PHYSICIAN'S BUSINESS .............................

Seminar 101
Transition from Training to Practice - A workshop for residents and fellows
Designed to give the physician, moving from residency to practice the tools to assess various practice options and make a sound practice opportunity decision.

Seminar 201
What Medical School Didn't Teach You About the Business Side of Your Practice?
Presentation will teach essential business skills for those physicians new to practice.

Seminar 301
Having It All - A workshop for today's woman physician
A workshop for women physicians, designed to explore time and stress management techniques and the art of juggling family and career.

Seminar 401
Merger Mania: Practice Marriages Made in Heaven or Hell?
This workshop provides the steps needed to successfully merge practices or form groups.

Seminar 501
Avoiding Conflict / Achieving Consensus (or, How to Prevent Practice Divorce)
The objectives of this course are to recognize the common reasons partnerships and groups dissolve and learn prevention strategies to avoid conflict.

Seminar 601
Physician Compensation: Income/Overhead Distribution
This seminar helps physicians identify core values of their group and provide formulas for dividing reimbursement and overhead which reflect their values.

Seminar 701
Valuing, Buying and Selling a Practice
This seminar is designed for all physicians who are contemplating retirement, selling or buying a practice, bringing in an associate, joining a practice, merging or relocating.

Seminar 801
Retirement Planning: How to Close Your Practice and Enjoy Financial Security
Designed for physicians anticipating retirement and those who want to plan for future retirement.

Seminar 901
PPMC, MSO, PHO, IDS - Should You Join One?
This course will give physicians an understanding of the pros and cons of the implication of joining and what questions to ask to make an informed decision about these organizations.

Seminar 1001
How to Avoid Embezzlement
1 in 6 physicians will experience embezzlement, learn prevention strategies.

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SEMINAR 101

"TRANSITION FROM TRAINING TO PRACTICE"
A program designed to give the physician, moving from residency or fellowship to practice, the practical tools to assess the various practice options, make a practice opportunity decision with which s/he will be satisfied, evaluate employment, partnership and buy-in agreements and establish a sound foundation of business management principles. Shorter programs of 2-3 hours can also be provided. This seminar has been presented at the residency programs of Harvard, Tufts, Northwestern, Stanford, Georgetown, Scripps, UC Los Angeles, UC San Diego, UC Davis, UC San Francisco, Loma Linda University, University of Texas and University of Colorado.
Participants will learn:
How to assess the best practice type for yourself -- Lifestyle and professional decisions (Utilizing our unique Practice Decision Grid)
Evaluating advantages/disadvantages of practice alternatives:

• Group
• HMO
• Partnership
• Expense Sharing
• Solo practice
• Other Alternatives

Assessing Demand and Opportunities -- Where you want to practice Interviewing and Negotiating Strategies

• Evaluating the Offer -- Salary, Benefits, Employment, Buy-ins, Partnership Agreement
• Proving Your Worth/Bonus Incentives
• Income/ Distribution and Overhead Share Formulas
• Marketing Techniques to Build a Practice
• Practice Realities/Practice Management
• Managed Care Contracting
• Professional Advisory Assistance

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Seminar 201

"WHAT MEDICAL SCHOOL DIDN'T TEACH YOU ABOUT THE BUSINESS SIDE OF YOUR PRACTICE"
This course should be taught in medical school is what seminar attendees repeatedly say!. New physicians entering practice as well as physicians already in practice can benefit from this course. This "hands on," participatory workshop is designed to teach necessary business survival skills in simple, yet effective methods.

Participants will learn:

• How to Analyze Your Current Financial Picture
• What You Need to Know to Establish Your Operating Budget
• Readable Financial Reports to Monitor Your Practice Health
• Plug the Financial Drains on Your Practice
• Marketing, Do You Need It?
• Who's Really the Boss in Your Office? -- Effective Personnel Management
• Practice Systems- Front desk, Back office, Insurance
• Medical Records Management- Efficient and Effective Ways to enhance quality care
• Checklist for computer needs and to evaluate different software
• Practice Building Techniques Which Improve Your Profits
• Partnerships are like marriages- How to communicate, confront and compromise

Physicians are encouraged to bring their own financial reports from their practice to use in the sections on financial analysis and budgeting. If the physician is not yet in practice, samples for analysis are provided.

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Seminar 301

"HAVING IT ALL -- A WORKSHOP FOR TODAY'S WOMAN PHYSICIAN"
A one-day workshop for women physicians, designed to explore time and stress management techniques and the art of juggling family and career.

Topics include:

A Woman's Work is Never Done:

• Juggling Your Family and Career
• Tips on Personal Time
• Stress Management

How to Develop Leadership Skills:

• Networking
• Moving into Positions of Authority
• Projecting a Powerful Professional Image

Managing Your Practice:

• Financial Management
• Marketing
• Personal Management
• Financial Self-Defense for Professional Women

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Seminar 401

MERGER MANIA: PRACTICE MARRIAGES MADE IN HEAVEN OR HELL?
This workshop discusses the steps needed to assess the potential success of merging practices or forming groups. In today's increasing managed care environment, merging practices can result in economies of scale, reduction of overhead and increased net income. However, practice business philosophies and styles must be compatible to achieve a successful practice merger. As in a marriage, good communication is the key to compatibility and long term success.
Many groups are being formed by hospitals and physicians. Taking the time to learn from other groups' successes and failures can prevent costly mistakes.

Participants will learn:

• How to project revenues and expenses to verify the merger will result in lower overhead
• The importance of identifying the "sacred cows" which may block a merger
• The deal breaker questions to ask early in merger or group formation talks
• Income distribution or expense share formulas which reduce the potential for conflict
• How to structure a fair formula for slowing down, discontinuing call, and working part time
• How to bring in new doctors for buy-ins and how to buy-out retiring doctors
• Decisions on death, disability, governance, voting
• Why involving the staff is critical to a successful group formation
• How to change physician and staff behavior toward "groupthink"
• Conservative vs. risk taking business philosophy
• Understanding power and group dynamics
• How to implement productivity and/or resource usage analysis
• Advantages and disadvantages with integrated medical groups, versus "groups without walls"
• Advantages and disadvantages of single specialty and multi-specialty integrated groups and IPAs
• How to incorporate physician extenders into the group
• Negotiation and conflict resolution skills to achieve balance
• The difference between individual goals and group goals

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Seminar 501

"AVOIDING CONFLICT / ACHIEVING CONSENSUS OR, HOW TO PREVENT PRACTICE DIVORCE"
Just like a marriage, a partnership or group practice needs to communicate, confront and compromise to maintain a healthy, thriving, harmonious relationship which will survive and prosper in today's environment. The objectives of this course are to recognize the common reasons partnerships and groups dissolve and learn prevention strategies to avoid conflict.

• Inequitable income distribution formulas based on varying contributions
• Consistent tardiness of one group member
• Obvious undercurrent of tension
• Repeatedly addressing the same issues with no resolution
• Inconsistent, daily, office policy changes
• Personal or personality problems which impact on patients and staff
• Costs involved with multiple types of personal preference inventories

Content and Techniques Taught Include:

• Diagnosing conflict
• Refereeing and intervention strategies
• Promoting constructive dialogue and group dynamics
• Achieving better communication and reducing hostility
• Negotiation techniques and ways to achieve group consensus
• Principles of personnel management and income distribution
• Identifying goals and understanding psychosocial interaction

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Seminar 601

PHYSICIAN COMPENSATION: INCOME / OVERHEAD DISTRIBUTION
Physicians are partnering and forming integrated groups, networks, expense share arrangements and IPA's. A potential area of question and conflict is how to divide net income compensation, capitation or overhead expenses to reflect the group's philosophy, values, productivity and fairness. Due to opposite financial incentives, two diametrically opposed formulas, one for Fee For Service/ PPO and a completely different one for capitation is often necessary. How to divide net income or overhead can cause stress and conflict among partners. The learning objectives are to identify core values of the group and examine various income or overhead sharing formulas.

Participants will learn:

• Capitation Formulas - RBRVS, Point based formulas, criteria such as patient satisfaction surveys and value to the organization elements
• Successful Income/Overhead sharing Formulas for Partners, Small Groups, Large Groups, IPAs
• Advantages and disadvantages of income sharing and expense share formulas
• How to define partner mission and goals as a basis of formula - Work Value, Productivity, Collections, RVU, and other criteria as value
• Slowing down, dropping call, and how to compensate senior and part time physicians
• How to achieve consensus on formulas, implementation, time frames for revisiting formulas

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Seminar 701

"VALUING, BUYING & SELLING A PRACTICE"
Physicians who are contemplating retirement, selling the practice, bringing in an associate, joining a practice as an associate, merging, relocating, or changing careers will learn how to structure a successful, win-win buy-sell agreement.
Seminar topics include:

• Why associates need to negotiate the buy-in formula before accepting an employment offer
• Why it is important to sell the practice before discontinuing surgery or slowing down
• What is "goodwill" and why does it have value?
• Methods to appraise and value the practice
• Equipment valuation techniques
• When to use a practice broker or sell the practice yourself
• Ways to structure the practice to save taxes
• Financing the sale or buy-in and IRS requirements
• Assumption of HMO/PPO contracts and how this affects the practice sale/buy-in
• Partnership agreements which reduce potential for conflict over buy-in agreement
• Equalizing assets in mergers
• Professional liability concerns
• Requirements for disposal of controlled substances when retiring
• Medical records retention/ownership- important element in buy-sell agreement
• How to prepare for a new physician taking over the practice

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Seminar 801

"RETIREMENT PLANNING:
HOW TO CLOSE YOUR PRACTICE AND ENJOY FINANCIAL SECURITY"
Designed for physicians anticipating retirement in the near future and for those who want to be confident they have planned well for the future. This program is co-presented by a Certified Financial Planner.
Topics include:
Closing the Practice:

• How to inform patients of retirement to avoid abandonment
• Medical records retention, storage and release
• Proper disposal of controlled substances
• Accounts receivables and collections
• Professional liability concerns
• Psychological and physical aspects of retirement
• Spouse involvement
• Ways to use your skills in medicine to keep active

Sale of the Practice:

• How to value the practice for purchase
• Common negotiating strategies
• How to save taxes on a practice sale

Financial and Tax Planning:

• Determination of insurance needs
• Investment strategies; Estate Planning
• Trusts, gifts and wills
• Budgeting

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Seminar 901

"PPMC, MSO, PHO, IDS
SHOULD YOU JOIN ONE?"
Physician Practice Management Companies, Management Services Organizations, Physician Hospital Organization, Integrated Delivery Systems- all new acronyms and types of organizations which are attempting to woo physicians to join. Success has been mixed. Some have gone public enriching the physician owners, some have gone bankrupt. It is imperative that physicians understand the implication of joining these organizations and what questions to ask to make an informed decision.
Overhead continues to rise while reimbursement shrinks. As physicians feel the time pressure to see an increased volume of patients under discounted reimbursement, giving up management responsibilities of administering a practice seems very attractive. These organizations are being developed to provide the physician with a group structure to reduce overhead costs, to obtain contracting opportunities and to relieve the management burden.
Participants will learn:

• What services do these organizations provide?
• What are the ultimate goals?
• What are the various structures?
• Why are hospitals organizing MSO's, PHO's and IDS?
• Should physicians get into the MSO business?
• Can physicians and hospitals share governance in these arrangements?
• What happens to physician assets?
• Should you sell for stock?
• How do these organizations fit into managed care?
• What is the future of IPA's?
• What are the important business advantages and disadvantages?
• What are specific contract clauses which are advantageous or disadvantageous to physicians?

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Seminar 1001

HOW TO AVOID EMBEZZLEMENT
It has been estimated that one in six doctors will experience embezzlement at some time during their practice years. A busy doctor is an easy target for embezzlement, even with managed care reimbursement.
Participants will learn:

• The most common ways employees embezzle
• Behavioral signs that may signal stealing
• Proper employee reference checks
• Why bonding employees is important
• Dangerous work patterns
• Petty cash controls
• Accounting control procedures
• Spot-checking techniques to uncover possible abuses
• Bank account reconciliation

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