Chapter 37: Collaborative Advice

Selecting Practice Management Consultants Wisely

[Deep Knowledge and Medical Specificity Required] 

By Hope Rachel Hetico

By Rachel Pentin-Maki

By David Edward Marcinko 

While the doctors consult, the patient dies – English Proverb

Introduction 

There are many self-help publications, online resources and management guru’s purporting to impart business information to their physician clients. Within the current managed care climate, economic malaise, and specter of nationalized healthcare, medical business consultants and advisors are all the rage. 

However, in the same vein, physician bankruptcies are mounting, medical student loan delinquencies are increasing and medical and ancillary practices are closing at record numbers. What gives?

Perhaps the answer lies in the lack of real business, accounting, financial, IT and managerial acumen by the average practitioner? This growing concern is prompting more and more doctors to seek the help of a healthcare consultant. But just what does a practice management consultant do, what credentials are needed to be in the business, and how can a healthcare advisor help you coordinate all aspects of your practice’s life? 

Example of a Fiasco

Consider the personal situation of a Southern primary care physician who learned an accounting lesson the hard way when he asked his CPA to appraise his business. Upon sale, his attorney brother-in-law drew up the contract, as he was pleased the practice quickly sold for its full asking price. What he didn’t know, but would soon discover, is that accounting value or “book” value — the figure his accountant gave him — is far different than the fair-market value that he could have received for his long years of toil.

Was the CPA wrong? Not really. Was the doctor incorrect? No. Both were merely operating under a different set of practice management terms, and accounting definitions, without communication or knowledge of each other’s perspectives.  

More here: ORDER: http://www.springerpub.com/shoppingcart

Dictionary of Health Insurance and Managed Care: http://www.springerpub.com/prod.aspx?prod_id=49944

Internet Website Resources: Internet Website Resources

Courtesy Health Capital Consultants LLC; St. Louis, MO.

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3 thoughts on “Chapter 37: Collaborative Advice

  1. New-Wave Health Bloggers, Pundits, Commentators and Gurus

    Anonymous at: http://www.TheHappyHospitalist.blogspot.com
    David Harlow at: http://www.HealthBlawg.com
    Edward Bennett at: http://www.EBennet.org
    Jane Sara-Sohn-Kahn at: http://www.HealthPopuli.com
    Jennifer McCabe at: http://hmrx.posterous.com
    Joseph Paduda at: http://www.JoePaduda.com
    Kevin Pho MD at: http://www.KevinMD.com
    MaggieMahar at: http://www.HealthBeatBlog.com
    Matthew Holt at: http://www.TheHealthCareBlog.com
    Michelle Greiver MD at: http://DrGreiver.blogspot.com
    Paul Levy at: http://www.RunningAHospital.blogspot.com
    Philip Bauman RN at: http://www.PhilBauman.com
    Timothy Sturgill MD at: http://www.Symtym.net
    William Weider at: http://www.CandidCIO.com

    Dr. Marcinko

  2. Healthcare Blogs

    • Health IT Buzz – ONC
    • boost.me – Telemedicine Community
    • The Entrepreneurial MD
    • SRSsoft
    • Minformatics
    • Manage My Practice
    • Life as a Healthcare CIO
    • Help Change Healthcare
    • Healthcare Intelligence Network
    • Clincore – Dr. Singh
    • WSJ Health Blog
    • MAEHC
    • MediSys Network News
    • Health Affairs
    • Lott on Healthcare
    • CONMERGENCE.COM
    • The Health Care Blog
    • Physician Business Blog
    • Informaticopia
    • Curing Healthcare
    • Health Care Law Blog
    • Neil Versel’s Healthcare IT Blog
    • HIStalk
    • Yasnoff on eHealth
    • Anticlue
    • HFMA
    • Health & Nursing Informatics
    • Hospital Impact
    • HIPAA Blog
    • The Candid CIO
    • The Medical Blog Network
    • Family Medicine Notes
    • eHealth
    •The Healthcare IT Guy

    Other Resources

    • Employment Law Blog
    • CareSeek – Review and Research Healthcare Providers
    • Business Articles and Books,

    Business Management Resources

    • Santa Paula Blog
    • Wellnesswiki
    • Dan Pink | Free Agent Nation
    • American Health Information Community
    • AHRQ National Resource Center Health IT Resources
    • Daily Dose of DrGreene Wiki
    • RHIO Wiki
    • Clinical Infomatics Wiki

    THE END

  3. Medical Bankers

    The banking industry has keen emerging interest in healthcare. In fact, HIMSS has a new medical banking project [MBP] showcased recently at the annual meeting in Atlanta. And, in a recent comment Esther Dyson, called medical banking a “top lever for healthcare change.”

    So, add the medical bankers to your list of consulting advisors.

    Stuart

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