not to withdraw the account in one lump sum, pay all the income taxes at once, and spend the money. For the average bene�ciary, the damage consists of a huge tax hit and a loss of potential future earnings – not an ideal result, but not the end of the world.

But what about bene�ciaries who are �nancially vulnera-ble because they are young, disabled/receiving bene�ts, struggling with an addiction, facing bankruptcy or on

LEGAL

the verge of a divorce? �e safest option in these cases is to designate a trust for such person’s bene�t rather than name the person directly as bene�ciary. However, IRS regulations only permit a “designated bene�ciary” to stretch the withdrawals over a bene�ciary’s life expectan-cy, and most trusts used in estate planning do not meet this requirement. Bottom line: the trust would have to withdraw the account funds over a shortened period of time – as few as �ve years – resulting in higher income taxes and loss of tax-free growth.

�is poses a tough choice for quali�ed retirement account owners: Do you name your bene�ciaries directly so they will have the option of using their life expectancy to stretch the distributions, but risk them losing the account to impulsive spending or third parties (credi-tors, divorcing spouses, etc.)? Or do you protect the inheritance inside a trust for the bene�t of your bene�-ciaries, but knowing they will end up paying higher income taxes and losing the long term tax-free growth?

�e good news is that there is now a third option: name a special “Retirement Trust” that acts as a “designated bene�ciary”, allowing the life expectancy of the individu-al bene�ciaries inside the trust to be utilized to stretch the distributions to the trust over the life expectancy of the individual(s) (thereby minimizing taxes/achieving long term tax-free growth), while at the same time protecting the account and the distributions from �nan-cial threats the bene�ciary may face.

If you have a quali�ed/pre-tax retirement account, take the time to think about your intended bene�ciaries and whether they may be �nancially vulnerable based on age, marital status, health/disability, �nancial acumen, personal or professional activities that may expose them to lawsuits, prior bankruptcies or judgments, or any other reason. If so, you should consider establishing a Retirement Trust as part of your estate plan. Even if you have done Roth conversions on your IRAs, there are still RMD components and post-conversion taxable growth with which to contend.

Estate Planning... (continued) Brendan J. King, Esquire

about the author:

Brendan J. King, EsquirePartnerEstate Preservation Law OfficesWorcester, Massachusetts

Brendan J. King is a founding partner at Estate Preservation Law Offices. Brendan has earned a reputation for his expertise integrating asset protection and wealth preservation with estate planning. He has extensive experience in the complexities of estate planning and probate matters, and in managing the administration of trusts and estates. Additionally, his Master of Laws in Taxation uniquely positions him to understand and respond to tax consequences fundamental to estate planning. Brendan’s industry knowledge is broad, encompass-ing estate planning, asset protection, tax planning, business and succession planning, trust and estate administration, elder and disability law and financial aid planning. Prior to establishing the firm, he was a partner at the Worcester law firm of Fusaro, Altomare & Ermilio where he established and chaired its Estate, Trust and Tax Department.

Brendan has long been involved in community outreach. He is a former board member of Forward in Health and travelled with that organiza-tion on a medical mission to Haiti. He has served the Worcester Art Museum as a trustee, corporator, and president of its Members Coun-cil. He served on the Worcester State Foundation as vice-chair of the Planned Giving Committee, and on the Becker College Board of Trustees. He is a lifetime member of the National Eagle Scouts Associ-ation and serves on the Board of Directors for the National Education for Assistance Dog Services (NEADS).

Brendan is a presenter at numerous community and professional seminars on a variety of topics. He was a co-host on Money Matters Radio for several years and has been a guest on local radio and cable TV shows.

Brendan has been recognized three times as a Massachusetts Rising Star by Super Lawyers, a Thomson Reuters Service. He is a past recipient of Worcester Business Journal’s Forty under 40 award.

“Do you name your beneficiaries directly so they will have the option of using their life expectancy to stretch the distributions, but risk them losing

the account to impulsive spending or third parties (creditors, divorcing spouses, etc.)?”

45 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 46

Page 48: Today's Practice: Changing the Business of Medicine

Can you become aFinancial McGyver?

from the

tax trapEscapeby christopher hynes, jd, cfp®advisor to the advisors

FINANCE

In Wyle E. Coyote fashion, at the bottom of the dreaded Fiscal Cli� at the end of 2012, sat a large (albeit metaphorical) trampoline that propelled many of our clients into higher income tax brackets at a frightening speed. While federal estate and gi� taxes remained largely unchanged, income taxes increased dramatically. As such, when many of our physician clients completed their 2013 income tax returns, their feathers became more than a bit ru�ed by the resulting increase in Uncle Sam’s portion of their income last year. Clearly, the reappearance of the 39.6% tax bracket and the 2% payroll tax along with tax rate newcomers—20% (capital gains), 3.8% (ACA tax) and .9% (Medicare increase) will combine with a 3% itemized deduction phase-out (Pease provision) to ensure that we’re all paying our “fair share.”

When bad news like this hits, you could just say “Uncle” (and then in this case, “Sam”) and begin Dreaming of a Lean Christmas or engaging in the fruitless pursuit of playing the political blame game. Instead, as tax and �nancial planners, we endeavor to o�er practical solutions to our clients that will not only enable them to keep more of what they earn now but also help them Escape from the Tax Trap that many of them have been unknowingly building for years. By way of example, below is a paraphrased excerpt from a discussion we recently had with Tom, a 59 year old gastroenterologist who was recently referred to us by his investment manager (with whom we’ve been working for several years). Some facts: Tom owns 50% owner of his incorporated practice along with one other partner. �ey have 5 other employees (3 admin. and 2 nurses). His adjusted gross income is approximately $650,000 and he contributes the maximum to his SEP IRA annually. He has a substantial net worth including $500,000 in his SEP and $1.5 million in various a�er-tax investment accounts. Tom is very involved with 2 non-pro�ts as a board member, volunteer and donor.

HYNES: Good morning Tom, how have you been?

TOM: Well, I just met with my CPA last week and I’m more than a little freaked out. He told me about all of the tax increases and that new itemized deduction phaseout along with Alternative Mini-mum Tax that I always seem to fall into and how it’s going to a�ect me. Let me tell you, it’s all a bit unsettling.

47 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 48

Page 49: Today's Practice: Changing the Business of Medicine

Can you become aFinancial McGyver?

from the

tax trapEscapeby christopher hynes, jd, cfp®advisor to the advisors

FINANCE

In Wyle E. Coyote fashion, at the bottom of the dreaded Fiscal Cli� at the end of 2012, sat a large (albeit metaphorical) trampoline that propelled many of our clients into higher income tax brackets at a frightening speed. While federal estate and gi� taxes remained largely unchanged, income taxes increased dramatically. As such, when many of our physician clients completed their 2013 income tax returns, their feathers became more than a bit ru�ed by the resulting increase in Uncle Sam’s portion of their income last year. Clearly, the reappearance of the 39.6% tax bracket and the 2% payroll tax along with tax rate newcomers—20% (capital gains), 3.8% (ACA tax) and .9% (Medicare increase) will combine with a 3% itemized deduction phase-out (Pease provision) to ensure that we’re all paying our “fair share.”

When bad news like this hits, you could just say “Uncle” (and then in this case, “Sam”) and begin Dreaming of a Lean Christmas or engaging in the fruitless pursuit of playing the political blame game. Instead, as tax and �nancial planners, we endeavor to o�er practical solutions to our clients that will not only enable them to keep more of what they earn now but also help them Escape from the Tax Trap that many of them have been unknowingly building for years. By way of example, below is a paraphrased excerpt from a discussion we recently had with Tom, a 59 year old gastroenterologist who was recently referred to us by his investment manager (with whom we’ve been working for several years). Some facts: Tom owns 50% owner of his incorporated practice along with one other partner. �ey have 5 other employees (3 admin. and 2 nurses). His adjusted gross income is approximately $650,000 and he contributes the maximum to his SEP IRA annually. He has a substantial net worth including $500,000 in his SEP and $1.5 million in various a�er-tax investment accounts. Tom is very involved with 2 non-pro�ts as a board member, volunteer and donor.

HYNES: Good morning Tom, how have you been?

TOM: Well, I just met with my CPA last week and I’m more than a little freaked out. He told me about all of the tax increases and that new itemized deduction phaseout along with Alternative Mini-mum Tax that I always seem to fall into and how it’s going to a�ect me. Let me tell you, it’s all a bit unsettling.

47 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 48

Page 50: Today's Practice: Changing the Business of Medicine

Escape from... (continued) Christopher Hynes, JD, CFP®

HYNES: What did he suggest you do? TOM: Well, at �rst he suggested that I max out my SEP. But, a�er running some numbers, we �gured out that I had already done that for the year. �en, he discussed the possi-bility of ‘hiring’ my wife and then taking her earnings and contributing the maximum we could to a SEP for her. What do you think of that strategy?

HYNES: Well, I think that could be a good anesthetic to relieve your immediate �nancial pain. But I’d rather discuss options to heal that pain at its source.

TOM: Ok. Now you’re talking my language, I think. What do you mean, speci�cally?

HYNES: Contributions to pre-tax retirement plans such as SEPs, 401(k)s, 403(b)s etc. delay the imposition of taxes rather than avoiding them altogether. So, by providing a short-term �x you create some long-term issues.

TOM: I see. But, I’ll be in a lower tax bracket when I retire so I’ll make out on the deal, right?

HYNES: Not necessarily. �at seems to be an accepted ‘truth’ in �nancial planning but let’s look at that chestnut critically. You’re familiar with the $17 trillion de�cit and the $125 trillion unfunded liabilities of the U.S. govern-ment?

TOM: Yes, we were in New York City a couple of weeks back and when I looked at the debt clock I almost threw up my corn beef sandwich from the Carnegie Deli. It’s simultaneously alarming and depressing.

HYNES: Well, there are only 2 ways the government can deal with this debt: Spend Less or Tax More. Which do you think they’re inclined to do?

TOM: Ok, I get your point.

HYNES: Also, let’s look at tax rates in the context of histo-

ry…since the Temporary Income Tax was levied in 1913, the average tax rate has been much higher than it is currently. TOM: So, I could actually distribute the money from my SEP at a higher tax rate than I was able to deduct when I contributed it. Ugh. Great! But it’s too late now, the money is already trapped in there. I’ll just begin taking it out when the government forces me to—at age 71, right?—and roll the dice. Let’s talk about what I can do to lower my current income tax bill without trapping me in the same predicament.

HYNES: We do have strategies to lower your current income tax—beyond your SEP IRA—that we’ll discuss at our next meeting. For now, let’s talk about converting that SEP to a Roth IRA so you won’t be taxed on that money again.

TOM: Hang on…I’ve already looked at a Roth conversion and I’m not interested in paying all those taxes up front. �at would be a huge hit.

HYNES: I understand. Many of our clients feel the same way. �at’s why we suggest a review of several advanced concepts that could enable you to o�set a big chunk of those taxes when you convert your traditional IRA to a Roth.

TOM: Sounds either illegal or too good to be true…which is it?

HYNES: Well, neither, of course. One idea is to take about $1 million of your brokerage account balance and donate it to a Charitable Lead Trust (CLT). �e CLT would be set up for a 10 year period only. During that time, your Donor-Advised Fund (DAF) would accept annual “lead” gi�s from the CLT at 5% of the initial CLT balance—in this case, approximately $50,000. At the end of the 10-year term, the CLT balance would be returned to you tax-free. You could continue to donate to your 2 favorite charities; your DAF would just act as an intermediary of sorts. �is would enable you to maintain control over your lead gi�s and even let them accumulate over time.

PRACTICE MANAGEMENT

TOM: OK, I’m tracking. So, I imagine there’s a tax deduc-tion for the charitable contribution, right?

HYNES: Yes. And because interest rates are low, that deduc-tion is sizable.

TOM: Even though I get the money back?... Well, provided that my investment returns do better than the payout I make each year, I’ll get it back—and maybe more, right?

HYNES: Correct. �e tax calculation is based on a rate that is currently much lower than your 5% CLT distribution rate. So, even though you could have a balance le� at the end of the CLT term, there is still a present-value tax deduction that approximates 50% of the amount you contribute to the CLT. �at rate changes around the 20th of each month but you can use the lowest rate from the preceding 2 months if the rate ticks up as it has been recently…

So, in short, you would be able to o�set all of your income tax liability from the IRA conversion. As an aside, this would have to occur over a 2-year period because the deduction could be no more than 30% of your total Adjusted Gross Income in any one year. �en, as long as you could achieve better than a 5% annual a�er-tax return in the CLT (to o�set your Lead payments), you would receive all of your money back at the end of the 10-year term and, in the meantime, your Roth will have been growing tax-free for the next 10 years.

Escape from... (continued) Christopher Hynes, JD, CFP®

about the author:

Christopher Hynes, JD, CFP®Attorney and Certified Financial PlannerAdvisor to the AdvisorsWorcester, Massachusetts

As one of approximately 1,800 attorneys who are also Certified Financial Planners™, Chris Hynes’ education, training and experience furnish him with a unique perspective on complex financial structures, issues and products. Since his admission to the Massachusetts Bar almost 20 years ago, Chris has provided estate planning, insurance planning, financial and tax counsel to hundreds of individuals, businesses and non-profit entities. While serving as Senior Partner and Director of Advanced Planningfor an independent, 10-advisor Massa-chusetts-based wealth management team, Chris quickly earned a reputation among his peers as a financial innovator in the insurance and fixed product arena.

49 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 50

Page 51: Today's Practice: Changing the Business of Medicine

Escape from... (continued) Christopher Hynes, JD, CFP®

HYNES: What did he suggest you do? TOM: Well, at �rst he suggested that I max out my SEP. But, a�er running some numbers, we �gured out that I had already done that for the year. �en, he discussed the possi-bility of ‘hiring’ my wife and then taking her earnings and contributing the maximum we could to a SEP for her. What do you think of that strategy?

HYNES: Well, I think that could be a good anesthetic to relieve your immediate �nancial pain. But I’d rather discuss options to heal that pain at its source.

TOM: Ok. Now you’re talking my language, I think. What do you mean, speci�cally?

HYNES: Contributions to pre-tax retirement plans such as SEPs, 401(k)s, 403(b)s etc. delay the imposition of taxes rather than avoiding them altogether. So, by providing a short-term �x you create some long-term issues.

TOM: I see. But, I’ll be in a lower tax bracket when I retire so I’ll make out on the deal, right?

HYNES: Not necessarily. �at seems to be an accepted ‘truth’ in �nancial planning but let’s look at that chestnut critically. You’re familiar with the $17 trillion de�cit and the $125 trillion unfunded liabilities of the U.S. govern-ment?

TOM: Yes, we were in New York City a couple of weeks back and when I looked at the debt clock I almost threw up my corn beef sandwich from the Carnegie Deli. It’s simultaneously alarming and depressing.

HYNES: Well, there are only 2 ways the government can deal with this debt: Spend Less or Tax More. Which do you think they’re inclined to do?

TOM: Ok, I get your point.

HYNES: Also, let’s look at tax rates in the context of histo-

ry…since the Temporary Income Tax was levied in 1913, the average tax rate has been much higher than it is currently. TOM: So, I could actually distribute the money from my SEP at a higher tax rate than I was able to deduct when I contributed it. Ugh. Great! But it’s too late now, the money is already trapped in there. I’ll just begin taking it out when the government forces me to—at age 71, right?—and roll the dice. Let’s talk about what I can do to lower my current income tax bill without trapping me in the same predicament.

HYNES: We do have strategies to lower your current income tax—beyond your SEP IRA—that we’ll discuss at our next meeting. For now, let’s talk about converting that SEP to a Roth IRA so you won’t be taxed on that money again.

TOM: Hang on…I’ve already looked at a Roth conversion and I’m not interested in paying all those taxes up front. �at would be a huge hit.

HYNES: I understand. Many of our clients feel the same way. �at’s why we suggest a review of several advanced concepts that could enable you to o�set a big chunk of those taxes when you convert your traditional IRA to a Roth.

TOM: Sounds either illegal or too good to be true…which is it?

HYNES: Well, neither, of course. One idea is to take about $1 million of your brokerage account balance and donate it to a Charitable Lead Trust (CLT). �e CLT would be set up for a 10 year period only. During that time, your Donor-Advised Fund (DAF) would accept annual “lead” gi�s from the CLT at 5% of the initial CLT balance—in this case, approximately $50,000. At the end of the 10-year term, the CLT balance would be returned to you tax-free. You could continue to donate to your 2 favorite charities; your DAF would just act as an intermediary of sorts. �is would enable you to maintain control over your lead gi�s and even let them accumulate over time.

PRACTICE MANAGEMENT

TOM: OK, I’m tracking. So, I imagine there’s a tax deduc-tion for the charitable contribution, right?

HYNES: Yes. And because interest rates are low, that deduc-tion is sizable.

TOM: Even though I get the money back?... Well, provided that my investment returns do better than the payout I make each year, I’ll get it back—and maybe more, right?

HYNES: Correct. �e tax calculation is based on a rate that is currently much lower than your 5% CLT distribution rate. So, even though you could have a balance le� at the end of the CLT term, there is still a present-value tax deduction that approximates 50% of the amount you contribute to the CLT. �at rate changes around the 20th of each month but you can use the lowest rate from the preceding 2 months if the rate ticks up as it has been recently…

So, in short, you would be able to o�set all of your income tax liability from the IRA conversion. As an aside, this would have to occur over a 2-year period because the deduction could be no more than 30% of your total Adjusted Gross Income in any one year. �en, as long as you could achieve better than a 5% annual a�er-tax return in the CLT (to o�set your Lead payments), you would receive all of your money back at the end of the 10-year term and, in the meantime, your Roth will have been growing tax-free for the next 10 years.

Escape from... (continued) Christopher Hynes, JD, CFP®

about the author:

Christopher Hynes, JD, CFP®Attorney and Certified Financial PlannerAdvisor to the AdvisorsWorcester, Massachusetts

As one of approximately 1,800 attorneys who are also Certified Financial Planners™, Chris Hynes’ education, training and experience furnish him with a unique perspective on complex financial structures, issues and products. Since his admission to the Massachusetts Bar almost 20 years ago, Chris has provided estate planning, insurance planning, financial and tax counsel to hundreds of individuals, businesses and non-profit entities. While serving as Senior Partner and Director of Advanced Planningfor an independent, 10-advisor Massa-chusetts-based wealth management team, Chris quickly earned a reputation among his peers as a financial innovator in the insurance and fixed product arena.

49 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 50

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50 NOVEMBER/DECEMBER 2012 NOVEMBER/DECEMBER 2012 51

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

50 MAY/JUNE 2013 MAY/JUNE 2013 51

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

graphic designers.make the best

just let us handle it.

logocampaignbrochure

websitedisplay

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signagepublication

stuff

optimists

a creative resource www.divisioniv.com

* stuff is a non-specific term, not to be confused with “things”. elaboration is provided on a situational basis.

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Page 53: Today's Practice: Changing the Business of Medicine

50 NOVEMBER/DECEMBER 2012 NOVEMBER/DECEMBER 2012 51

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

50 MAY/JUNE 2013 MAY/JUNE 2013 51

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM

graphic designers.make the best

just let us handle it.

logocampaignbrochure

websitedisplay

outdoortradeshow

signagepublication

stuff

optimists

a creative resource www.divisioniv.com

* stuff is a non-specific term, not to be confused with “things”. elaboration is provided on a situational basis.

*

:

Page 54: Today's Practice: Changing the Business of Medicine

52 MAY/JUNE 2013WWW.TODAYSPRACTICE.COM

defining your

investmentphilosophyby philip c. gallant, cltcthe optimus group, llc

When asked to describe what their investment philosophy is, many investors will respond with an answer tied to their level of risk. Oh, I’m a gambler some might say. Or another may say, I don’t like a lot of risk, but I know I need to invest in the market. �ere are any numbers of answers that may come along those lines.

�e reality is however that an investment philos-ophy has more to do with the way you believe investing should be done, keeping a long time horizon in mind.

FINANCE

53 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 54

Page 55: Today's Practice: Changing the Business of Medicine

52 MAY/JUNE 2013WWW.TODAYSPRACTICE.COM

defining your

investmentphilosophyby philip c. gallant, cltcthe optimus group, llc

When asked to describe what their investment philosophy is, many investors will respond with an answer tied to their level of risk. Oh, I’m a gambler some might say. Or another may say, I don’t like a lot of risk, but I know I need to invest in the market. �ere are any numbers of answers that may come along those lines.

�e reality is however that an investment philos-ophy has more to do with the way you believe investing should be done, keeping a long time horizon in mind.

FINANCE

53 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 54

Page 56: Today's Practice: Changing the Business of Medicine

Investment Philosophy... (continued) Philip C. Gallant, CLTC

Short-term vs Long Term

An investor with a short term time horizon may be more likely to attempt to achieve returns based upon tactical asset allocation and playing hunches about market movement. Additionally, someone with a shorter time horizon would likely be more interested in strategies to short the market and pick stocks based on sectors they feel will likely be impacted by economic trends. While in the short term an investor or their broker can experi-ence gains in a portfolio based upon this strategy, it is unlikely that a long-term investment plan using this strategy will succeed unless there are countless hours dedicated to research, analysis, tactical allocation strate-gies and quite frankly, a little luck. But this type of investing can actually be exciting and fun for the right type of individual, if they feel comfortable with the associated risks and costs that come with it.

For the long-term investor however, especially one who is counting on some reasonable predictor of the likely performance of a portfolio, investing like a short term investor for long-term results can be cause for many sleepless nights and a good deal of anxiety. Watching your lifetime retirement savings swing back and forth on a daily basis is not a fun way to relax and enjoy retire-ment. Many advisors who are dealing with long-term portfolios are likely to recommend some form of index-ing strategy which tends to lower expenses since index investing reduces trading costs and o�ers broader diver-si�cation.

Do Markets Fail?

When determining an investment philosophy, perhaps the real question to ask is whether or not you believe that markets fail, or are they e�cient? In other words, an investment philosophy really boils down to whether you believe you or your broker can or need be smarter than the market and can “beat” a certain index or benchmark with more savvy investment decisions, or whether you believe that the market gets you returns and you or your

broker have little or nothing to do with the outcome. In fact, if it were possible for sophisticated investors and professional money managers to do exactly what I am describing, there would only be the need for one mutual fund, one money manager, and one Investment Compa-ny. But there is empirical evidence that this seems impossible since most of the large investment banking �rms o�er dozens upon dozens of mutual funds from which to select.

�is style of investing relies upon the fact that in a zero sum game, an investor can come out ahead, if they are right more than 50% of the time in picking which way a stock, or a fund or the market will move and playing that hunch correctly. Belief in this investment philosophy causes an investor to stock pick, market time, and track record invest. Stock picking, track record investing and market timing are the keys to investing for millions who reply upon research and data to pick winners and losers. But is this a long-term strategy?

Are markets efficient?

�e e�cient market theory says that for the long-term investor, the goal is to achieve market returns. �e only way to do that is to index all open markets and all asset classes and to let the market provide the returns. With the e�cient market style of investing, the most critical issue is the determination of an investors risk tolerance, and that can be measured by knowing how much risk an investor is willing to assume for an expected rate of return. Concurrent with this philosophy is the fact that �xed income in the portfolio exists not to supplement returns, but rather to mitigate risk and the shorter and less volatile the �xed income portion of the portfolio is

FINANCE

the better. Asset allocation starts in this style with the division of the portfolio into equities and �xed income with an eye towards the historical returns of asset classes rather than the track record of speci�c mutual fund man-agers or stock brokers.

�e more aggressive an investor is, the larger the portion of the portfolio invested in equities. �e more conserva-tive the investor, the less portion of the portfolio invest-ed in equities. But here’s the di�erence. �e actual hold-ings in both portfolios are exactly the same. And why shouldn’t they be if the investor is simply seeking market returns and is not relying upon a fund manager to do anything more than rebalancing to the asset allocation appropriate for the accepted risk tolerance. In this scenario, there is a reliable and known method for making sure that both sides of the investment highway - the expected low as well as the expected high- now becomes predictable 95% of the time. It’s called stand-ard deviation. �e standard deviation of a portfolio will outline what is to be expected on both the upside and the downside 95% of the time. You may know it as the bell curve.

Once the standard deviation of an investment portfolio is known, and assuming the portfolio is designed to be rebalanced regularly within the scope of the deviation as opposed to trading to beat a benchmark, the only thing le� to do is to test the tolerance of that portfolio against in�ation adjusted income needs to see if it will withstand the desired income withdrawals required. If that can be done, an e�ciently designed investment portfolio is more likely to deliver great results over the long term.

The Problem

In our microwave, 24 hour news, phone app, internet based society it becomes very tempting to forget the discipline required to stick with a properly diversi�ed and balanced investment portfolio. �e media and opin-ion makers as well as the advertising wizards are extreme-ly adept at convincing us to look for quick �xes, get rich

quick schemes and do it ourselves solutions to our invest-ing needs. O�en, a portfolio that is designed to work over the long-term by living within the investor’s accept-able risk parameters does not provide the adrenaline rush of exciting trading stories or hot stock winners. Yet, the academic modeling that has gone into the develop-ment of Modern Portfolio �eory and disciplined long-term investing suggests that the larger and more important factor should outweigh the desire for a great gain on a hunch. It may not be sexy, but in the end once you understand what you are doing with your portfolio and why, you might feel a little more con�dent that you can take some play money and try your hand at the other strategies just for fun. For wealth building and retire-ment income, perhaps it is better to leave that to the global market and a well constructed portfolio that provides you with market returns within your acceptable level of risk as measured by the standard deviation in your portfolio.

Investment Philosophy... (continued) Philip C. Gallant, CLTC

about the author:

Philip C. Gallant, CLTCManaging PartnerThe Optimus Group, LLC

After having served as an agent and sales manager for two major life insurance companies, Mr. Gallant became the National Sales and Marketing Director for Long- Term Care Insurance at John Hancock Life Insurance Company, located in Boston, Massachusetts. During his tenure at John Hancock, Mr. Gallant worked extensively to train thousands of John Hancock representatives about the growing problem of long- term care financing in the United States. His exper-tise and success lead to rapid advancement at John Hancock where he eventually was appointed Brand Manager for Long-Term Care Insurance, responsible for oversight and coordination of product development, marketing, branding and sales.

Mr. Gallant is a member of The National Ethics Bureau, The Million Dollar Round Table – Court of The Table, the National Association of Insurance and Financial Advisors, The Capital District Association Of Insurance and Financial Advisors, The American Association for Long-Term Care Insurance and holds his professional certification in Long-Term Care (CLTC) from the Corporation For Long- Term Care.

“...if it were possible for sophisticated investors and professional money managers to do exactly what I am describing, there would only be the

need for one mutual fund, one money manager, and one Investment Company.”

55 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 56

Page 57: Today's Practice: Changing the Business of Medicine

Investment Philosophy... (continued) Philip C. Gallant, CLTC

Short-term vs Long Term

An investor with a short term time horizon may be more likely to attempt to achieve returns based upon tactical asset allocation and playing hunches about market movement. Additionally, someone with a shorter time horizon would likely be more interested in strategies to short the market and pick stocks based on sectors they feel will likely be impacted by economic trends. While in the short term an investor or their broker can experi-ence gains in a portfolio based upon this strategy, it is unlikely that a long-term investment plan using this strategy will succeed unless there are countless hours dedicated to research, analysis, tactical allocation strate-gies and quite frankly, a little luck. But this type of investing can actually be exciting and fun for the right type of individual, if they feel comfortable with the associated risks and costs that come with it.

For the long-term investor however, especially one who is counting on some reasonable predictor of the likely performance of a portfolio, investing like a short term investor for long-term results can be cause for many sleepless nights and a good deal of anxiety. Watching your lifetime retirement savings swing back and forth on a daily basis is not a fun way to relax and enjoy retire-ment. Many advisors who are dealing with long-term portfolios are likely to recommend some form of index-ing strategy which tends to lower expenses since index investing reduces trading costs and o�ers broader diver-si�cation.

Do Markets Fail?

When determining an investment philosophy, perhaps the real question to ask is whether or not you believe that markets fail, or are they e�cient? In other words, an investment philosophy really boils down to whether you believe you or your broker can or need be smarter than the market and can “beat” a certain index or benchmark with more savvy investment decisions, or whether you believe that the market gets you returns and you or your

broker have little or nothing to do with the outcome. In fact, if it were possible for sophisticated investors and professional money managers to do exactly what I am describing, there would only be the need for one mutual fund, one money manager, and one Investment Compa-ny. But there is empirical evidence that this seems impossible since most of the large investment banking �rms o�er dozens upon dozens of mutual funds from which to select.

�is style of investing relies upon the fact that in a zero sum game, an investor can come out ahead, if they are right more than 50% of the time in picking which way a stock, or a fund or the market will move and playing that hunch correctly. Belief in this investment philosophy causes an investor to stock pick, market time, and track record invest. Stock picking, track record investing and market timing are the keys to investing for millions who reply upon research and data to pick winners and losers. But is this a long-term strategy?

Are markets efficient?

�e e�cient market theory says that for the long-term investor, the goal is to achieve market returns. �e only way to do that is to index all open markets and all asset classes and to let the market provide the returns. With the e�cient market style of investing, the most critical issue is the determination of an investors risk tolerance, and that can be measured by knowing how much risk an investor is willing to assume for an expected rate of return. Concurrent with this philosophy is the fact that �xed income in the portfolio exists not to supplement returns, but rather to mitigate risk and the shorter and less volatile the �xed income portion of the portfolio is

FINANCE

the better. Asset allocation starts in this style with the division of the portfolio into equities and �xed income with an eye towards the historical returns of asset classes rather than the track record of speci�c mutual fund man-agers or stock brokers.

�e more aggressive an investor is, the larger the portion of the portfolio invested in equities. �e more conserva-tive the investor, the less portion of the portfolio invest-ed in equities. But here’s the di�erence. �e actual hold-ings in both portfolios are exactly the same. And why shouldn’t they be if the investor is simply seeking market returns and is not relying upon a fund manager to do anything more than rebalancing to the asset allocation appropriate for the accepted risk tolerance. In this scenario, there is a reliable and known method for making sure that both sides of the investment highway - the expected low as well as the expected high- now becomes predictable 95% of the time. It’s called stand-ard deviation. �e standard deviation of a portfolio will outline what is to be expected on both the upside and the downside 95% of the time. You may know it as the bell curve.

Once the standard deviation of an investment portfolio is known, and assuming the portfolio is designed to be rebalanced regularly within the scope of the deviation as opposed to trading to beat a benchmark, the only thing le� to do is to test the tolerance of that portfolio against in�ation adjusted income needs to see if it will withstand the desired income withdrawals required. If that can be done, an e�ciently designed investment portfolio is more likely to deliver great results over the long term.

The Problem

In our microwave, 24 hour news, phone app, internet based society it becomes very tempting to forget the discipline required to stick with a properly diversi�ed and balanced investment portfolio. �e media and opin-ion makers as well as the advertising wizards are extreme-ly adept at convincing us to look for quick �xes, get rich

quick schemes and do it ourselves solutions to our invest-ing needs. O�en, a portfolio that is designed to work over the long-term by living within the investor’s accept-able risk parameters does not provide the adrenaline rush of exciting trading stories or hot stock winners. Yet, the academic modeling that has gone into the develop-ment of Modern Portfolio �eory and disciplined long-term investing suggests that the larger and more important factor should outweigh the desire for a great gain on a hunch. It may not be sexy, but in the end once you understand what you are doing with your portfolio and why, you might feel a little more con�dent that you can take some play money and try your hand at the other strategies just for fun. For wealth building and retire-ment income, perhaps it is better to leave that to the global market and a well constructed portfolio that provides you with market returns within your acceptable level of risk as measured by the standard deviation in your portfolio.

Investment Philosophy... (continued) Philip C. Gallant, CLTC

about the author:

Philip C. Gallant, CLTCManaging PartnerThe Optimus Group, LLC

After having served as an agent and sales manager for two major life insurance companies, Mr. Gallant became the National Sales and Marketing Director for Long- Term Care Insurance at John Hancock Life Insurance Company, located in Boston, Massachusetts. During his tenure at John Hancock, Mr. Gallant worked extensively to train thousands of John Hancock representatives about the growing problem of long- term care financing in the United States. His exper-tise and success lead to rapid advancement at John Hancock where he eventually was appointed Brand Manager for Long-Term Care Insurance, responsible for oversight and coordination of product development, marketing, branding and sales.

Mr. Gallant is a member of The National Ethics Bureau, The Million Dollar Round Table – Court of The Table, the National Association of Insurance and Financial Advisors, The Capital District Association Of Insurance and Financial Advisors, The American Association for Long-Term Care Insurance and holds his professional certification in Long-Term Care (CLTC) from the Corporation For Long- Term Care.

“...if it were possible for sophisticated investors and professional money managers to do exactly what I am describing, there would only be the

need for one mutual fund, one money manager, and one Investment Company.”

55 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 56

Page 58: Today's Practice: Changing the Business of Medicine

In with the new.As one of approximately 1,800 attorneys who are also Certified Financial Planners®, Chris Hynes' education, training and experience furnish him with a unique perspective on complex financial structures, issues and products. Since his admission to the Massachusetts Bar in 1995, Chris has provided estate planning, insurance planning, financial and tax counsel to hundreds of individuals, businesses and non-profit entities.

FEE-BASED RETIREMENT INCOME PLANNING ESTATE AND LONG-TERM CARE PLANNING EDUCATION PLANNING SMALL AND MID-SIZED BUSINESS PLANNING 401K AND 403B PLAN MANAGEMENT

71 elm street worcester, ma 01609 direct: 508.751.5350 fax: 508.751.5351call to discuss your options today. 508.751.5350

www.hynesfinancial.com

Page 59: Today's Practice: Changing the Business of Medicine

In with the new.As one of approximately 1,800 attorneys who are also Certified Financial Planners®, Chris Hynes' education, training and experience furnish him with a unique perspective on complex financial structures, issues and products. Since his admission to the Massachusetts Bar in 1995, Chris has provided estate planning, insurance planning, financial and tax counsel to hundreds of individuals, businesses and non-profit entities.

FEE-BASED RETIREMENT INCOME PLANNING ESTATE AND LONG-TERM CARE PLANNING EDUCATION PLANNING SMALL AND MID-SIZED BUSINESS PLANNING 401K AND 403B PLAN MANAGEMENT

71 elm street worcester, ma 01609 direct: 508.751.5350 fax: 508.751.5351call to discuss your options today. 508.751.5350

www.hynesfinancial.com

Page 60: Today's Practice: Changing the Business of Medicine

MARKETING

by ron meritt

&reputationyour

protecting using it to your advantage

Reputation Management is the attempt to in�uence and shape how your practice is perceived by all interested parties, including your patients, their families, the general public, your employees, potential patients and vendors. �e past few years have seen a sea change in the ways that a company’s reputation is shaped and how quickly it can change. �e onset of social media has had a major impact on how people view, and you maintain, the reputation of your practice. It wasn’t that long ago that when a patient had an experience (whether good or bad) with a medical practice, he or she would share it with friends and family. If the experience was an especially bad one (like something which prompts a malpractice suit) a person might contact a lawyer or even a reporter –which would then lead to the general public �nding out, as well.

Of course, these days a person can post a review of your practice online, and it becomes part of your practice’s repu-tation – for the entire world to see – within mere seconds. Even if a comment is a total lie, it’s out there, like it or not. If it’s a negative review and you are made aware of it, your practice has two options. You can choose to ignore it (which is probably not a good idea) or your can take a proactive stance to try to combat the negative comments. If you choose the second approach, you can choose a desig-

nated individual (either an in-house person or an outside entity) who is known as a “Reputation Manager” to regu-larly monitor social media on your behalf and act to refute any negative comments. �is person can post positive pieces in su�cient numbers to make the negative commentary display less prominently in search results or on social media sites. He/she could also join online conversations. For example, the Reputation Manager can respond to negative posts about your practice with comments that they have had only good experiences to report.

Your practice can and should take positive advantage of social media. �e �rst step in reputation management is to monitor references to your practice and its individual doctors. To do this, have your designated Reputation Man-ager si� through social media on a regular and consistent basis, looking for any references to your practice. �is can be done most e�ectively through social media monitoring, using tools such as Google Analytics and similar processes. �ey will help give you a “snapshot” of current public opinion of your practice. Armed with this information, you can address any problematic issues which have been revealed. Reputation Management campaigns can also be conducted to increase the visibility of positive opinions or to decrease the visibility of any negative comments.

59 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 60

Page 61: Today's Practice: Changing the Business of Medicine

MARKETING

by ron meritt

&reputationyour

protecting using it to your advantage

Reputation Management is the attempt to in�uence and shape how your practice is perceived by all interested parties, including your patients, their families, the general public, your employees, potential patients and vendors. �e past few years have seen a sea change in the ways that a company’s reputation is shaped and how quickly it can change. �e onset of social media has had a major impact on how people view, and you maintain, the reputation of your practice. It wasn’t that long ago that when a patient had an experience (whether good or bad) with a medical practice, he or she would share it with friends and family. If the experience was an especially bad one (like something which prompts a malpractice suit) a person might contact a lawyer or even a reporter –which would then lead to the general public �nding out, as well.

Of course, these days a person can post a review of your practice online, and it becomes part of your practice’s repu-tation – for the entire world to see – within mere seconds. Even if a comment is a total lie, it’s out there, like it or not. If it’s a negative review and you are made aware of it, your practice has two options. You can choose to ignore it (which is probably not a good idea) or your can take a proactive stance to try to combat the negative comments. If you choose the second approach, you can choose a desig-

nated individual (either an in-house person or an outside entity) who is known as a “Reputation Manager” to regu-larly monitor social media on your behalf and act to refute any negative comments. �is person can post positive pieces in su�cient numbers to make the negative commentary display less prominently in search results or on social media sites. He/she could also join online conversations. For example, the Reputation Manager can respond to negative posts about your practice with comments that they have had only good experiences to report.

Your practice can and should take positive advantage of social media. �e �rst step in reputation management is to monitor references to your practice and its individual doctors. To do this, have your designated Reputation Man-ager si� through social media on a regular and consistent basis, looking for any references to your practice. �is can be done most e�ectively through social media monitoring, using tools such as Google Analytics and similar processes. �ey will help give you a “snapshot” of current public opinion of your practice. Armed with this information, you can address any problematic issues which have been revealed. Reputation Management campaigns can also be conducted to increase the visibility of positive opinions or to decrease the visibility of any negative comments.

59 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 60

Page 62: Today's Practice: Changing the Business of Medicine

about the author:

Ron MerittPresidentOn AdvertisingPhoenix, Arizona

Ron Meritt’s background and experience includes television broadcast production, on-air talent, advertising sales, business marketing and strategic public relations. Ron spent a total of 24 years on television before retiring from broadcasting, and opened On Advertising in 1994. His keen insight into the workings of journalism and protecting reputa-tions through strategic crisis communications strategies has combined to protect clients throughout the United States from media attacks. On Advertising customizes marketing programs and brand management for all industries, however with a particular focus on healthcare.

Your Reputation... (continued) Ron Meritt

�ere are several things which can happen which could damage the reputation of your practice. �ey can include (but are certainly not limited to) the following items:

• You are sued for malpractice by a patient.

• An employee, such as a member of your front office staff, does something which upsets a patient or a patient’s family member.

• A patient passes away and your practice is blamed for the death (whether or not it’s a legiti-mate charge, it can still do irreparable damage to your practice).

• You receive a professional sanction.

• An employee or patient files a sexual harass-ment or other type of lawsuit.

• A doctor or other employee gets in trouble with the law, such as being charged with a DUI.

Always remember, the actions of each member of your sta� re�ect – either in a positive or negative way – on your practice.

�ere are numerous ways your practice can utilize Reputa-tion Management in a proactive manner, helping to engen-der a positive reputation. Here are just a few suggestions (again, this is by no means a complete listing):

• Educate the entire staff of your practice about how to deal with patients in a manner which will enhance your reputation.

• Along those lines, remind every member of your staff of the old adage that “The customer is always right” – of course, in this case, the customer is your patient.

• Remind your entire staff about the importance of treating each patient the way he/she would like to be treated.

One e�ective way to cultivate a good reputation for your practice is to become known for associations with activi-ties/causes/initiatives which will produce positive “buzz.” A few examples:

• Submit an op/ed piece to your local paper or a website on a health-related topic.

• Submit pieces to print or online medical journals and make sure to publicize the fact that you wrote them.

• Sponsor a “fun run” with proceeds going toward a good cause, such as breast cancer awareness.

• Donate money to a worthwhile local non-profit, such as a food bank or a women’s shelter.

No matter what you choose to do, make sure you let the public know what you’re up to. You can do this by develop-ing and distributing news releases touting what you’ve already done, along with upcoming events.

You should also embrace social media:

• If your practice doesn’t have one yet, build a website.

• Set up a Facebook page for your practice, and encourage your patients to “friend” and follow you.

• Use Twitter to communicate with your patients and the public at large, providing them with useful information.

Your Reputation... (continued) Ron Meritt

• You should be on LinkedIn – it’s a great way to stay connected and network with other physicians and members of the medical community.

�e bottom line is a pretty simple one: �e only truly e�ective way to create a positive reputation for your practice, one which will endure, is through appropriate behavior. A positive reputation isn’t given automatically – it’s earned, one interaction at a time.

Of course, these days a person can post a review of your practice

online, and it becomes part of your practice’s reputation – for the entire world to see – within

mere seconds.

MARKETING

61 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 62

Page 63: Today's Practice: Changing the Business of Medicine

about the author:

Ron MerittPresidentOn AdvertisingPhoenix, Arizona

Ron Meritt’s background and experience includes television broadcast production, on-air talent, advertising sales, business marketing and strategic public relations. Ron spent a total of 24 years on television before retiring from broadcasting, and opened On Advertising in 1994. His keen insight into the workings of journalism and protecting reputa-tions through strategic crisis communications strategies has combined to protect clients throughout the United States from media attacks. On Advertising customizes marketing programs and brand management for all industries, however with a particular focus on healthcare.

Your Reputation... (continued) Ron Meritt

�ere are several things which can happen which could damage the reputation of your practice. �ey can include (but are certainly not limited to) the following items:

• You are sued for malpractice by a patient.

• An employee, such as a member of your front office staff, does something which upsets a patient or a patient’s family member.

• A patient passes away and your practice is blamed for the death (whether or not it’s a legiti-mate charge, it can still do irreparable damage to your practice).

• You receive a professional sanction.

• An employee or patient files a sexual harass-ment or other type of lawsuit.

• A doctor or other employee gets in trouble with the law, such as being charged with a DUI.

Always remember, the actions of each member of your sta� re�ect – either in a positive or negative way – on your practice.

�ere are numerous ways your practice can utilize Reputa-tion Management in a proactive manner, helping to engen-der a positive reputation. Here are just a few suggestions (again, this is by no means a complete listing):

• Educate the entire staff of your practice about how to deal with patients in a manner which will enhance your reputation.

• Along those lines, remind every member of your staff of the old adage that “The customer is always right” – of course, in this case, the customer is your patient.

• Remind your entire staff about the importance of treating each patient the way he/she would like to be treated.

One e�ective way to cultivate a good reputation for your practice is to become known for associations with activi-ties/causes/initiatives which will produce positive “buzz.” A few examples:

• Submit an op/ed piece to your local paper or a website on a health-related topic.

• Submit pieces to print or online medical journals and make sure to publicize the fact that you wrote them.

• Sponsor a “fun run” with proceeds going toward a good cause, such as breast cancer awareness.

• Donate money to a worthwhile local non-profit, such as a food bank or a women’s shelter.

No matter what you choose to do, make sure you let the public know what you’re up to. You can do this by develop-ing and distributing news releases touting what you’ve already done, along with upcoming events.

You should also embrace social media:

• If your practice doesn’t have one yet, build a website.

• Set up a Facebook page for your practice, and encourage your patients to “friend” and follow you.

• Use Twitter to communicate with your patients and the public at large, providing them with useful information.

Your Reputation... (continued) Ron Meritt

• You should be on LinkedIn – it’s a great way to stay connected and network with other physicians and members of the medical community.

�e bottom line is a pretty simple one: �e only truly e�ective way to create a positive reputation for your practice, one which will endure, is through appropriate behavior. A positive reputation isn’t given automatically – it’s earned, one interaction at a time.

Of course, these days a person can post a review of your practice

online, and it becomes part of your practice’s reputation – for the entire world to see – within

mere seconds.

MARKETING

61 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 62

Page 64: Today's Practice: Changing the Business of Medicine

Local Search... (continued) Keith Clark

Every business wants to appear at or near the top search results for the major search engines like Google, Bing and Yahoo! �e overwhelming majority of click-throughs result from pages that land in the top ten or, at least, on the �rst page of search results. �e higher the search engine listing of your website, the higher the click through rate. However, that’s only a part of the search game. Recognize that “dominance” plays an important role to the consum-ers in�uence. So consider the other “Search” real estate: maps, organic, sponsored, mobile, and the all-important Local Listings.

�e objective of local Search Engine Optimization (SEO) is to help your website achieve the highest placement possible in search engine results pages. As the internet continues to grow in both size and importance, it can become even more di�cult to get noticed.

What is Local Search?

Local search is simply a search that is intended to �nd something within a speci�c geographic area. For example, a user may search for "pediatricians in Las Vegas". Any local-centric business that draws clients from within a speci�c service area must be concerned about creating an e�ective local search optimization campaign. Typically,

local online searches result in the completion of a transaction o�ine, and more and more local

searches are being conducted with mobile devices such as smartphones.

Searching Locally

In today’s digital world, people use search engines to look for services and prod-ucts within their local reach such as restaurants, doctors,

lawyers, and lawn care servic-es. As a result, the major search

engines now deliver more localized search results into their organic listings.

A recent survey from Pew Research found that over 79% of U.S. consumers conduct local searches on the internet before making a buying decision o�ine. As a result, it's become increasingly important that businesses under-stand what local search is and how it works.

Small and mid-sized businesses need to recognize and take advantage of the fact that people are using search engines to �nd them locally. A�er all, if you’re running a practice in Las Vegas, do you really care if people in Miami view your website?

How does one improve their local search engine optimiza-tion process? Just like standard SEO, creating relevant and compelling content is crucial. Well-written copy for your user and proper local keyword research goes a long way in giving your business a competitive advantage in the SEO battle. Successful local SEO can demand more creativity.

�e fact that local search results are being listed before organic web results gives your practice a golden opportu-nity. To take advantage, you now need to pay more atten-tion to local business listings as an essential part of your search engine marketing (while still optimizing for the traditional web listings).

The Importance of Content

Today your practice must be strategically engaged on available digital media outlets. Your customer base is more diverse than ever and they like to get their information from a variety of marketing channels and platforms including websites, blogs, and social media. �is makes fresh, unique and relevant content critical. Although this can make your job more di�cult, it can also create unprec-edented marketing opportunities.

MARKETING

local searchengine optimization

the importance to your practice.by keith clark&

Fresh, relevant, quality, professionally-written and optimized content is also what attracts the

attention of the search engines – translating into higher revenues for your practice.

62 MAY/JUNE 2013 MAY/JUNE 2013 63

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM63 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 64

Page 65: Today's Practice: Changing the Business of Medicine

Local Search... (continued) Keith Clark

Every business wants to appear at or near the top search results for the major search engines like Google, Bing and Yahoo! �e overwhelming majority of click-throughs result from pages that land in the top ten or, at least, on the �rst page of search results. �e higher the search engine listing of your website, the higher the click through rate. However, that’s only a part of the search game. Recognize that “dominance” plays an important role to the consum-ers in�uence. So consider the other “Search” real estate: maps, organic, sponsored, mobile, and the all-important Local Listings.

�e objective of local Search Engine Optimization (SEO) is to help your website achieve the highest placement possible in search engine results pages. As the internet continues to grow in both size and importance, it can become even more di�cult to get noticed.

What is Local Search?

Local search is simply a search that is intended to �nd something within a speci�c geographic area. For example, a user may search for "pediatricians in Las Vegas". Any local-centric business that draws clients from within a speci�c service area must be concerned about creating an e�ective local search optimization campaign. Typically,

local online searches result in the completion of a transaction o�ine, and more and more local

searches are being conducted with mobile devices such as smartphones.

Searching Locally

In today’s digital world, people use search engines to look for services and prod-ucts within their local reach such as restaurants, doctors,

lawyers, and lawn care servic-es. As a result, the major search

engines now deliver more localized search results into their organic listings.

A recent survey from Pew Research found that over 79% of U.S. consumers conduct local searches on the internet before making a buying decision o�ine. As a result, it's become increasingly important that businesses under-stand what local search is and how it works.

Small and mid-sized businesses need to recognize and take advantage of the fact that people are using search engines to �nd them locally. A�er all, if you’re running a practice in Las Vegas, do you really care if people in Miami view your website?

How does one improve their local search engine optimiza-tion process? Just like standard SEO, creating relevant and compelling content is crucial. Well-written copy for your user and proper local keyword research goes a long way in giving your business a competitive advantage in the SEO battle. Successful local SEO can demand more creativity.

�e fact that local search results are being listed before organic web results gives your practice a golden opportu-nity. To take advantage, you now need to pay more atten-tion to local business listings as an essential part of your search engine marketing (while still optimizing for the traditional web listings).

The Importance of Content

Today your practice must be strategically engaged on available digital media outlets. Your customer base is more diverse than ever and they like to get their information from a variety of marketing channels and platforms including websites, blogs, and social media. �is makes fresh, unique and relevant content critical. Although this can make your job more di�cult, it can also create unprec-edented marketing opportunities.

MARKETING

local searchengine optimization

the importance to your practice.by keith clark&

Fresh, relevant, quality, professionally-written and optimized content is also what attracts the

attention of the search engines – translating into higher revenues for your practice.

62 MAY/JUNE 2013 MAY/JUNE 2013 63

WWW.TODAYSPRACTICE.COM WWW.TODAYSPRACTICE.COM63 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 64

Page 66: Today's Practice: Changing the Business of Medicine

about the author:

Keith ClarkAbode Systems

Keith Clark, a digital marketing strategist with over 25 years experi-ence related to small businesses and large brand enterprises. As the original founder of Abode Systems, a firm that prides itself on provid-ing innovative resources to maximize exposure at all levels sustainably and within budget.

Local Search... (continued) Keith Clark

Content is what draws in visitors and it’s what keeps them engaged. Fresh, relevant, quality, professionally-written and optimized content is also what attracts the attention of the search engines – translating into higher revenues for your practice.

Social Media

One of the best ways to create a content marketing campaign is with an e�ective social media program. You make it easy for customers to �nd your business and to talk about it online. Social media sites will help boost your local search results, your long-term brand awareness and increase sales.

How? Social media lets you communicate directly with your customers, create engaging discussion topics, take your marketing viral, boost your online brand awareness, and helps propel your business to the top of organic local search results. Some engagement examples include using monitoring tools to listen for conversations around important topics that you can service or be an information resource. Establish a keyword list and be noti�ed anytime someone in the geographical area posts a question or relat-ed comments.

Here are some examples that will help you achieve those goals:

START A BLOG. To truly understand the importance and e�ectiveness of content marketing, start a blog. Write information that your customers want to read instead of dictating to them. Let your visitors leave comments and reviews.

BUILD A FOLLOWING ON FACEBOOK. Half of Face-book users follow a speci�c brand and more than half of them eventually purchase that brand. “Likes” on Facebook spread brand awareness virally, delivering information to everyone befriended by your followers.

OPEN A TWITTER ACCOUNT. Twitter is a great way to keep in touch with your current customers. Increasingly, Twitter users follow a speci�c brand and most will eventu-ally purchase that brand. Twitter posts should be used to engage your clients by providing them with helpful infor-mation about your products and services. O�ering special deals to your Twitter followers is a great way to grab their attention.

SEO Practices for Organic Local Search

Even without a social media campaign there are many SEO practices that can greatly improve your local search rankings. Here are some basic, simple and e�ec-tive practices that will help you achieve higher organic search results and improve your click through rate.

CONTENT IS KING. Carefully cra�ed quality content establishes you as an authority in your �eld. Create useful, information rich sites, microposts and posts that clearly add value to the visitor’s experience. �e more useful the visitor �nds the information, the more likely he/she will pass it on to their friends, followers and connections.

CUSTOMER REVIEWS. Encourage customer reviews. Consumers love online reviews because they can see what others think about you and your product or service before they make a purchase or decide to use your services. In addition, reviews on social media sites improve your organic search engine rankings and will drive free web tra�c.

KEYWORDS. Give serious thought to the keyword selection. Put yourself in the searcher’s mindset. What keywords would he/she use to �nd you? You’ll �nd that long tail keywords – speci�c key phrases that are four or more words long – are o�en the most e�ective keywords. Potential clients tend to search long tail

Local Search... (continued) Keith Clark

keywords when they’re close to scheduling an appoint-ment.

WEBSITE DOMAIN (URL) NAME. Don’t underestimate how important a good domain name is. Having your most important keyword in your domain name will give you tremendous advantage over your competitors. (ex. On name: SantaFePediatrics.com)

PAGE TITLES. Your website page titles (especially your home page) need to be targeted to the primary terms that you're trying to rank for. For example, if you're a pediatrician, your home page title should target your pediatrician services in your locality.

MANAGE YOUR LOCAL BUSINESS LISTINGS. Nearly every major search engine and Internet Yellow Pages (IYP) o�ers a free method that allows your practice to claim and manage your local business listing data. �is includes the Big �ree: Google, Yahoo, and Bing. Take advantage of this tool by working with professionals on claiming, optimizing and managing your local business listings on the local search engines and major IYP’s, related sites such as local medical directories or review sites. Add all relevant categories that describe your practice o�erings that can be easily found when users search for you.

SITE PROMOTION. Many businesses think that their job is complete as soon as the website is launched. You website needs to be promoted just like any other prod-uct or service. Plan it into your business budget accord-ingly. Discuss this with a digital marketing agency or industry related consultant to �nd out what marketing mix will work to maximize your exposure and give you the proper return on investment. Each tactic has di�er-ent weighing factors but ultimately it’s about market-ing.

TRAFFIC AND NEXT STEPS. Most local directory sites have some kind of tra�c measurement dashboard providing stats like asked for directions, views of your business, number of reviews,etc. �ese are good places

to start your monthly reporting as to whats working in marketing or advertsing and even tracking o�ine promotions like coupons or event signups. Todays consumers �nd local businesses in many chan-nels. Getting timely local search marketing consistently and dilllingently has many bene�ts to meet your organ-ization’s goals.

Some top factors if you had sort chronologically:

- Physical Address in City of Search

- Proper Category Associations

- Proximity of Address to Centroid

- Domain Authority of Website

- Quantity of Structured Citations (IYPs, Data Aggregators)

- City, State in Places Landing Page Title

- Quantity of Native Google Places Reviews (w/text)

65 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 66

Page 67: Today's Practice: Changing the Business of Medicine

about the author:

Keith ClarkAbode Systems

Keith Clark, a digital marketing strategist with over 25 years experi-ence related to small businesses and large brand enterprises. As the original founder of Abode Systems, a firm that prides itself on provid-ing innovative resources to maximize exposure at all levels sustainably and within budget.

Local Search... (continued) Keith Clark

Content is what draws in visitors and it’s what keeps them engaged. Fresh, relevant, quality, professionally-written and optimized content is also what attracts the attention of the search engines – translating into higher revenues for your practice.

Social Media

One of the best ways to create a content marketing campaign is with an e�ective social media program. You make it easy for customers to �nd your business and to talk about it online. Social media sites will help boost your local search results, your long-term brand awareness and increase sales.

How? Social media lets you communicate directly with your customers, create engaging discussion topics, take your marketing viral, boost your online brand awareness, and helps propel your business to the top of organic local search results. Some engagement examples include using monitoring tools to listen for conversations around important topics that you can service or be an information resource. Establish a keyword list and be noti�ed anytime someone in the geographical area posts a question or relat-ed comments.

Here are some examples that will help you achieve those goals:

START A BLOG. To truly understand the importance and e�ectiveness of content marketing, start a blog. Write information that your customers want to read instead of dictating to them. Let your visitors leave comments and reviews.

BUILD A FOLLOWING ON FACEBOOK. Half of Face-book users follow a speci�c brand and more than half of them eventually purchase that brand. “Likes” on Facebook spread brand awareness virally, delivering information to everyone befriended by your followers.

OPEN A TWITTER ACCOUNT. Twitter is a great way to keep in touch with your current customers. Increasingly, Twitter users follow a speci�c brand and most will eventu-ally purchase that brand. Twitter posts should be used to engage your clients by providing them with helpful infor-mation about your products and services. O�ering special deals to your Twitter followers is a great way to grab their attention.

SEO Practices for Organic Local Search

Even without a social media campaign there are many SEO practices that can greatly improve your local search rankings. Here are some basic, simple and e�ec-tive practices that will help you achieve higher organic search results and improve your click through rate.

CONTENT IS KING. Carefully cra�ed quality content establishes you as an authority in your �eld. Create useful, information rich sites, microposts and posts that clearly add value to the visitor’s experience. �e more useful the visitor �nds the information, the more likely he/she will pass it on to their friends, followers and connections.

CUSTOMER REVIEWS. Encourage customer reviews. Consumers love online reviews because they can see what others think about you and your product or service before they make a purchase or decide to use your services. In addition, reviews on social media sites improve your organic search engine rankings and will drive free web tra�c.

KEYWORDS. Give serious thought to the keyword selection. Put yourself in the searcher’s mindset. What keywords would he/she use to �nd you? You’ll �nd that long tail keywords – speci�c key phrases that are four or more words long – are o�en the most e�ective keywords. Potential clients tend to search long tail

Local Search... (continued) Keith Clark

keywords when they’re close to scheduling an appoint-ment.

WEBSITE DOMAIN (URL) NAME. Don’t underestimate how important a good domain name is. Having your most important keyword in your domain name will give you tremendous advantage over your competitors. (ex. On name: SantaFePediatrics.com)

PAGE TITLES. Your website page titles (especially your home page) need to be targeted to the primary terms that you're trying to rank for. For example, if you're a pediatrician, your home page title should target your pediatrician services in your locality.

MANAGE YOUR LOCAL BUSINESS LISTINGS. Nearly every major search engine and Internet Yellow Pages (IYP) o�ers a free method that allows your practice to claim and manage your local business listing data. �is includes the Big �ree: Google, Yahoo, and Bing. Take advantage of this tool by working with professionals on claiming, optimizing and managing your local business listings on the local search engines and major IYP’s, related sites such as local medical directories or review sites. Add all relevant categories that describe your practice o�erings that can be easily found when users search for you.

SITE PROMOTION. Many businesses think that their job is complete as soon as the website is launched. You website needs to be promoted just like any other prod-uct or service. Plan it into your business budget accord-ingly. Discuss this with a digital marketing agency or industry related consultant to �nd out what marketing mix will work to maximize your exposure and give you the proper return on investment. Each tactic has di�er-ent weighing factors but ultimately it’s about market-ing.

TRAFFIC AND NEXT STEPS. Most local directory sites have some kind of tra�c measurement dashboard providing stats like asked for directions, views of your business, number of reviews,etc. �ese are good places

to start your monthly reporting as to whats working in marketing or advertsing and even tracking o�ine promotions like coupons or event signups. Todays consumers �nd local businesses in many chan-nels. Getting timely local search marketing consistently and dilllingently has many bene�ts to meet your organ-ization’s goals.

Some top factors if you had sort chronologically:

- Physical Address in City of Search

- Proper Category Associations

- Proximity of Address to Centroid

- Domain Authority of Website

- Quantity of Structured Citations (IYPs, Data Aggregators)

- City, State in Places Landing Page Title

- Quantity of Native Google Places Reviews (w/text)

65 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 66

Page 68: Today's Practice: Changing the Business of Medicine

68 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 69

PRESENTED BY:

PRACTICE MANAGEMENT EFFICIENCIES IN ATIME OF EXTREME COMPLIANCE MANDATES

9.13.20147:00AM - 12:00PM

www.MMPSEVENTS.com

OR RSVP BY CALLING

702.557.5023OR BY EMAIL

[email protected]

REGISTERONLINE:

WHEN:

JOIN US ATTHE FOUR-DIAMOND,

AWARD-WINNING OMNI INTERLOCKEN HOTEL.

500 Interlocken BlvdDenver, Colorado 80021Phone: (303) 438-6600

WHERE:

Michael S. Victoroff, MDCOPIC, Risk Management Consultant

8:45 AMLiability Aspects of Electronic Documentation

Becky Rudolph MS PsychologyHeathcare Management Partners, Denver, CO

8:30 AMIntroductions

7:30 AMBreakfast and Exhibition

7:00 AMRegistration Opens

Marvelle AndersonMarvel J Hammer RN BS CPC CCS-P ACS-PM CPCO

MJH Consulting based in Denver, Colorado

ICD-10 Transition11:15 AM

CME Accreditation and Designation

This activity has been planned and implemented in accordance with the accreditation requirements and policies of the Nevada State Medical Association (NSMA) through the joint providership of Sunrise Health System and Meridian MPS. The Sunrise Health System is accredited by the NSMA to provide continuing medical education for physicians. The Sunrise Health System designates this live activity for a maximum of 3.0 AMA PRA Category 1 CreditsTM. Physicians should only claim the credit commensurate with the extent of their participation.

B U S I N E S S O F M E D I C I N E

CME SYMPOSIUM

9:30 AMRandall Schauer, Esq.

Partner, Fox Rothschild LLP

The Importance of Policy and Procedures

10:30 AMAlan Kimura, MD, MPH

Partner, Colorado Retina Associates

Practice Management in a Time of Compliance Mandates

KEYNOTE SPEAKER

10:15 AMBreak

PRESENTED BY:

ATTENDEE EXCLUSIVE

$88

CALL FOR RESERVATIONS: (303) 438-6600 OMNI INTERLOCKEN RESORT 500 INTERLOCKEN BLVD, BROOMFIELD, CO 80021

FOR PHYSICIANS WHO WOULD LIKE TO DO FOURSOMES:

FEEPLUS CLUB RENTAL OF $48

meridian mps golf rateexclusive to our attendees:

CME SYMPOSIUM SERIES

The Golf Club at the Omni Interlocken Hotel takes gol�ng in the Denver area to a whole new level. Get ready for exciting golf in a breathtaking setting at our 27-hole championship golf course. The course consists of three individual regulation 9-hole courses - Eldorado, Vista and Sunshine.

Designed by Graham & Panks International, (a partnership between David Graham, 1981 U.S. Open Champion and PGA Senior Tour player and Gary Panks), the Omni Interlocken Golf Course was ranked third in the "Best Resort Courses of Colorado" survey. For some of the best world-class golf in Denver, come to the Golf Club at the Omni Interlocken Hotel.

B U S I N E S S O F M E D I C I N E

CME SYMPOSIUM

Page 69: Today's Practice: Changing the Business of Medicine

68 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE Ju ly/August 2014 Ju ly/August 2014 TODAY’S PRACTICE: CHANGING THE BUSINESS OF MEDICINE 69

PRESENTED BY:

PRACTICE MANAGEMENT EFFICIENCIES IN ATIME OF EXTREME COMPLIANCE MANDATES

9.13.20147:00AM - 12:00PM

www.MMPSEVENTS.com

OR RSVP BY CALLING

702.557.5023OR BY EMAIL

[email protected]

REGISTERONLINE:

WHEN:

JOIN US ATTHE FOUR-DIAMOND,

AWARD-WINNING OMNI INTERLOCKEN HOTEL.

500 Interlocken BlvdDenver, Colorado 80021Phone: (303) 438-6600

WHERE:

Michael S. Victoroff, MDCOPIC, Risk Management Consultant

8:45 AMLiability Aspects of Electronic Documentation

Becky Rudolph MS PsychologyHeathcare Management Partners, Denver, CO

8:30 AMIntroductions

7:30 AMBreakfast and Exhibition

7:00 AMRegistration Opens

Marvelle AndersonMarvel J Hammer RN BS CPC CCS-P ACS-PM CPCO

MJH Consulting based in Denver, Colorado

ICD-10 Transition11:15 AM

CME Accreditation and Designation

This activity has been planned and implemented in accordance with the accreditation requirements and policies of the Nevada State Medical Association (NSMA) through the joint providership of Sunrise Health System and Meridian MPS. The Sunrise Health System is accredited by the NSMA to provide continuing medical education for physicians. The Sunrise Health System designates this live activity for a maximum of 3.0 AMA PRA Category 1 CreditsTM. Physicians should only claim the credit commensurate with the extent of their participation.

B U S I N E S S O F M E D I C I N E

CME SYMPOSIUM

9:30 AMRandall Schauer, Esq.

Partner, Fox Rothschild LLP

The Importance of Policy and Procedures

10:30 AMAlan Kimura, MD, MPH

Partner, Colorado Retina Associates

Practice Management in a Time of Compliance Mandates

KEYNOTE SPEAKER

10:15 AMBreak

PRESENTED BY:

ATTENDEE EXCLUSIVE

$88

CALL FOR RESERVATIONS: (303) 438-6600 OMNI INTERLOCKEN RESORT 500 INTERLOCKEN BLVD, BROOMFIELD, CO 80021

FOR PHYSICIANS WHO WOULD LIKE TO DO FOURSOMES:

FEEPLUS CLUB RENTAL OF $48

meridian mps golf rateexclusive to our attendees:

CME SYMPOSIUM SERIES

The Golf Club at the Omni Interlocken Hotel takes gol�ng in the Denver area to a whole new level. Get ready for exciting golf in a breathtaking setting at our 27-hole championship golf course. The course consists of three individual regulation 9-hole courses - Eldorado, Vista and Sunshine.

Designed by Graham & Panks International, (a partnership between David Graham, 1981 U.S. Open Champion and PGA Senior Tour player and Gary Panks), the Omni Interlocken Golf Course was ranked third in the "Best Resort Courses of Colorado" survey. For some of the best world-class golf in Denver, come to the Golf Club at the Omni Interlocken Hotel.

B U S I N E S S O F M E D I C I N E

CME SYMPOSIUM

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