The Family Practitioner's Survival Guide to

This guidebook addresses the three major financial centers in every physician's life--the medical practice, The pension plan, and personal finances. Listing cases and examples, The author addresses these three interrelated financial centers in a two-phase process: how to conduct practice management review and then how to use this process to establish an ongoing system for successful total financial management. Plus, The second edition has new material on capitation, integrated delivery systems, mergers & acquisitions and practice valuation, pensions, and dealing with managed care companies.

Acknowledgments

ix

(2)

Foreword

xi

(4)

Introduction

xv

Chapter 1 The Health Care System of the Future

1

(4)

Lesson 1-1: Integrated Delivery Systems

1

(1)

Lesson 1-2: Pressure To Accept Capitation

2

(1)

Lesson 1-3: More Pressure To Truly Reduce Health Care Costs

2

(1)

Lesson 1-4: The Business of Health Care

3

(1)

Lesson 1-5: Summary

3

(2)

Chapter 2 The Financial Statements Short Course

5

(28)

Lesson 2-1: Absolutely, Positively the Most Important Management Tool

5

(3)

Lesson 2-2: Good Suits and Financial Statement Must Be Tailor Made

8

(8)

Lesson 2-3: If They're Not on Time and Accurate, Throw `Em Back

16

(2)

Lesson 2-4: Numbers Hardly Ever Lie

18

(8)

Lesson 2-5: Find the Bad News, or It Will Surely Find You

26

(2)

Lesson 2-6: Sometimes You Need a Scalpel and Sometimes an Axe

28

(3)

Lesson 2-7: Financial Statements in a Nutshell

31

(2)

Chapter 3 The Fee-Setting Short Course

33

(14)

Lesson 3-1: Physicians Can Talk about Sex Easier Than They Can Talk about Fees

33

(2)

Lesson 3-2: A Blind Person Should Always Know Where He or She Is Standing

35

(3)

Lesson 3-3: RBRVS by the Same People Who Brought You the IRS

38

(4)

Lesson 3-4: Managing Managed Care

42

(4)

Lesson 3-5: Fee Setting in a Nutshell

46

(1)

Chapter 4 The Capitation Short Course

47

(4)

Chapter 5 The Accounts Receivable Short Course

51

(10)

Lesson 5-1: Until It's Cash, It's Only Paper

51

(1)

Lesson 5-2: You Can Pay Me Now or Pay Me Later, Maybe

51

(9)

Lesson 5-3: Accounts Receivable in a Nutshell

60

(1)

Chapter 6 The Short Course on Competition

61

(10)

Lesson 6-1: What You and a Mercedes Benz Have in Common

61

(3)

Lesson 6-2: You Already Have the Best Marketing People in the World Working for You

64

(4)

Lesson 6-3: Tastefully Spreading the Word

68

(2)

Lesson 6-4: Marketing in a Nutshell

70

(1)

Chapter 7 The Staff Management Short Course

71

(22)

Lesson 7-1: No Physician Is an Island

71

(3)

Lesson 7-2: If You Think Competent People Are Expensive, Try Hiring Incompetents

74

(6)

Lesson 7-3: A Word About the Bad Egg

80

(1)

Lesson 7-4: Won't Somebody Tell Me How I'm Doing?

81

(6)

Lesson 7-5: "There, Under That Pile of Dust. Isn't That Our Policies and Procedures Manual"?

87

(1)

Lesson 7-6: Looking for the Leader

88

(3)

Lesson 7-7: Staff Management in a Nutshell

91

(2)

Chapter 8 The Short Course on Advisors

93

(16)

Lesson 8-1: Beware of the Firm Handshake and the Big Smile

93

(3)

Lesson 8-2: It's All the Same to Me; I'm Paid by the Hour

96

(7)

Lesson 8-3: I'm on Commission, and I Love You

103

(4)

Lesson 8-4: Advisors in a Nutshell

107

(2)

Chapter 9 The Retirement Short Course

109

(24)

Lesson 9-1: I Hope You're Not Depending on Social Security

109

(2)

Lesson 9-2: So, How Much is Enough?

111

(1)

Lesson 9-3: How To Get There from Here

112

(3)

Lesson 9-4: The Best Retirement Plans for Medical Practices

115

(6)

Lesson 9-5: Retirement in a Nutshell

121

(12)

Chapter 10 The Short Course on Personal Finances

133

(22)

Lesson 10-1: What Exactly Are We Trying To Accomplish?

133

(2)

Lesson 10-2: The Physician's Biggest Personal Financial Mistake

135

(2)

Lesson 10-3: The Ten Commandments of Investing

137

(2)

Lesson 10-4: Risky Business

139

(6)

Lesson 10-5: The High Cost of Higher Education

145

(4)

Lesson 10-6: Out of Residency and into the Fire

149

(6)

Chapter 11 Lagniappe

155

(6)

Lesson 11-1: Computerize

155

(3)

Lesson 11-2: To Incorporate or Not To Incorporate

158

(1)

Lesson 11-3: Sources

159

(1)

Lesson 11-4: The Medical Practice Management Truths

160

(1)

Epilogue Monopoly

161

(2)

Postscript

163

(2)

Index

165

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The Family Practitioner's Survival Guide to the Business of Medicine

Summary

Table of Contents

Supplemental Materials