Comments on: When your practice runs out of money http://www.kevinmd.com/blog/2008/06/when-your-practice-runs-out-of-money.html medical blog Tue, 16 Mar 2010 03:32:55 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.kevinmd.com/blog/2008/06/when-your-practice-runs-out-of-money.html/comment-page-1#comment-86141 Anonymous Tue, 10 Jun 2008 23:16:00 +0000 http://clients.emmense.com/kevinmd/2008/06/when-your-practice-runs-out-of-money.html#comment-86141 I find a lot of docs in groups like to say that they like to be free of the business headaches. That is foolish. No matter what kind of organization you are in, you need to keep up with both it's financial health and how well it is tracking your production, collecting, and passing on your share of the collections to you.<br/><br/>Whether you are managing it or not, you will go down with it, and there is more bad management happening than good. Embezzlement is also frighteningly common in medical practices. I find a lot of docs in groups like to say that they like to be free of the business headaches. That is foolish. No matter what kind of organization you are in, you need to keep up with both it’s financial health and how well it is tracking your production, collecting, and passing on your share of the collections to you.

Whether you are managing it or not, you will go down with it, and there is more bad management happening than good. Embezzlement is also frighteningly common in medical practices.

]]> By: Anonymous http://www.kevinmd.com/blog/2008/06/when-your-practice-runs-out-of-money.html/comment-page-1#comment-86116 Anonymous Mon, 09 Jun 2008 23:09:00 +0000 http://clients.emmense.com/kevinmd/2008/06/when-your-practice-runs-out-of-money.html#comment-86116 Maybe the legal profession forbids it, but in the IT world it's not unheard of. <br/><br/>A think a better point is that even if one is an MD, good financial practices are still valid. You may think that your income is bulletproof, but it's not. <br/><br/>Three to six months of living expenses, in the bank. Any financial columnist will tell you that. Maybe the legal profession forbids it, but in the IT world it’s not unheard of.

A think a better point is that even if one is an MD, good financial practices are still valid. You may think that your income is bulletproof, but it’s not.

Three to six months of living expenses, in the bank. Any financial columnist will tell you that.

]]> By: Anonymous http://www.kevinmd.com/blog/2008/06/when-your-practice-runs-out-of-money.html/comment-page-1#comment-86110 Anonymous Mon, 09 Jun 2008 19:42:00 +0000 http://clients.emmense.com/kevinmd/2008/06/when-your-practice-runs-out-of-money.html#comment-86110 Practices like this usually hit you with "noncompetes" or restrictive covenants that exclude you from a certain distance from the practice.<br/><br/>If we were lawyers instead of physicians, such covenants in employment contracts would be the unethical practice of law. All 50 states and the District of Columbia, I have yet to see an exception, the respective Bar association forbids such noncompetes, and would sanction a lawyer who would make an associate sign such a covenant. Practices like this usually hit you with “noncompetes” or restrictive covenants that exclude you from a certain distance from the practice.

If we were lawyers instead of physicians, such covenants in employment contracts would be the unethical practice of law. All 50 states and the District of Columbia, I have yet to see an exception, the respective Bar association forbids such noncompetes, and would sanction a lawyer who would make an associate sign such a covenant.

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