Top 5 Ways to Protect What You Built
Here are 5 ways, and a brief sentence or two about each. I'll let you make it pretty, Janelle.
1) Protecting your License. Physicians forget that while having malpractice insurance is important, if you ever need to file a claim, the attorney hired is protecting the insurance policy payout, not your license. There are many ways to negotiate and protect your license during these tough times.
2) Referral Patterns. Just because a physician does not accept Medicare or Medicaid does not mean that they do not have to comply with Stark and Anti-Kickback federal rules. Don't put your family, patients or business at risk by making reckless assumptions. Every state has different rules and laws often change. Have a member of your team to double check.
3) Contracts. From leases to buying a business, to hiring associates, to negotiating your partnership buy-in, you will face many contracts throughout your career. There is a big difference and use between a 4-0 Vicryl and a 2-0 proline. While both are "sutures", they have different purposes and benefits. Similarly, there are terms in contracts with very different purposes and benefits. Make sure you have a team to call.
4) Asset protection. Who manages the business? Who owns the building? Who owns your home? How is your company formed? What taxes are being claimed? Where is cash flow? Who is paying recruiting or marketing fees? Which company handles payroll? What state do you live in? Where do you want to retire? All of these and many more questions are a part of the puzzle that allows us to help properly review, recommend and then implement a complete asset protection strategy so that you do not need to wonder if you're safe. We are here to be your eyes and see what you many not.
5) Audits and Compliance policies. A huge area where physicians and their businesses are vulnerable relates to how robust their internal policies are for training, audits, compliance checks and employee matters. Even if you have policies, when was the last time you reviewed them or had a third party double check. There is a reason that getting a second opinion is so important in healthcare. The same principle is true in business and when it comes to protecting you and what you and your family have sacrificed so much to build.