Fellows Educational Session Evaluating and Choosing a Cardiology Practice 1. Practice Culture
Does the practice have a culture statement/covenant/compact? Does the practice and all of its physicians embrace it? Does it have “teeth?” Does the group have an internal peer review process? Are subspecialty physicians required to do a minimum number of procedures to maintain credentials in the practice and/or in the hospital? How will the group assure that you will be able to perform those numbers? How will your scope of clinical practice be defined? Who is responsible for the physicians’ schedules and how are duties assigned? How often will you be on call? How is coverage determined? Does the group provide in-hospital coverage?
2. Clinical Practice Style
Does the practice have guidelines? Are they in concert with the ACC guidelines? Are physicians measured on their performance to the guidelines? Does the group participate in PQRI, IC3, etc.? Are the diagnostic labs accredited? How does the group support CME?
3. Financial and Business Aspects of the Practice
Are you able to receive a copy of their financial statements? Does the practice have an established policy for audits or focused reviews by an external auditor How much long-term and short-term debt does the group have? What are the terms?
4. Employment agreement
What are the terms of the agreement? What is the compensation plan? How will your productivity be measured? What benefits are covered by the group? Do you already have an individual disability policy? Does the group cover “real estate” visits? Does the group cover relocation expenses? How much vacation time is allowed and how is time off approved? Will you have to cover outreach offices?
5. Practice Governance
How large is the Board? Are members representative, at-large or both? How often are elections held? Will you be able to attend Board meetings? Are the minutes of Board meetings kept and distributed? What are the Reserve Powers of the Board? What are the Reserve Powers of the Shareholders? Will the group share its Bylaws?
6. Management
Does the group have a professional administrator? Does the group have a professional financial executive? Does the group benchmark its financial/business performance against other groups? Does the group have a written strategic plan? What are the growth plans for the practice? Does the group have formal relationships with its hospitals/health systems? Does the group participate in legislative advocacy? What is the age distribution of the group? Does the group have a policy for older physicians to slow down or obtain relief from call?
7. Risk Management
Does the group have a Compliance Plan? Does the group have a Risk Management Plan? What is the malpractice history of the practice? Does the group have a “Claims Made” or “Occurrence” Malpractice Insurance Does the group provide “tail coverage?”
8. Partnership Opportunities
How long is the track to partnership? Are the criteria for making partner clearly defined? How often will you be evaluated during the partnership track? What is the buy-in and how is it calculated? What is the buy-out and how is it calculated? How is partner compensation determined? Does the group have a real estate partnership, heart hospital or other such ventures and, if so, will you be able to buy-in to those?