40 episodes

I discuss everything you always wanted and absolutely need to know about start, running and growing a private medical practice. I'll also talk about how to leverage your private practice by adding additional providers, satellite offices and ancillary services. And, vertically integrating other medical businesses like adding an ambulatory surgery center, imaging center, physical therapy and more. I will be sharing my 30+ years of experience as a physician and entrepreneur. After being an employed physician, I started and managed my own private medical practice with 11 providers. I added multiple medical businesses: in-house laboratory services, ambulatory surgery center, physical therapy, imaging center, anesthesia practice management company. I developed joint ventures between physicians and hospitals as well as between physicians and complimentary providers. In addition, I have extensive experience in developing and leasing real estate pertaining to medical services. Be sure to sign up for my newsletter and I'll keep you up to date on everything about starting, running and growing your practice and more.https://www.thepracticebuildingmd.com/podcast-optin-email-newsletter-1

The Private Medical Practice Academy Sandra Weitz MD

    • Business
    • 4.9 • 28 Ratings

I discuss everything you always wanted and absolutely need to know about start, running and growing a private medical practice. I'll also talk about how to leverage your private practice by adding additional providers, satellite offices and ancillary services. And, vertically integrating other medical businesses like adding an ambulatory surgery center, imaging center, physical therapy and more. I will be sharing my 30+ years of experience as a physician and entrepreneur. After being an employed physician, I started and managed my own private medical practice with 11 providers. I added multiple medical businesses: in-house laboratory services, ambulatory surgery center, physical therapy, imaging center, anesthesia practice management company. I developed joint ventures between physicians and hospitals as well as between physicians and complimentary providers. In addition, I have extensive experience in developing and leasing real estate pertaining to medical services. Be sure to sign up for my newsletter and I'll keep you up to date on everything about starting, running and growing your practice and more.https://www.thepracticebuildingmd.com/podcast-optin-email-newsletter-1

    How to Choose Your Best Malpractice Coverage

    How to Choose Your Best Malpractice Coverage

    As a physician, regardless of your specialty or where you practice, you want to have malpractice insurance.  Today I’ll tell you about the different types of malpractice insurance and some of the things you are going to want to consider when trying to evaluate which is the best plan.
    Types of malpractice insurance policies: 
    Claims-Made CoverageWith a claims-made policy, your insurer will only cover malpractice claims if the claim is made against you while you are covered.  With claims-made coverage you will need tail coverage if you leave the practice or insurance company.Occurrence CoverageThis is the broadest and most protective type of medical malpractice policy. With this policy, it does not matter when a medical malpractice lawsuit files, so long as the incident occurred during the policy period.Claims-Paid CoverageWith this coverage, the claim is not recognized until the indemnity pays out or the claim closes. The downside of this type of coverage is that if you do have a claim made against you, as long as your claim remains open, you will need to maintain coverage with the claims paid insurance carrier. This could mean years of paying premiums that you don’t want to pay until the claim is closed (often 3-4 years) or an even larger tail payment to get out of the policy if needed.Factors affecting malpractice insurance costs
    How much coverage you need will directly affect how much you will pay in insurance premiums. Your prior claims history. Where you work also factors into how much you’ll pay in insurance premiums.Regardless of your location, claims history, and coverage amounts, certain specialties are always going to pay more than others.Bring down the cost of your malpractice premiums when you are first starting out by selecting a claims-made policy with a maturation date. With this policy,  the rates you pay increase over time from year one to year five.

    What your malpractice insurance policy will cover and what it won’t
    Will cover:
    Any claim made against the medical provider because of bodily injury based on: the services provided, a lack of services provided or medical negligence on the physician’s part. Legal counsel and covers your defense costs, both preceding and during trial (should your claim go that far). Won't: 
    Sexual misconduct on the part of the physician Illegal acts Services performed while under the influence of alcohol or drugsYou need malpractice insurance for your practice in addition to each individual provider. 

    Before You Sign Up for a Policy:
    Be sure to compare prices and policy terms from different insurers in order to make the most informed decision. Read it thoroughly and make sure you are getting the most value for your money and that you understand what your policy covers (and what it doesn’t cover) before you sign up.For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletterat https://www.thepracticebuildingmd.com.   

    Be sure to join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    • 17 min
    Why YOU want to add Remote Patient Monitoring to your practice

    Why YOU want to add Remote Patient Monitoring to your practice

    Today I want to talk to you about remote patient monitoring (RPM.)   RPM has been around since the 1960s but it wasn't until January, 2020 when CMS increased reimbursement that adoption increased.
    There are several reasons that you should  want to add RPM to your practice:
    You can take better care of your patientsRPM can improve patient accountability RPM can improve patient satisfactionRPM can help your practice meet value-based reimbursement criteriaYou can get paid for RPMRPM refers to technology and practices that help practitioners track their patients’ health data remotely to design a treatment plan. It’s the process of combining remote patient monitoring technology with devices, and it enables the doctor to monitor vitals and other critical data remotely without the physician actually having to provide the service. 
    How does RPM work? 
    A device transmits patient information, usually through a mobile app, which in turn sends the data to the provider’s office. Core requirements include being  HIPAA compliant and EMR compatible. The provider-side of the application must have these modules:analytics notification decision support report How RPM actually works:
    Physician writes an order for RPMPatient receives the device. Physician office can bill for set up/education as one time charge 99453Patient sends 16 readings/transmissions to physician office and physician office spends 20 minutes on RPM  per calendar month  in order to bill 99457If an additional  20 minutes are spent, you can bill 99458 (up to 2 x 99458 or 1 hour spent on RPM/month)Things you’ll want to think about when choosing an RPM vendor:
    What services does the vendor provide?Some vendors provide a software platformSome provide software + deviceSome vendors offer a completely turnkey solutionWhat is the fee structure for the vendor's services?What additional staff do you need?You will want to build out the revenue and overhead to understand your financial projections from the RPM component of your practice.
    The key takeaways:
    Remote Patient Monitoring provides many benefits for you and your patients. There are many conditions that can be monitored and a variety of devices to assess them. For RPM to be successful it requires the patient to be compliant with transmitting their data points. That means that everything about RPM needs to be easy for that patient or they will drop out. This should be your first and foremost consideration when choosing both the device and any vendor that you choose for your practice. For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletterat https://www.thepracticebuildingmd.com.   

    Be sure to join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    • 18 min
    RVUs and CPT codes: Understanding How You Get Paid

    RVUs and CPT codes: Understanding How You Get Paid

    Physician compensation is often based on RVUs. But, in reality, RVUs actually have no monetary value.  So in order to understand productivity and revenue you have to know what an RVU is, how it’s determined and how to determine what it’s worth. In this episode, you'll get all this info and more.
    RVU stands for relative value units and are basic component of the Resource-Based Relative Value Scale (RBRVS.) RVUs define the value of a service or procedure relative to all services and procedures. It’s based on the extent of physician work, the clinical and nonclinical resources needed and the expertise required to deliver the service to the patient.
    When you are actually coding and billing for a service, you do not assign an RVU code. You assign a CPT code. And each and every CPT code has a dollar amount assigned to it by CMS. When your practice receives reimbursement from Medicare or a commercial payor, they pay you according to the CPT code. There is no direct payment for any service based on an RVU.

    Key point: You need to be able to convert back and forth between CPT codes and RVUs—it’s nothing more than a formula. Here's a link that will allow you to  convert from CPT to RVU.
    Under the RBRVS, payment for physician services is determined by: 
    Total RVUsGeographic Practice Cost Indices (GPCIs)A conversion factorThere are actually 3 types of RVUs that go into the calculation of the total RVU. 
    Work RVU Practice expense RVUMalpractice RVUKey Point: The place of service significantly factors into reimbursement. CMS makes a distinction and organizes all places of service into 2 categories: 
    ·   Non-facility- usually refers to the physician’s office 
    ·   Facility - inpatient hospital—even if its an outpatient clinic in an inpatient hospital, ambulatory surgery center or skilled nursing facility
    If you go to the CMS physician fee schedule lookup you’ll notice that for each CPT code there’s one amount of payment if done in your office (the non-facility) and another for the facility. Essentially CMS compensates you more if you perform the service in your office because you are incurring the overhead. 
    An RVU has to be multiplied by a dollar conversion factor (CF) to become a payment. The conversion factor converts the value expressed in RVUs to dollars and you can see the conversion factor on the CMS physician lookup schedule. 
    The final Medicare payment for each CPT code is the sum of the 3 geographically weighted RVU types multiplied by the Medicare CF.
    [(work RVU x work GPCI) + (PE RVU x PE GPCI) + (MP RVU x MP GPCI)] x CF = final payment

    Have RVU, CPT and how you actually get paid questions?   I have your answers. Join me on Monday, June 28th at 8pm EST for a live Zoom Q&A. Sign up here" https://www.thepracticebuildingmd.com/06-28-2021-q-and-a
    For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletterat https://www.thepracticebuildingmd.com.   

    Be sure to join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    • 15 min
    You Need A Facebook Business Page

    You Need A Facebook Business Page

    Baby boomers and household decision makers--the target demographic for most medical practices are on Facebook. In other words, your ideal patients are on Facebook right now. That’s why I want to talk to you about why you need a Facebook business page and what you are supposed to do with it.
    First, Facebook is free. There’s no charge to create a Facebook business page. All you need is a Facebook account. And it’s quick to get started. There’s not a lot of time and effort required to set it up.

    Reasons to have a Facebook Business Page:
    You can build your patient community by posting content, engaging with your audience, and sharing. You can share knowledge and expertise that’s unique to your practice and skill set.  This will immediately establish your competence, know-how, and authority as an expert. Facebook provides a “voice of the customer”. One of the things that Facebook does is to facilitate communication in many directions…from you to them…from them to others…and from them to you. Listening to this interaction and feedback can really help you understand the needs and wants of your patients. Facebook extends your reputation and branding message. Facebook boosts search engine visibility and visitor traffic. Prospective new patients come from Facebook. And of course, Facebook is a great way to keep tabs on the competition. What to post on your Facebook Business Page
    Communicate how patients can make an appointment to see you,  your hours, address, and any other information that you want patients to have. Announcements--closures, practice updatesShare Facts About Your PracticeHighlight You and any other providers you have. Provide information about your specialty and services you offerUse your Facebook page to sharing patient testimonialsShare interesting articles that relate to your specialtyWhen you should post on Facebook, the best time to post on Facebook is between 12 p.m. and 3 p.m. Monday, Wednesday, Thursday, and Friday, and on Saturday and Sunday between 12 p.m. and 1 p.m. 
    Your Facebook Business Page is a great way to communicate with your patients and provides you with free marketing.

    For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com.   

    • 12 min
    What Benefits Do I Need To Offer?

    What Benefits Do I Need To Offer?

    Salary is only part of the overall compensation package. Potential hires often rank benefits as one of the top factors impacting their decision to accept a job offer. Today I'll tell you about how to figure out what you want to include in your benefits package so that you can recruit and retain quality staff while being financially responsible. 
    When you are considering which benefits to provide, recognize that there are certain benefits that are required either by state or federal law:
    Social SecurityMedicare Unemployment insuranceWorkers’ compensationOthers:UniformsEmployment Training Tax Several  states require compensating employees for time spent voting or serving on a jurySeveral states have health insurance required by law Voluntary benefits:
    Health insurancePaid holidaysPaid time offRetirement planWhen you are deciding on which benefits to offer, you will need to understand their costs.  Each benefit, regardless of whether it is mandated by law or voluntary, can affect the profitability of your business. Make sure to assign a dollar value to each benefit when you are doing your financial projections.

    For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com.   

    • 12 min
    Should I Join An IPA or CIN?

    Should I Join An IPA or CIN?

    One of the questions that I’m frequently asked is whether physicians should join a provider network?  First, let’s get the alphabet soup mumbo jumbo out of the way. IPA stands for Independent Practice Association and CIN stands for Clinically Integrated Network. Today, I’m going to talk about the things that you will want to think about when considering if you should sign up for one of these networks.
    As a physician participating in one of these networks, you’ll be paid according to the provider network’s master contracts. I also want to be clear that you can also see patients outside of the insurers contracted through the provider network. You don’t have to limit your practice to only patients within the network.
    Independent Practice Association (IPA)
    Loosely formed alliances among physiciansPrimarily focused on independent private practicing physiciansMain purpose for forming an IPA is for payer contractingWith the recent changes in reimbursement from fee-for-service to value-based, IPAs that aren’t not clinically integrated can’t effectively negotiate payer contractsClinically Integrated Network (CIN):
    Consists of a group of providers who come together to improve quality and cost efficiency in healthcare deliveryProvide higher value to the consumer of healthcare servicesEmploy best practice, process improvement methodologies and measure true cost and outcome metrics via direct methods such as patient surveys and activity-based cost accounting methodsFacilitate referral optimization by matching patient needs with those providers best capable of meeting those needsContract for services on behalf of their membersUsually include a care management or care coordination infrastructure as well as an IT infrastructure that serves multiple purposesIn the end, you have to do the due diligence to make sure that you will be gaining enough—either in better contracted rates or reduced overhead—to make it worth joining a provider network.

    For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

    Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

    If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com.   

    • 11 min

Customer Reviews

4.9 out of 5
28 Ratings

28 Ratings

eyelidMD ,

Great podcast

This is an excellent podcast. Wealth of information that is communicated in such a clear and concise manner. I have found it very helpful!

Biedronk ,

Excellent resource

This podcast is one of a kind. It provides practical, step by step, detailed information necessary for every doctor starting private practice.

Happyshrink ,

A must for practice practice

Priceless-Filled with golden nuggets of information.No fluff.This podcast is like having a personal mentor/coach. Each podcast is short, digestible filled with practical advice-addressing things that I would never even have thought to address. I feel so lucky to get to listen to it at the beginning of my journey rather than discovering the issues further along the way.

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