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 The Practice Advisor This month's interviewing tip offered by:
As you near the completion of residency, you will undoubtedly find that there are numerous practice opportunities available in your chosen specialty. With the variety and number of positions being advertised to physicians today, how do you find the right practice opportunity?
First and foremost, you should evaluate the things that are important to you personally and professionally, as well as the needs of your family. Where do you want to live? What family ties are involved? What about your spouse's career? What hobbies and other interests do you hope to pursue? What kind of practice do you want? Is the amount of loan repayment an issue? Before you begin to consider available opportunities, it is important to take time and answer these questions so that you are better equipped to find a location and practice where you and your family will be happy for years to come.
Founded by physicians, for physicians, HCA has both private practice and employed opportunities available with our hospitals and area physician practices. For more practice search resources and information on opportunities with the HCA family of hospitals and practices, please visit our website at
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If you are a physician
seeking one of the country's top practice opportunities,
visit www.medicalmatch.org
or click on the medallion below.
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 The Financial Advisor
This month's financial tip offered by: Starting in January 2010, practice owners who currently sponsor a retirement plan for themselves and their employees will have a new option to consider as an alternative to the ubiquitous 401(k). Commonly referred to as 414(x) or DB-K plans, this new option adds a defined benefit (pension) component to the more familiar 401(k).
By combining the two, the administrative burden of operating separate plans is eliminated. These combined or hybrid plans were originally created under the Pension Protection Act of 2006, but were not slated to become effective until 2010.
If, as a practice owner, you would like to minimize your current taxes by setting aside as much as possible for retirement as well as attract and retain talented employees by offering valuable, significant retirement benefits, a DB-K plan may be a good alternative. Because of their defined benefit component, these plans allow for larger retirement plan contributions than 401(k) plans, helping to solve a couple of issues: 1) The practice owner's need to maximize retirement plan contributions and 2) the employee's desire for an additional source of guaranteed income to supplement social security. Read More
David T. Mayes, MA, EA, CFP® is a financial planner at Mackensen & Company, Inc., a fee-only financial planning firm in Hampton, NH. He is also a member of the National Association of Personal Financial Advisors (NAPFA) and the MD Preferred Financial Advisor Network. He can be reached at 603-926-1775 or by Email. |
The Insurance Advisor
This month's risk management tip offered by:
The telephone and internet are two of the most useful communication tools in your medical office-but practicing medicine by phone or email is inherently risky.
Diagnosing medical conditions without examining a patient does not allow assessment of the person's appearance, body language, severity of symptoms or other factors normally considered during a physical exam. Some patients-or some of the individuals who call in on their behalf-may be unreliable or inaccurate when assessing a problem or describing symptoms. Such inaccuracies can have serious consequences.
Despite the risks involved, it is undeniable that the telephone and computer have become indispensable tools for today's medical practices, and in certain cases, the only means of treating a patient. It is essential that these tools are used properly and all telephone/email interactions be properly documented.
Documentation guidelines should be established and strictly adhered to whenever a call focuses on conditions of medical care. This type of call must be documented in the medical record; the notation should include the nature of the inquiry, the person to whom the caller was referred, a tentative diagnosis and the action plan established to resolve the issue.
If a prescription is given via email or the telephone, it is critical that there be a well-documented notation in the permanent medical record. The amount of the prescription should be minimal, and the patient should be instructed that an office visit is imperative prior to any further prescribing.
Well-established telephone/email practices are vital to enhancing your practice's quality of care, while simultaneously decreasing any liability exposures that may occur.
Cunningham Group is a national medical malpractice insurance agency and risk manager. For more assistance, please contact us at (800) 962-1224 or www.cg-ins.com. |
If you are a physician
seeking the services of an insurance agent
with medical practice experience,
visit www.mdpreferredinsurance.com
or click on the medallion below.
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The Legal Advisor
This months legal tip presented by:
Congratulations - Your education is finally behind you, and an enticing job offer at a private medical practice awaits. Although you've worked through all of the material terms of employment with your new employer, to your great dismay an e-mail arrives from the practice's HR department to which is attached a 40-page employment agreement. Sure it may be tempting to simply execute the lengthy document and start your new life, however this is one agreement which merits a good read and evaluation before signing on the dotted line. While the potential pitfalls are many in these types of agreements, here are 5 material issues each and every physician should ensure are adequately addressed in his or her employment agreement before approving it.
1. Term. It's fairly common during the courtship stage for employers to suggest 2 or 3 year terms to physicians, however what does this really mean? The corresponding employment agreements often include references to such employment terms, but in the same provision the employer often retains the right to terminate the physician at any time for any or no reason. If the agreement is terminable by either party at any time, the relationship is something closer to "at will" rather than for a set period of time. If you are expecting a term and making life decisions based on your new employer honoring that term, your employment agreement should include a severance payment of some sort in the event the practice elects to terminate your employment without "cause" prior to the expiration of the stated term. A severance or separation payment not only provides a disincentive to early termination without cause, but also provides you with a cushion in the event you find yourself prematurely unemployed through no fault of your own.
2. Partnership. If you're expecting to become a partner in your new practice, it's always a good idea to at least lay the groundwork regarding this process in your employment agreement. If your new practice has suggested a 3-year partnership track, get that in writing. If you've discussed percentage ownership, buy-in requirements or any other material aspect of your anticipated partnership, why not include language in your employment agreement to ensure that both parties are pointed in the same direction? And while you're at it, you may want to investigate the possibility of your new employer financing your buy-in to the practice by way of a low interest loan - these happy occurrences can, at least in the short term, cost an awful lot of money. Tips 3-5
Darren M. Green, J.D. has over 14 years experience representing a wide range of clients on employment, corporate, technology, venture capital and other transactional matters. He is an Adjuct Professor at Northwestern University School of Law and a member of MD Law Services. Mr. Green received his BA from the University of Pennsylvania and his J.D. from the U.C.L.A. School of Law. |
If you are a physician
seeking the services of a healthcare attorney
with employment contract review
and immigration assistance experience,
visit www.mdlawservices.com
or click on the medallion below.
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 The Real Estate Advisor
This months relocation tip presented by:
Relocating to a new home and a new city represents a dramatic change in someone's life. Quality of life issues, lifestyle preferences, special needs, and accommodating spouses and children - all are elements of such a move. Therefore, whether moving to Houston or any new location, it pays to put yourself in the hands of a relocation professional who can ease the way.
Choosing such a specialist requires some research. A good start is to evaluate potential residential real estate companies via their websites and the depth of information they provide, paying particular attention to their relocation services, credentials and affiliations.
Utilize a company that has relocation specialists with a long track record in assisting physicians who should have the contacts and resources to focus on their particular needs. Once you've identified the company with the experiential history you require, make certain that company is a member of the area's Multiple Listing Service.
Upon contact, your chosen specialist should start a needs assessment that right away establishes a comfort level regarding your price range, mortgage lending and location requirements. You should feel secure that your agent has a thorough knowledge of the area, taxes, deed restrictions, resale values, new construction, financing, community activities, schools, commute times, etc. concerning the areas and neighborhoods in which you are interested.
As Director of Business Development for Heritage Texas Properties, Gwen Francis says, "Our long-standing relationship with the local medical community is due to premier service and a keen knowledge of resources for solutions relevant to the relocating physician. This comes with deep roots in our communities and more than 30 years of experience with an award-winning relocation department. Our 12 office locations cover the neighborhoods where our medical communities are thriving and expanding." | |
If you are a physician
seeking the services of a relocation/real estate professional with experience serving doctors
and their families,
visit www.mdpreferredrealestate.com
or click on the medallion below.
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The Travel Advisor
This month's travel tip presented by:
As a frequent traveler, I have had numerous vacations spoiled by jet lag. I have searched far and wide for tips and tricks that are thought to slow the process and help relieve the issues brought on by jet lag. These are a couple of tips that have worked for me:
- Fluids and stretching throughout the flight. Since dehydration tends to trigger the effects of jet lag, I never drink alcoholic beverages while in flight. I tend to stick with water and juice and although the flight doesn't go by as smoothly, the rest of my trip doesn't suffer. Moving around while in flight keeps blood circulation flowing and lowers the risk of blood clots. However, my exercise doesn't stop when the plane lands. I find it's important to take a swim as soon as I arrive at my hotel, or walk around the city for an hour.
- Trick your brain. The best way to accomplish this is by natural light. If you expose yourself to daylight, you have a better chance of defeating jet lag. Daylight regulates our body clocks throughout the day just like sleep regulates our bodies at night. You may need to include sunlight and sleep in your itinerary.
No matter how much you travel, jet lag will always be a part of your vacation. However, by making just a few adjustments to your in-flight behavior, you could be jet lag free for your next vacation. |
If you are a physician
planning business or personal travel,
visit the site built to serve doctors and medical professionals:
www.mdpreferredtravel.com
All fees and commissions are contributed to
Doctors Without Borders
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A New Program From Doctors Without Borders
Doctors Without Borders/Médecins Sans Frontières (MSF) is inviting you to participate in an exciting online fundraising event like no other. The Doctors Without Borders 'Be There 1st' campaign is an interactive experience that simulates the work of ...a MSF Emergency Response Team. As the 'emergency' unfolds, you will receive personal updates from staff who have worked with MSF in the field, and weekly situation reports ("sitreps") based on MSF's previous emergency responses. At the end of the campaign you will walk away with a clear picture of how MSF quickly mobilizes the huge human and medical resources necessary to respond to a medical humanitarian emergency, and the challenges our staff and patients face during a crisis.
Visit BeThere1st.org to build or join a team and create your personal fundraising page. We will provide you with all of the online tools you need to recruit your fundraising team and ask your friends, family, colleagues and extended community for support. As you work to raise funds, you will see how donations to MSF are immediately put to work to assist the men, women, and children we treat.
All prospective medical and non-medical aid workers are invited to join us for a presentation, film, and Q&A session to learn more about how you can become part of Doctors Without Borders' field work. A Human Resources Officer will be on hand to discuss requirements and the recruitment process. For more information and to register, please view a list of upcoming public events.
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Be sure to visit the daily medical blog
www.RoundsOnLine.org
The place where doctors talk to doctors.
The place to find articles, surveys,
studies and editorial comment.
The place for today's doctor on the move. | |
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