If you think your patients are finding your otolaryngology practice by looking in the Yellow Pages, think again. Increasingly, patients are deciding which physician to call by visiting the web and reading feedback on sites like vitals.com, healthgrades.com, lifescript.com and drscore.com.
When Kevin Watson joined Colorado Otolaryngology Associates, PC, as administrator nearly two years ago, the Colorado Springs practice wasn’t asking patients about their care experience in a systematic fashion. “They had done some patient surveys, but it was all hard copy and they hadn’t received a great response,” he said.
Physicians who join a medical practice often have the opportunity to purchase an equity interest in the practice after some period of employment with the group, an issue that is usually addressed in the physician’s employment agreement. If you think you may be interested in such a partnership, you should carefully review your employment agreement before signing it. The amount of detail in the employment agreement regarding potential ownership will vary depending on the practice and the negotiating power of the individual physician. Clearly, the more specificity found in the contract, the better you will be served.
On July 1, after five years in the department of otolaryngology-head and neck surgery at the University of California, San Francisco (UCSF) Medical Center, most recently as chief resident, Matthew Russell, MD, is joining the faculty there as an assistant professor. Normally, that career arc is not nationally noteworthy.
It’s 2011 and the pendulum is once again moving toward private practices selling to hospitals or affiliated foundations. Several years ago, the same phenomenon drove the medical market. Management companies and hospitals went on an acquisition frenzy, purchasing practices at breakneck speed. Soon, hospitals were dissatisfied, management companies went broke and physician practices went private again. Physicians simply proved to be less motivated and productive when employed by hospitals or affiliated with management companies.
In this economy, investing in advertising as a way to increase profits is an attractive idea. But, before you reach out to a marketing firm, let me tell you about a recent scenario that happened to one of my physician clients.
The shooting of a doctor and two patients at Johns Hopkins Hospital in Baltimore in September sent a shudder of fear through all physicians, but for those who knew the late otolaryngologist John Kemink, MD, it was particularly saddening.
The patient-centered medical home’s star appears to be rising. Thirty-eight states are testing this model of care in some way, according to the National Academy for State Health Policy. The federal health system reform law, passed this spring, includes several provisions encouraging the concept.
Need an incentive to implement an electronic health records (EHR) system in your practice? How about $44,000? That’s the amount the federal government is making available to eligible physicians as part of its effort to speed up the adoption of health information technology throughout the U.S. In fact, under the Health Information Technology for Economic and Clinical Health Act (HITECH Act), part of the American Recovery and Reinvestment Act of 2009, billions of federal stimulus dollars are flowing to medical practices throughout the U.S. to help physicians set up EHR systems.