Physician Solutions February 2016 by MedMedia9

PHYSICIAN SOLUTIONS magazine

February 2016

Expand Your Medical Practice Using Telemedicine pg. 30

Determining Which Emerging Technology to Add to Your Growing MedSpa Business

Tips on Selling Your Practice

pg. 22

pg. 26

the

Options; Practice g, xpandin E , g n i s o Cl Selling

issue

Practice Options; Closing, Expanding, Selling Infographic pg. 25

contents

HIRING THE RIGHT OFFICE MANAGER FOR MEDICAL PRACTICES

features

22 DETERMINING WHICH EMERGING TECHNOLOGY TO ADD TO YOUR GROWING MEDSPA BUSINESS 25 PRACTICE OPTIONS; Closing, Expanding, Selling Infographic 26 TIPS ON SELLING YOUR PRACTICE 30 EXPAND YOUR MEDICAL PRACTICE USING TELEMEDICINE

practice tips 6

HIRING THE RIGHT OFFICE MANAGER FOR MEDICAL PRACTICES

10 IS INTEGRATION THE KEY TO HOLISTIC HEALTHCARE? 12 THREE STRATEGIC CALCULATIONS TO CONSIDER WHEN CREATING A MARKETING BUDGET FOR YOUR MEDICAL PRACTICE

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THINKING ABOUT SELLING YOUR PRACTICE?

Medical Practice Listings can help you sell your practice online! Now offering two types of listings to better serve all practice specialties and budgets. For Sale by Owner Listing The For Sale by Owner Listing offers you the opportunity to gain national exposure by posting your listing on our website which is viewed daily by a network of qualified professionals. This option includes a brief practice consultation to explain the benefits of marketing through the Medical Practice Listings website. Our special rate for the For Sale by Owner listing through the end of 2015 is only $29.95 per month.

Professional Listing In addition to the benefits in the standard listing our Professional Listing affords you access to services provided by our expert legal and marketing team and a Bizscore Practice Valuation. This valuation compares your practice with other practices in your area, provides projections and determines what your practice is worth.

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THE DECISION IS YOURS Physician Solutions, Inc. P.O. Box 98313 Raleigh, NC 27624 Scan this QR code with your smartphone to learn more.

phone: 919-845-0054 fax: 919-845-1947 www.physiciansolutions.com physiciansolutions@gmail.com

Physician Solutions February 2016 Publisher Creative Director Contributors

Philip Driver Thomas Hibbard Naren Arulrajah Philip Driver Lori Gertz Barbara Hales, MD Amanda Kanaan Julia Solooki, MBA Vikas Vij

contributors Lori Gertz is the chief genius at her 15 year old strategic marketing company, Freakin’ Genius Marketing (www. freakingeniusmarketing.com). Her intense focus on brand building is further strengthened by her uncanny ability to weave pointsof-difference through all of the tactical solutions, most specifically 1:1 marketing solutions. Her Amazon Bestselling book, Be the News: A Guide to Going Viral With Your Human Interest Story contains even more ideas and resources to grassroots marketing techniques, most specifically media relations. Lori has served as editor, developmental editor and ghostwriter for a number of high-profile individuals in the mind, body, spirit and education fields.

Barbara Hales, M.D. is a skilled expert in promoting your health services. As seen on NBC, CBS,ABC and FOX network affiliates as well as Newsweek, Dr. Hales writes all the content you need to promote your medical services. Her latest book is on the best seller list and she can do the same for you. Check out her site at www.TheWriteTreatment.com Physician Solutions is a national monthly magazine committed to providing insights about the health care profession focusing on practical advice for physicians and practices. We are currently accepting articles to be considered for publication. For more information on writing for Physician Solutions, please email us at physiciansolutions@gmail.com.

P.O. Box 99488 Raleigh, NC 27624 medmedia9@gmail.com Online 24/7 at medmonthly.com

Amanda Kanaan is the owner/founder of WhiteCoat Designs – an online marketing agency committed to growing doctors’ practices through cost-effective and powerful online marketing solutions. Amanda regularly speaks at medical association meetings and conventions and is a published expert in the field of medical marketing. To learn more or for a free website evaluation, contact her at Amanda@whitecoat-designs.com or http://www.whitecoat-designs.com.

Julia Solooki, MBA is a 10 year veteran to the Healthcare IT/Services sector and is the Director of Business Development and Marketing for ClinicSpectrum, Inc., www.clinicspectrum.com a healthcare services company providing outsourcing and back office solutions for medical billing companies, medical offices, hospital billing departments, and hospital medical records departments. Contact Julia at julia@clinicspectrum.com. PHYSICIAN SOLUTIONS MAGAZINE | 5

practice tips

Hiring the Right Office Manager for Medical Practices

By Julia Solooki, MBA Clinicspectrum

| FEBRUARY 2016

To have an established practice, one needs to hire the right kind of staff. A physician, at the practice, will be primarily busy looking after the patients. Hence, managing the office, along with patient care, would be a difficult task. For the success of your practice, it is essential for you to hire an office manager. Hiring an office manager, will enable you to concentrate more on your patients and this will have a significant impact on your practice. However, hiring the right manager is easier said than done. If not done properly, the new manger can have a negative impact on your practice. We have compiled a checklist that will help you hire the perfect manager for your practice.

1. Functional Requirement of the Office Manager. This is of course the primary requirement. You, as a physician, need to identify the scope of your office manager. What all areas do you need your manager to concentrate on? What are the skills that your manager must have? In a nutshell, you should list down the functions of your office manager first. This will help you narrow down the required skills for all prospect candidates.

2. Educational Requirement.

‘‘

For the success of your practice, it is essential for you to hire an office manager.

Now that you know what skills the ideal office manager should have, the next step is to see what educational background will help you find the right candidate. A high school diploma is a prerequisite, this goes without saying. In most cases, a college degree will also help. However, you will find applicants that do not have a college degree but have a good experience in managing practices. Such candidates may also fit your ideal manager requirement. This decision of hiring a candidate with experience or degree, depends basically on the size of your practice. A small to medium size practice does not require an MBA graduate to run the practice. However, a practice that has around 10-15 physicians working, would benefit from an MBA graduate who can handle strategic decision making. This will help take the practice in a new direction. Although a college degree is important, experience beats education any day. Your manager should be able to handle day to day operations like staff, bookkeeping, billing and finances. Not all college graduates can effectively handle all of those things, however, someone with experience can. Lastly, the physician’s ability to give time to the practice also comes into play. If the physician is very busy with the patients, it is obvious to hire a manger with experience and degree. However, if the physician has the time to help in day-to-day operations, hiring someone will little or no experience would be beneficial.

3. Qualities and Characteristics. Now that the experience and education part of the candidate is decided, continued on page 8

PHYSICIAN SOLUTIONS MAGAZINE

continued from page 7

4. Red Flags.

we come to the next requirement, i.e. quality and characteristics. Your ideal office manager should be friendly, calm, and outgoing. The excellent people skills will help your practice communicate better which translates into a successful practice. On a typical day, your practice will have patients, drug reps, other office staff, and clients or partners coming and going. Your manager should be able to effectively communicate with all of them. Another specific requirement would be leadership skills. Your manager will lead your team of employees. The manager will have to lead the way in meeting deadlines, patient care responsibilities, and at the same time, completing all administrative work. They will have to streamline the workflow of your practice, and motivate your staff to work more efficiently. It will also be helpful if your manager is a good negotiator. Physician practices are stressful environments and an effective negotiator can easily reconcile and resolve conflicts to keep the practice up and running perfectly.

Now that we have discussed the ideal candidate, it is equally important to discuss the ones that just won’t do. This will help you weed out the problematic candidate in initial stages of the recruitment. Here is a list of some common red flags.

| FEBRUARY 2016

• Speaking negatively about the staff, or doctors at the previous job. • Asking about the salary upfront. • Asking about the hours in the initial stages. • The candidate uses to many “I”s while talking about his previous experiences. • Lack of awareness of the human element. • Has poor people skills. Finding the right office manager is seldom easy. However, you can make sure that the process you follow is simple and effective. Once you have the ideal requirements in mind, finding the right candidate will become a lot easier. However, always be on the lookout for the red flags. These guidelines will help you hire the perfect manager for your practice. 

What’s your practice worth? When most doctors are asked what their practice is worth, the answer is usually, “I don’t know.” Doctors can tell you what their practices made or lost last year, but few actually know what it’s worth. In today’s world, expenses are rising and profits are being squeezed. A BizScore Performance Review will provide details regarding liquidity, profits & profit margins, sales, borrowing and assets. Our three signature sections include:  Performance review  Valuation  Projections

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practice tips

Is Integration the Key to Holistic Healthcare? www.pressreleasepoint.com

Healthcare integration is a hot topic in the medical field right now. Across the globe, our health systems are changing. Healthcare services are met with increasing demands and rising patient expectations. The need for a more integrated and holistic delivery of care is evident. But what does healthcare integration actually look like? And what impact is it having on the role of radiologists? We caught up with the Barco Visionary Panel to get to the crux of healthcare integration.

| FEBRUARY 2016

Barco: What does healthcare integration actually entail? Danny Deroo (Barco): Healthcare integration requires the collaboration of healthcare providers across specialty departments and healthcare facilities to develop comprehensive treatment plans centered around the patient. Sharing information and knowledge is key. An easy process for information exchange, access to electronic medical records, and coordination of multidisciplinary team meetings are essential components of healthcare integration. Barco: In the current environment, why is there a need for healthcare integration? Albert Xthona (Barco): Hospitals are now being monitored and the results are reported publically. Hospital auditing is a driving factor behind the way facilities exchange information. On the other hand, healthcare facilities are increasingly faced with the challenge of balancing complex cases with stretched resources. Hospitals want to be more cost effective and provide value-based care. A system that fosters greater efficiency and productive teamwork, while delivering on patient satisfaction is optimal. Erik R. Ranschaert (radiologist at Jeroen Bosch, the Netherlands): Patients are becoming more aware of and assertive in their healthcare needs. They want to feel like they are being taken care of by a team. There is a financial element to consider as well. In the US for instance, we have seen a shift from a volume to value based service

for radiologists. This value of care really depends on radiologistsâ&#x20AC;&#x2122; interaction with patients, providing incentive for radiologists to engage more directly with patients. Barco: Who benefits from healthcare integration? Erik: Patients benefit from the combined knowledge of a multidisciplinary team and they may find empowerment in the increased transparency healthcare integration provides. As healthcare providers, the more we can discuss the information we have together, the better we can develop effective treatment plans. In an ideal scenario, patients are discussed in cross-department meetings, decisions are made in teams and information is exchanged digitally. This benefits clinicians as well, especially in complex cases when the involvement of multiple experts can be drawn upon. Electronic medical records may grant patients greater access to their medical information, and medical records could be exchanged across departments and hospitals more effortlessly. Easy access to electronic medical records would limit the need for examinations to be re-done, reducing overall costs for healthcare facilities. Barco: What are the challenges of achieving healthcare integration? Danny: A number of questions need to be resolved before healthcare integration becomes the norm in healthcare practice. In the case of storing and sharing electronic medical records between facilities, steps for securing patient privacy and obtaining patient consent must be established.

In order for electronic medical records to become customary at a national and global level, decisions will need to be reached on where the information is stored. This data will need to be centralized and a program for consolidating the information will be required. Setting up the infrastructure for the electronic storage and exchange of medical information will be costly, and this is something that needs to be considered. Barco: What impact is healthcare integration having on the role of radiologists? Erik: Radiologists are moving out of an isolated position from behind their workstations and getting more involved with clinicians and patients. We are continuing to play a more active role in patient diagnosis, followup and monitoring, and we now have a greater role in treatment decisions. Healthcare integration is also changing the way we report. Thereâ&#x20AC;&#x2122;s been a shift towards more quantitative measurements and standardized reporting, to support patient follow up and shared reporting. Albert: Healthcare as we know it is changing. Therapies are becoming more interdisciplinary and the role of radiologists is changing in effect. Healthcare integration has the potential to support not only radiologists, but all healthcare providers to gain on efficiency, and provide a greater quality of care for all patients. ď&#x201A;˘ Source: http://www. pressreleasepoint.com/integrationkey-holistic-healthcare-paneldiscussion PHYSICIAN SOLUTIONS MAGAZINE

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practice tips

Three Strategic Calculations to Consider When Creating a Marketing Budget for Your Medical Practice

By Amanda Kanaan President of WhiteCoat Designs

22 || DECEMBER 2013 12 FEBRUARY 2016

Running a medical practice without a marketing budget is like planting a garden and expecting it to grow without watering it. Unfortunately, the concept of how to create a marketing budget isn’t usually something that’s taught in medical school. While there is no one-size-fits-all approach, below are three strategic calculations to keep in mind when creating a marketing budget. 1. Percent of Revenues Perhaps the most straight-forward approach to creating a marketing budget is to simply set aside a percent of anticipated gross revenues for the year. For example, if you anticipate to have 4 million in gross revenue this year and decide to allocate 10% of that to marketing, then your annual marketing budget is $400,000. While the percent of revenue calculation is simple, the downside is that there’s no one-sizefits-all percentage. Regardless of how practices have determined their annual marketing budget, in our experience, we see practices spend anywhere from 2%-15% of revenues on marketing. The percentage that’s right for your practice depends on many factors, such as local competition, practice size, if you have new doctors in the group, how much you want to grow, and your specialty. A practice that’s been in their market for 20 years and requires minimal marketing may only need a 2% budget where as a new physician group just opening their doors may require a 15% budget. 2. The Growth Factor With this approach, your marketing budget is calculated based on your desired level of growth. If you want to grow your practice’s collections revenue by $200k this year and you utilize a conservative ROI ratio of 4:1 (a return of $4 for every $1 you spend) then you can expect an annual marketing budget of $50k. That does not include any current marketing expenditures the practice is responsible for (regardless of ROI), which must be added to the budget. In this example, let’s say that number is $10k in preexisting marketing obligations. Add $10k to your new budget of $50k resulting in a total budget of $60k a year or $5k a month. Just as when determining a marketing budget based on percent of sales, it’s important to consider factors such as competition, specialty, and practice size when determining the ROI ratio. A practice in a highly competitive market may only experience an ROI ratio 3:1 where as a practice in a lesser competitive market may experience an ROI ratio of 6:1. Lastly, give consideration to your final budget number and determine if you need to go back and revisit your goals (ensuring they are realistic). 3. Patient Acquisition Cost (PAC) One way to determine if your marketing plan is paying off is whether you have a reasonable patient acquisition cost. For example, if you spent $5,000 on marketing that month and acquired 100 new patients then your patient acquisition cost is $50 per patient. If a new patient is worth $100 in profit then the practice in this example has a highly profitable marketing plan. If a new patient is only worth $25 then the PAC is too high. Keep in mind that the worth of a new patient may be determined by either calculating the average profit on the first visit or the lifetime worth of the patient. A good PAC can also make the idea of spending money on marketing each month (especially if you haven’t in the past) less daunting when the marketing plan is essentially paying for itself and increasing practice revenues. continued on page 14

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practice tips continued from page 13

An acceptable PAC is dependent on variables such as specialty and competition. A specialty such as oncology may call for a much higher PAC than an urgent care, and an oncology practice in a highly-competitive urban area may require a much higher PAC than an oncology practice with little competition in a rural community. On average, we see PACs range from $15-$150. Remember that it’s much less expensive to maintain a current patient rather than acquire a new one, so it’s imperative that your internal infrastructure is properly in place to ensure every new patient has a positive experience at your practice. There’s nothing worse than spending budget to acquire a new patient only to lose that patient due to long wait times, a staff member with a bad attitude, or outdated facilities. Make sure your practice is ready and equipped to take on the new patients you are spending the time and money to recruit. Ensuring an optimal ROI on your marketing budget is dependent upon investing in strategies that get results. It’s very easy to blow through your budget buying yellow page ads and pens, which do very little to optimize your ROI. A realistic marketing budget must be accompanied by a smart marketing plan or it’s a waste of time and money. In our experience, marketing strategies that earn the highest ROI and lowest PAC tend to revolve around digital services, such as search engine optimization (SEO), pay per click (PPC) advertising, social media, and email marketing. These services are also highly trackable, making it easy to measure the performance of your marketing plan. While there is no one-size-fits-all approach to calculating a marketing budget for medical practices, the three numbers above should all be considered when looking at the big picture of your practice’s marketing spend.  Amanda Kanaan is the President and CEO of WhiteCoat Designs – Medical Marketing Made Simple. WhiteCoat is a medical marketing agency whose mission is to help physicians nationwide stand out in today’s competitive healthcare market. Services include medical website design, internet marketing, online reputation management, social media, branding and physician liaison programs to increase referrals. Learn more at www.whitecoat-designs.com.

| FEBRUARY 2016

Practices for Sale Medical Practices Primary Care specializing in Women’s Practice Location: Morehead City, N.C. List Price: Just reduced to $20,000 or Best Offer Gross Yearly Income: $540,000 average for past 3 years Year Established: 2005 Average Patients per Day: 12 to 22 Building Owned/Leased: MD owned and can be leased or purchased Contact: Philip at 919-848-4202

Family Primary Care Practice

Location: Minutes East of Raleigh, North Carolina List Price: $15,000 or Best Offer Gross Yearly Income: $235,000 Average Patients per Day: 8 to 12 Total Exam Rooms: 6 Physician retiring, Beautiful practice Building Owned/Leased: Owned (For Sale or Lease) Contact: Philip 919-848-4202

Family Practice/Primary Care

Location: Hickory, North Carolina List Price: $425,000 Gross Yearly Income: $1,5000,000 Year Established: 2007 Average Patients Per Day: 24-35 Total Exam Rooms: 5 Building Owned/Leased: Lease or Purchase Contact: Philip at 919-848-4202

Med Spa

Location: Coastal North Carolina List Price: $550,000 Gross Yearly Income: $1,600,000.00 Year Established: 2005 Average Patients Per Day: 25 to 30 Total Exam Rooms: 4 Building Owned/Leased: Leased Contact: Philip at 919-848-4202

Practice Type: Mental Health, Neuropsychological and Psychological Location: Wilmington, NC List Price: $110,000 Gross Yearly Income: $144,000 Year Established: 2000 Average Patients Per Day: 8 Building Owned/Leased/Price: Owned Contact: Philip at 919-848-4202

Practice Type: Internal Medicine Location: Wilmington, NC List Price: $85,000 Gross Yearly Income: $469,000 Year Established: 2000 Average Patients per Day: 25 Building Owned/Leased: Owned Contact: Philip at 919-848-4202

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Special Listings Offer We are offering our “For Sale By Owner” package at a special rate. With a 6 month agreement, you receive 3 months free.

Considering your practice options? Call us today. PHYSICIAN SOLUTIONS MAGAZINE

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U.S. OPTICAL BOARDS Alaska P.O. Box 110806 Juneau, AK 99811 (907)465-5470 http://www.commerce.state.ak.us/dnn/ cbpl/ProfessionalLicensing/DispensingOpticians.aspx Arizona 1400 W. Washington, Rm. 230 Phoenix, AZ 85007 (602)542-3095 http://www.do.az.gov Arkansas P.O. Box 627 Helena, AR 72342 (870)572-2847 California 2005 Evergreen St., Ste. 1200 Sacramento, CA 95815 (916)263-2382 http://www.optometry.ca.gov/ Colorado 1560 Broadway St. #1310 Denver, CO 80202 (303)894-7750 http://www.dora.state.co.us/optometry/ Connecticut 410 Capitol Ave., MS #12APP P.O. Box 340308 Hartford, CT 06134 (860)509-7603 ext. 4 http://www.ct.gov/dph/cwp/view. asp?a=3121&q=427586 Florida 4052 Bald Cypress Way, Bin C08 Tallahassee, FL 32399 (850)245-4474 http://www.pof.org/opticianry-board/ Georgia 237 Coliseum Dr. Macon, GA 31217 (478)207-1671 http://sos.ga.gov/index.php/licensing/ plb/20 Hawaii P.O. Box 3469 Honolulu, HI 96801 (808)586-2704 http://hawaii.gov/dcca/pvl/programs/ dispensingoptician/

Idaho 450 W. State St., 10th Floor Boise , ID 83720 (208)334-5500 http://www.ironforidaho.net/

Oregon 3218 Pringle Rd. SE Ste. 270 Salem, OR 97302 (503)373-7721 http://www.oregonobo.org/optque.htm

Kentucky P.O. Box 1360 Frankfurt, KY 40602 (502)564-3296 http://www.opticiantraining.org/optician-training-kentucky/

Rhode Island 3 Capitol Hill, Rm 104 Providence, RI 02908 (401)222-7883 http://sos.ri.gov/govdirectory/index.php? page=DetailDeptAgency&eid=260

Massachusetts 239 Causeway St. Boston, MA 02114 (617)727-5339 http://1.usa.gov/zbJVt7

South Carolina P.O. Box 11329 Columbia, SC 29211 (803)896-4665 www.llr.state.sc.us

Nevada P.O. Box 70503 Reno, NV 89570 (775)853-1421 http://nvbdo.state.nv.us/

Tennessee Heritage Place Metro Center 227 French Landing, Ste. 300 Nashville, TN 37243 (615)253-6061 http://tn.gov/health

New Hampshire 129 Pleasant St. Concord, NH 03301 (603)271-5590 www.state.nh.us New Jersey P.O. Box 45011 Newark, NJ 07101 (973)504-6435 http://www.njsop.org/aws/NJSOP/pt/sp/ home_page New York 89 Washington Ave., 2nd Floor W. Albany, NY 12234 (518)402-5944 http://www.op.nysed.gov/prof/od/ North Carolina P.O. Box 25336 Raleigh, NC 27611 (919)733-9321 http://www.ncoptometry.org/ Ohio 77 S. High St. Columbus, OH 43266 (614)466-9707 http://optical.ohio.gov/

Texas P.O. Box 149347 Austin, TX 78714 (512)834-6661 http://www.tob.state.tx.us/ Vermont National Life Bldg N FL. 2 Montpelier, VT 05620 (802)828-2191 http://vtprofessionals.org/opr1/ opticians/ Virginia 3600 W. Broad St. Richmond, VA 23230 (804)367-8500 http://www.dpor.virginia.gov/Boards/ HAS-Opticians/ Washington 300 SE Quince P.O. Box 47870 Olympia, WA 98504 (360)236-4947 http://www.doh.wa.gov/LicensesPermitsandCertificates/MedicalCommission. aspx

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U.S. DENTAL BOARDS Alabama Alabama Board of Dental Examiners 5346 Stadium Trace Pkwy., Ste. 112 Hoover, AL 35244 (205) 985-7267 http://www.dentalboard.org/ Alaska P.O. Box 110806 Juneau, AK 99811-0806 (907)465-2542 https://www.commerce.alaska.gov/web/ cbpl/ProfessionalLicensing/BoardofDentalExaminers.aspx Arizona 4205 N. 7th Ave. Suite 300 Phoenix, AZ 85103 (602)242-1492 http://azdentalboard.us/ Arkansas 101 E. Capitol Ave., Suite 111 Little Rock, AR 72201 (501)682-2085 http://www.asbde.org/ California 2005 Evergreen Street, Suite 1550Â Sacramento, CA 95815 877-729-7789 http://www.dbc.ca.gov/ Colorado 1560 Broadway, Suite 1350 Denver, CO 80202 (303)894-7800 http://www.dora.state.co.us/dental/ Connecticut 410 Capitol Ave. Hartford, CT 06134 (860)509-8000 http://www.ct.gov/dph/cwp/view. asp?a=3143&q=388884 Delaware Cannon Building, Suite 203 861 Solver Lake Blvd. Dover, DE 19904 (302)744-4500 http://1.usa.gov/t0mbWZ Florida 4052 Bald Cypress Way Bin C-08 Tallahassee, FL 32399 (850)245-4474 http://floridasdentistry.gov/ 18

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Georgia 237 Coliseum Drive Macon, GA 31217 (478)207-2440 https://gbd.georgia.gov/ Hawaii DCCA-PVL Att: Dental P.O. Box 3469 Honolulu, HI 96801 (808)586-3000 http://cca.hawaii.gov/pvl/boards/dentist/ Idaho P.O. Box 83720 Boise, ID 83720 (208)334-2369 http://isbd.idaho.gov/ Illinois 320 W. Washington St. Springfield, IL 62786 (217)785-0820 http://www.isds.org/LawsLegislation/ boardOfDentistry.asp Indiana 402 W. Washington St., Room W072 Indianapolis, IN 46204 (317)232-2980 http://www.in.gov/pla/dental.htm Iowa 400 SW 8th St. Suite D Des Moines, IA 50309 (515)281-5157 http://www.state.ia.us/dentalboard/ Kansas 900 SW Jackson Room 564-S Topeka, KS 66612 (785)296-6400 http://www.dental.ks.gov/ Kentucky 312 Whittington Parkway, Suite 101 Louisville, KY 40222 (502)429-7280 http://dentistry.ky.gov/ Louisiana 365 Canal St., Suite 2680 New Orleans, LA 70130 (504)568-8574 http://www.lsbd.org/

Maine 143 State House Station 161 Capitol St. Augusta, ME 04333 (207)287-3333 http://www.mainedental.org/ Maryland 55 Wade Ave. Catonsville, Maryland 21228 (410)402-8500 http://dhmh.state.md.us/dental/ Massachusetts 1000 Washington St., Suite 710 Boston, MA 02118 (617)727-1944 http://www.mass.gov/eohhs/gov/departments/dph/programs/hcq/dhpl/ dentist/about/ Michigan P.O. Box 30664 Lansing, MI 48909 (517)241-2650 http://www.michigan.gov/lara/0,4601,7154-72600_72603_27529_27533---,00. html Minnesota 2829 University Ave., SE. Suite 450 Minneapolis, MN 55414 (612)617-2250 http://www.dentalboard.state.mn.us/ Mississippi 600 E. Amite St., Suite 100 Jackson, MS 39201 (601)944-9622 http://bit.ly/uuXKxl Missouri 3605 Missouri Blvd. P.O. Box 1367 Jefferson City, MO 65102 (573)751-0040 http://pr.mo.gov/dental.asp Montana P.O. Box 200113 Helena, MT 59620 (406)444-2511 http://bsd.dli.mt.gov/license/bsd_ boards/den_board/board_page.asp

Nebraska 301 Centennial Mall South Lincoln, NE 68509 (402)471-3121 http://dhhs.ne.gov/publichealth/Pages/ crl_medical_dent_hygiene_board.aspx

Ohio Riffe Center 77 S. High St.,17th Floor Columbus, OH 43215 (614)466-2580 http://www.dental.ohio.gov/

Nevada 6010 S. Rainbow Blvd. Suite A-1 Las Vegas, NV 89118 (702)486-7044 http://www.nvdentalboard.nv.gov/

Oklahoma 201 N.E. 38th Terr., #2 Oklahoma City, OK 73105 (405)524-9037 http://www.ok.gov/dentistry/

New Hampshire 2 Industrial Park Dr. Concord, NH 03301 (603)271-4561 http://www.nh.gov/dental/

Oregon 1600 SW 4th Ave. Suite 770 Portland, OR 97201 (971)673-3200 http://www.oregon.gov/Dentistry/

New Jersey P.O Box 45005 Newark, NJ 07101 (973)504-6405 http://njpublicsafety.com/ca/dentistry/

Pennsylvania P.O. Box 2649 Harrisburg, PA 17105 (717)783-7162 http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/Dentistry/ Pages/default.aspx#.VbkfjPlPVYU

New Mexico Toney Anaya Building 2550 Cerrillos Rd. Santa Fe, NM 87505 (505)476-4680 http://www.rld.state.nm.us/boards/Dental_Health_Care.aspx New York 89 Washington Ave. Albany, NY 12234 (518)474-3817 http://www.op.nysed.gov/prof/dent/ North Carolina 507 Airport Blvd., Suite 105 Morrisville, NC 27560 (919)678-8223 http://www.ncdentalboard.org/ North Dakota P.O. Box 7246 Bismark, ND 58507 (701)258-8600 http://www.nddentalboard.org/

Rhode Island Dept. of Health Three Capitol Hill, Room 104 Providence, RI 02908 (401)222-2828 http://1.usa.gov/u66MaB South Carolina P.O. Box 11329 Columbia, SC 29211 (803)896-4599 http://www.llr.state.sc.us/POL/Dentistry/ South Dakota P.O. Box 1079 105. S. Euclid Ave. Suite C Pierre, SC 57501 (605)224-1282 https://www.sdboardofdentistry.com/ Tennessee 227 French Landing, Suite 300 Nashville, TN 37243 (615)532-3202 http://tn.gov/health

Texas 333 Guadeloupe St. Suite 3-800 Austin, TX 78701 (512)463-6400 http://www.tsbde.state.tx.us/ Utah 160 E. 300 South Salt Lake City, UT 84111 (801)530-6628 http://1.usa.gov/xMVXWm Vermont National Life Building North FL2 Montpelier, VT 05620 (802)828-1505 http://governor.vermont.gov/boards_ and_commissions/dental_examiners Virginia Perimeter Center 9960 Maryland Dr., Suite 300 Henrico, VA 23233 (804)367-4538 http://www.dhp.virginia.gov/dentistry Washington 310 Israel Rd. SE P.O. Box 47865 Olympia, WA 98504 (360)236-4700 http://www.doh.wa.gov/LicensesPermitsandCertificates/ProfessionsNewReneworUpdate/Dentist.aspx West Virginia 1319 Robert C. Byrd Dr. P.O. Box 1447 Crab Orchard, WV 25827 1-877-914-8266 http://www.wvdentalboard.org/ Wisconsin P.O. Box 8935 Madison, WI 53708 1(877)617-1565 http://dsps.wi.gov/Default. aspx?Page=90c5523f-bab0-4a45-ab943d9f699d4eb5 Wyoming 1800 Carey Ave., 4th Floor Cheyenne, WY 82002 (307)777-6529 http://plboards.state.wy.us/dental/index.asp

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U.S. MEDICAL BOARDS Alabama P.O. Box 946 Montgomery, AL 36101 (334)242-4116 http://www.albme.org/ Alaska 550 West 7th Ave., Suite 1500 Anchorage, AK 99501 (907)269-8163 http://www.medlicense.com/alaskamedical-license.html Arizona 9545 E. Doubletree Ranch Rd. Scottsdale, AZ 85258 (480)551-2700 http://www.azmd.gov Arkansas 1401 West Capitol Ave., Suite 340 Little Rock, AR 72201 (501)296-1802 http://www.armedicalboard.org/ California 2005 Evergreen St., Suite 1200 Sacramento, CA 95815 (916)263-2382 http://www.mbc.ca.gov/ Colorado 1560 Broadway, Suite 1350 Denver, CO 80202 (303)894-7690 http://www.dora.state.co.us/medical/ Connecticut 401 Capitol Ave. Hartford, CT 06134 (860)509-8000 http://www.ct.gov/dph/cwp/view. asp?a=3143&q=388902 Delaware Division of Professional Regulation Cannon Building 861 Silver Lake Blvd., Suite 203 Dover, DE 19904 (302)744-4500 http://dpr.delaware.gov/ District of Columbia 899 North Capitol St., NE Washington, DC 20002 (202)442-5955 http://doh.dc.gov/bomed 20 | FEBRUARY 2016

Florida 2585 Merchants Row Blvd. Tallahassee, FL 32399 (850)245-4444 http://www.stateofflorida.com/Portal/ DesktopDefault.aspx?tabid=115

Louisiana LSBME P.O. Box 30250 New Orleans, LA 70190 (504)568-6820 http://www.lsbme.la.gov/

Georgia 2 Peachtree Street NW, 36th Floor Atlanta, GA 30303 (404)656-3913 http://bit.ly/vPJQyG

Maine 161 Capitol Street 137 State House Station Augusta, ME 04333 (207)287-3601 http://bit.ly/hnrzp

Hawaii DCCA-PVL P.O. Box 3469 Honolulu, HI 96801 (808)587-3295 http://hawaii.gov/dcca/pvl/boards/medical/

Maryland 4201 Patterson Ave. Baltimore, MD 21215 (410)764-4777 http://www.mbp.state.md.us/

Idaho Idaho Board of Medicine P.O. Box 83720 Boise, Idaho 83720 (208)327-7000 http://bit.ly/orPmFU

Massachusetts 200 Harvard Mill Sq., Suite 330 Wakefield, MA 01880 (781)876-8200 http://www.mass.gov/eohhs/gov/departments/borim/

Illinois 320 West Washington St. Springfield, IL 62786 (217)785 -0820 http://www.idfpr.com/

Michigan Bureau of Health Professions P.O. Box 30670 Lansing, MI 48909 (517)335-0918 http://michigan.gov/lara/0,4601,7-15472600_72603_27529_27541-58914--,00. html

Indiana 402 W. Washington St. #W072 Indianapolis, IN 46204 (317)233-0800 http://www.in.gov/pla/ Iowa 400 SW 8th St., Suite C Des Moines, IA 50309 (515)281-6641 http://medicalboard.iowa.gov/ Kansas 800 SW Jackson, Lower Level, Suite A Topeka, KS 66612 (785)296-7413 http://www.ksbha.org/ Kentucky 310 Whittington Pkwy., Suite 1B Louisville, KY 40222 (502)429-7150 http://kbml.ky.gov/Pages/default.aspx

Minnesota University Park Plaza 2829 University Ave. SE, Suite 500 Minneapolis, MN 55414 (612)617-2130 http://bit.ly/pAFXGq Mississippi 1867 Crane Ridge Drive, Suite 200-B Jackson, MS 39216 (601)987-3079 http://www.msbml.state.ms.us/ Missouri Missouri Division of Professional Registration 3605 Missouri Blvd. P.O. Box 1335 Jefferson City, MO 65102 (573)751-0293 http://pr.mo.gov/healingarts.asp

Montana 301 S. Park Ave. #430 Helena, MT 59601 (406)841-2300 http://bsd.dli.mt.gov/license/bsd_ boards/med_board/board_page.asp Nebraska Nebraska Department of Health and Human Services P.O. Box 95026 Lincoln, NE 68509 (402)471-3121 https://www.nebraska.gov/LISSearch/ search.cgi Nevada Board of Medical Examiners P.O. Box 7238 Reno, NV 89510 (775)688-2559 http://www.medboard.nv.gov/ New Hampshire New Hampshire State Board of Medicine 2 Industrial Park Dr. #8 Concord, NH 03301 (603)271-1203 http://www.nh.gov/medicine/ New Jersey P. O. Box 360 Trenton, NJ 08625 (609)292-7837 http://www.medlicense.com/new-jerseymedical-license.html New Mexico 2055 S. Pacheco St. Building 400 Santa Fe, NM 87505 (505)476-7220 http://www.nmmb.state.nm.us/ New York Office of the Professions State Education Building, 2nd Floor Albany, NY 12234 (518)474-3817 http://www.op.nysed.gov/ North Carolina P.O. Box 20007 Raleigh, NC 27619 (919)326-1100 http://www.ncmedboard.org/

North Dakota 418 E. Broadway Ave., Suite 12 Bismarck, ND 58501 (701)328-6500 http://www.ndbomex.com/

Texas P.O. Box 2018 Austin, TX 78768 (512)305-7010 http://www.tmb.state.tx.us/

Ohio 30 E. Broad St., 3rd Floor Columbus, OH 43215 (614)466-3934 http://med.ohio.gov/

Utah P.O. Box 146741 Salt Lake City, UT 84114 (801)530-6628 http://www.dopl.utah.gov/licensing/physician_surgeon.html

Oklahoma P.O. Box 18256 Oklahoma City, OK 73154 (405)962-1400 http://www.okmedicalboard.org/ Oregon 1500 SW 1st Ave., Suite 620 Portland, OR 97201 (971)673-2700 http://www.oregon.gov/OMB/ Pennsylvania P.O. Box 2649 Harrisburg, PA 17105 (717)787-8503 http://www.dos.pa.gov/ProfessionalLicensing/BoardsCommissions/Medicine/ Pages/default.aspx#.Vbkgf_lPVYU Rhode Island 3 Capitol Hill Providence, RI 02908 (401)222-5960 http://1.usa.gov/xgocXV South Carolina P.O. Box 11289 Columbia, SC 29211 (803)896-4500 http://www.llr.state.sc.us/pol/medical/ South Dakota 101 N. Main Ave. Suite 301 Sioux Falls, SD 57104 (605)367-7781 http://www.sdbmoe.gov/ Tennessee 425 5th Ave. North Cordell Hull Bldg. 3rd Floor Nashville, TN 37243 (615)741-3111 http://tn.gov/health

Vermont P.O. Box 70 Burlington, VT 05402 (802)657-4220 http://1.usa.gov/wMdnxh Virginia Virginia Dept. of Health Professions Perimeter Center 9960 Maryland Dr., Suite 300 Henrico, VA 23233 (804)367-4400 http://1.usa.gov/xjfJXK Washington Public Health Systems Development Washington State Department of Health 101 Israel Rd. SE, MS 47890 Tumwater, WA 98501 (360)236-4085 http://www.medlicense.com/washingtonmedicallicense.html West Virginia 101 Dee Dr., Suite 103 Charleston, WV 25311 (304)558-2921 http://www.wvbom.wv.gov/ Wisconsin P.O. Box 8935 Madison, WI 53708 (877)617-1565 http://dsps.wi.gov/Boards-Councils/ Board-Pages/Medical-Examining-BoardMain-Page/ Wyoming 320 W. 25th St., Suite 200 Cheyenne, WY 82002 (307)778-7053 http://wyomedboard.state.wy.us/

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features

he Medspa business model has grown by leaps and bounds over the last few years. In fact, some dental offices have expanded into cosmetic botox businesses. An interesting mix of specialties, however if your practice is oriented towards cosmetic restoration in any way, it makes sense. As a launching point, skin care represents a market share of $96.5 million each year—and this is represented primarily by skin care devoted to the face, according to Euromonitor Internat¬ional. Lucintel market research reports global skin care and beauty markets will reach $264.2 billion by the year 2017, and premium services and products for the face constitute a healthy percentage of that projection. As for Medspas, who address a bulk of this market, they run the gamut of services. The introduction of new technologies to address the cosmetic woes of the aging baby boomer population and its recession proof demands can make it very confusing as to what new gadgets or techniques to add to your product line of services. With All the Choices, Where Does One Start the Research? Assess your current core clientele. Who are they? How much do they spend with you? What is the potential for increasing that annual spend? And what are the areas that have the greatest growth potential for your business? Do you provide fillers, but not medical grade facials? Do you own older albeit working apparatus that have been edged out of the hot, new, hip technology that use the new

| FEBRUARY 2016

Determining Which Emerging Technology to Add to Your Growing MedSpa Business cosmeceuticals and infusion techniques? Start by asking your clients what their most important beauty challenge is. Start where you have a loyal market, identify unmet needs, address them with a new technology, and model a sales funnel of new clients that match what you have successfully created already. Create word of mouth on steroids by selling a system of beauty care, a program of services rather than just one service at a time. Emerging medical technologies can be identified by tapping in to what others in your industry are talking about. Being on the cusp by

reading trade magazines, attending conferences, serving on boards, and talking to others in your industry is one way to be ahead of the curve. You don’t, after all, want to be the last Medspa to get a new technology. By then, the price points of the service have been eroded by couponing and other competitive marketing mechanisms. No, you want to be on the cutting edge of knowing what’s emerging and the only way to do that is to research ahead of the trend. Are you noting that skin tightening and sun damage are two of the motivations for 90% of your clientele because you

by Lori Gertz Freakin’ Genius Marketing

are in a resort type area with year round temps of 70 degrees? Then, research the technology that addresses those beauty challenges rather than specializing in a technique that is really geared towards another market. Be smart. Put your location, your clientele and your intellect into choosing your next investment. Perennial challenges in the beauty arena are sagging chins, hair loss, fat reduction, skin rejuvenation or resurfacing, tattoo removal, vein elimination etc. and new machines and products are being released every month to address them.

So, You’ve Found a New Technology, Now What? You’ve identified that you have a built-in demand for a new product, let’s say a medical grade facial system and you’ve demo’d and spoken at length to the representative for the company. Consider leasing or renting the machine and marketing a special introduction to the system with a package or coupon to your existing clientele. These emerging technologies can be large investments, so make sure your staff is capable of being trained to be the best provider in your geographic

area. Nothing erodes interest in a newfangled service faster than an unfortunate or careless delivery vehicle for it. Contact your business manager to discuss whether your business is set to make the investment based on the ROI of visits and planned marketing costs. Create a strategy for launch of the new offering and make a big deal about it. Because, face it, if you have leased or taken a loan for a piece of equipment for your office, the last thing you want to do is see it sitting in a corner unused day after day. Create a specific strategic marketing plan inclusive of heavy digital promotion so you can tie it back to a video or other strong materials the company has to support you. In the old days, you handed a client a printed brochure. Now, clients and prospective clients will google the product, look at videos to see how it’s done, assess reviews to see what others think of it, and read up heavily on the service. In some cases, clients already know what they want when they call you. Hello Beauty Medspa, I’m looking for Hydrafacial MD. It says on your website that you offer it, are there any packages on special right now? By the time you receive that call, you can be sure that prospect has seen videos and a list of other Medspas in your area that offer it as well. At that point, don’t let price be your only differentiator. Service is KEY! Create relationship, offer add on’s, consultations and other merchandising to create a bond with your prospect. And give yourself a pat on the back because you knew the right new emerging technology to get to start the phone ringing. continued on page 24

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ate and substantial restoration of skin health.” Brockington did her Introducing a New Service in research on other spas in the area a Competitive Field and what they were offering, as Momma’s Medispa (www.momwell as what demand would be met masmedispa.com) in Solana Beach within her healthy clientele. She California recently went through the analyzed the potential for returnprocess of identifying a new service on-investment and while she often that was an existing demand for in leases machines for her So Cal locatheir business. tion, in the case of Hydrafacial MD, Momma’s owner, BJ Brockington she opted to purchase the machine explained, “We offer a tremendous outright. “I financed it based on diversity of skincare treatments, my projections for return and so but we recognized a demand for a far have not be disappointed. I put non-invasive, medical grade facial. together a marketing package with Peels, Rejuvapen, Exilis, and a few add on’s and gave coupons earned others we offer are fantastic but from other services to put towards often require some down time as a first time trial. With this particuthe skin heals and remodels. I did lar service, once you try it, you love my research and while Hydrafacial it! Who doesn’t love immediate MD is not a new technology, per se, gratification without downtime?” their improvements and infusion Most important when assessing a serums and proprietary skin solunew service is the competitive envitions address the demand we have ronment. If others are already offeramong our clientele for an immedi- ing the service at highly discounted continued from page 23

rates, your investment is on shaky ground. Confirm with the company who manufactures the line that there are barriers to pricing so there is no undercutting and tap as much of the company’s marketing materials as possible. Devote a page to the service on your website, create blogs, take before/after’s and get reviews and testimonials and start building a following of interest on all of your social media. A new service and happy customers will speak for itself and will drive a sales funnel to your door in time for you to make your first few payments on your new investment.  Lori Gertz is Chief Freakin’ Genius at Freakin’ Genius Marketing specializing in website strategy, design, content development and deployment in a world of multitudes of devices. www. freakingeniusmarketing.com.

features

By Naren Arulrajah with Vikas Vij Ekwa Marketing

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features

Tips on

Selling Your Practice By Philip Driver CEO, Physician Solutions, Inc.

When you are ready to sell your practice or starting to review your options, here are some key points you need to address before talking to a potential buyer. 26

| FEBRUARY 2016

10 KEY POINTS TO ADDRESS WHEN SELLING YOUR PRACTICE 1. Stage Your Practice to Sell: Before you start gathering your data, both financial and patient demographics, you must stage your practice for success. De-clutter your practice, organize every desk, the patient waiting room, exam rooms and keep your entire practice VERY clean. Having an orchid displayed at your check-in window is an inexpensive way to up-sale your practice. Make sure your staff is well groomed and always greats every patient with a friendly smile. Suggesting or requiring your staff to wear lab coats or uniform tops will create a professional atmosphere. Create a positive atmosphere with the buying doctor and allow him to buy the practice instead of you selling it to him. The first impression is important, but rest assured when you are selling your practice that every visit by the potential buyer is extremely important. Your professional broker should orchestrate the practice visits while directing times and dates for every visit and, of course, the exchange of data. 2. Financial Data: Have your financials in order. You should have at least the past three years of tax returns and current profit and loss statements with balance sheets both in cash and accrual format. Make sure your statements are prepared in a good accounting format; Quick Books or statements from a reputable accounting or CPA firm. You should identify your expense â&#x20AC;&#x153;add backsâ&#x20AC;?. As you are determining the value of your practice there are certain logical add backs you are entitled to claim including personal expenses such as club memberships, car payments, health and life insurance as well as entertainment and travel expenses, to name a few. Adding back expenses also applies for one-time non-recurring cost such as EMR roll-out invoices or one time legal fees. Your practice may be your most valuable asset, but do you know what yours is worth? Having a professional Valuation on your practice can also be a big help. There are a few specialized attorneys and CPAs that prepare valuations. We recommend BizScore Valuation because they have three sections: the Performance review, the Valuation Reports and the Projections section that provide 5 years of detailed estimates. You can view their corporate capabilities at www.bizscorevaluation.com

3. Patient Demographics: You must provide data regarding your patient demographics. Every buyer will be interested in your patient flow and how you track your patients on a daily and monthly basis. Have a detailed list of your CPT codes with charges for each procedure with any modifiers. You should be able to print this report from your electronic medical software. Make sure you are able to detail your routine charges like 99212 through 99215, special procedures that may be specific to your practice and have your CPT codes with charges formatted for print and viewing. You may be able to separate pages by age, insurance payee, sex and type of medical issues they experience. (An example is the total number of Medicare patients or pediatric patients). 4. Contracts and Agreements: Organize all of your vendor contracts and have the details, account numbers, payment data, due dates and rents or mortgages that are due monthly, quarterly or annually. Include phone bills, utilities, pest control, copier payment or maintenance, insurance, payroll services, billing or accounting services, etc. Always review your contracts like telephone plans for the best short term and long term plans and cut out waste whenever possible. 5. Solve Problems: Make sure you identify any problems or potential problems before closing. Most issues can be resolved as most sellers and buyers are working toward a common goal, transferring ownership. If there are any pending law suits or employee issues, make the situation known and understand what your options are in finding resolutions. No one likes surprises and an unresolved issue can spoil your closing. 6. Identify Your Liabilities: In an asset sale, most buyers will not assume major liabilities of the practice. Such liabilities may include bank loans, credit lines, and equipment leases. When estimating your net proceeds from the closing, you should consider carefully all of your outstanding liabilities and how much it will cost to satisfy this debt at or before closing. Your outstanding liabilities will determine what you will net from the sale. continued on page 28 PHYSICIAN SOLUTIONS MAGAZINE

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continued from page 27

7. Work With a Professional Broker: It is very hard to sell your home on your own and it is much harder selling your practice without professional guidance. I strongly suggest using an experienced practice broker in lieu of a business broker. An experienced medical practice broker knows how to write medical contracts, keep the respected medical boards informed and protect the interest of the selling doctor or practice owner depending on the state the practice is located in. Also, CONFIDENTIALITY is a very important issue. You must not place a sign in the yard of the practice saying “For Sale”. This would be very damaging and your employees as well as your patients will be concerned and may leave your practice. Business and Real Estate brokers are accustomed to putting their sign on the building or business for sale. When working with a practice broker you will eliminate the problems inexperience may bring. If your practice broker has an attorney on staff, you will come out ahead. The staff attorney will be informed in the proper documentation needed and eliminate errors and missteps along the way. If your broker doesn’t have a staff attorney, we strongly recommend you have your own attorney involved. Selling your practice is not easy and requires experienced and legal hands working on your behalf to make sure the ownership transition is smooth and legal. 28

| FEBRUARY 2016

8. Practice Financing: We recommend the buyer pay for the practice in full at closing. A cash transaction handled by an attorney, bank transfer of funds using an Escrow account is ideal. If the seller has to finance part of the sales price for the buyer, make sure you are dealing with a credit worthy buyer and we suggest you have collateral backing up your promissory note. 9. Your Practice Image: The very best way to create an image for your practice is with a professional web site. Practices with really sharp informative web sites will fetch 20% more in price. Also your colleagues will be more comfortable referring patients to you if they and their patients can see you on-line. 10. Plan Your Sale: If you don’t have a plan for success, you automatically have a plan for failure. I have heard it said that every practice does one of two things - sells or closes from lack of preparation. Don’t wait until the last minute. When you start thinking about your practice options, talk to a medical practice broker. Discuss time lines and how long you may be on the market before a sale. You need to think about the time you may be required to spend at the practice to help with a smooth ownership transition. Selling your practice is not hard, but you must have your numbers, both income and patient, available for the prospective buyer. Make the new owner comfortable with their findings. Then you can step back and take a deep breath. 

is now hiring primary care MD’s and PA’s, DDS’s, dental hygienists, and registered dental assistants in North Carolina, Virginia and South Carolina

Ongoing and intermittent shifts are available for physicians, mid-levels, DDS, dental hygienists, and registered dental assistants as well as permanent placement. Find out why providers choose Physician Solutions. P.O. Box 98313, Raleigh, NC 27624 Scan this QR code with your smartphone to learn more.

phone: 919.845.0054 fax: 919.845.1947 e-mail: physiciansolutions@gmail.com www.physiciansolutions.com

features

Expand Your Medical Practice Using Telemedicine By Barbara Hales, M.D.

www.thewritetreatment.com

Newer technologies are becoming more eagerly accepted and more mainstream. Rather than spend the night in an emergency room or drag off to an Urgicenter, a million patients will consult a health professional online through their smartphone, iPad or laptop device. People suffering from infections, itches, rashes and colds will describe their symptoms or show them through a conduit like Skype or other similar video applications to a doctor, receiving advice and treatment. The emergency care will come at their convenience in time and location. The adoption of telemedicine has exploded over the last few years. There is no doubt that telemedicine is a great way to provide accessible medical care in rural or outlying areas, but it is now also being used by patients in urban settings too. According to the American Telemedicine Association, there were approximately 800,000 telemedicine consultations this year alone. Towers Watson, a consulting firm foresees greater than 33% of employers will provide telemedicine as a perk to their employees. At Teledoc, based in Texas, consultations through telehealth have escalated by five hundred percent over the last three years.

How Does This Benefit You? There are several advantages to adoption of telemedicine in your medical practice. These include: • Meeting Patient Demands: The public has shown that they want telemedicine. The greatest driving force for this way of practicing is the public. 30

| FEBRUARY 2016

It best helps the caregivers, tending to patients who may not be mobile enough to reach a medical center, chronically ill patients, pediatric patients, the contagious, and the mentally ill. Getting immediate care has a profound impact not only the patient, but also the family and the community. • Beating out your competition: Despite the demand for telemedicine, there will be physicians who only implement new practices once everyone uses it. There is often great resistance to new methods of care delivery. By implementing telemedicine, patients who desire this type of care will transfer to you. • Strengthening Your brand: Become known as the compassionate healthcare provider who is not afraid of using the latest technology and practices. • Bedside Consultations: If you need to check resources or a specialist to confer with over a difficult case, you can do so online while seeing the patient. • Remote Monitoring: Included with the practice of telemedicine you may incorporate devices that remotely measure and amass data, which is then sent to testing facilities for interpretation. Blood glucose levels, blood pressure monitoring, EKG readings, and times when pain or depression is most symptomatic are but a few where telemedicine helps both patients, caregivers, nurses and doctors. • Growing Your practice: When demands are met and patients receive the care that they are looking for, reputations go viral and prospective patients flock to your office.

While self-monitoring devices like FitBit and iWatch are used in the community, there aren’t many practices that will incorporate this data into the care of these patients who are trying to participate in their healthcare. Telemedicine enables doctors to reach out beyond their office and immediate office surroundings. • Adding revenues: Rather than having to rush out to see your patients in the middle of the night to a hospital or other setting, telemedicine allows you to consult with additional patients in the comfort of your own home, picking up that additional “moonlighting fee”. Patients can be advised to make a follow up appointment in the office at regular times to ensure resolution of the medical problem.

Parameters of a Successful Telehealth Program There are three basic factors to consider once you have a telehealth program up and running. Ask yourself:

out but you want the long-term usage and glowing reports. Feedback can be obtained in the form of surveys (online, and by phone), testimonials or client ratings, and interviews of the users themselves.

Metrics Digital logs of performance should be kept and reviewed on a regular basis. If one of the parameters decline, ask yourself how you can improve upon it. Once the system is functioning at the desired level, ideally it will be run itself without modifications or interventions.

Key The most important thing about telehealth is not to ignore it! The public has had its outcry for the system and it is clearly desired by consumers. Don’t get left out in the cold!  Want to know more? Contact: Support@CompleteContentPackage.com

• Consumer Usage How frequently is the system used? Are more consumers taking advantage of the system in lieu of telephone or office consultations?

The Write Treatment

Is the system being largely ignored or only used in the introductory period? What can you do or provide to entice new users and continuous consumer activity? • Return of Investment Is your system profitable? According to your business plan, is there a projection as to when you surpass the amount that has been invested to implement the system? Obviously, the faster you can see the program in the black with positive cash flow, the more you can justify having the specific program in place. • Consumer Approval Consumer approval is an essential sign of predictability when it comes to a lasting and successful program. If the system is too hard to use, does not address the “wants” of the users or is inconsistent, consumers will not use it for long. They may try it

Ezines and NewslettersCost Effective Powerful Tools • Drive traffic to your business website • Build relationships between yourself and patients • Get new patients • Announce a new service or product • Give great impact Have you got a newsletter yet or want to spread a message? Contact Barbara Hales, M.D. for a free consultation. Barbara@TheWriteTreatment.com 516-647-3002

PHYSICIAN SOLUTIONS MAGAZINE

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Women’s Health Practice in Morehead City, NC

Adult & pediAtric integrAtive medicine prActice for sAle This Adult and Pediatric Integrative Medicine practice, located in Cary, NC, incorporates the latest conventional and natural therapies for the treatment and prevention of health problems not requiring surgical intervention. It currently provides the following therapeutic modalities: • • • • •

Conventional Medicine Natural and Holistic Medicine Natural Hormone Replacement Therapy Functional Medicine Nutritional Therapy

• • • • • •

Mind-Body Medicine Detoxification Supplements Optimal Weigh Program Preventive Care Wellness Program Diagnostic Testing

There is a Compounding Pharmacy located in the same suites with a consulting pharmacist working with this Integrative practice. Average Patients per Day: 12-20 Gross Yearly Income: $335,000+ | List Price: $125,000

Newly listed Primary Care specializing in Women’s care located in the beautiful coastal city of Morehead City. This spacious practice has 5 exam rooms with one electronic tilting exam table and 4 other Ritter exam tables. Excellent visibility and parking make this an ideal location to market and expand. This practice is fully equipped and is ready for a new owner that is ready to hit the ground running. The owning MD is retiring and will be accommodating during the transition period. This medical building is owned and is offered for sale, lease or lease to own. The gross receipts for the past 3 years exceed $540,000 per year. If you are looking to purchase an excellent practice located in a picturesque setting, please contact us today.

Medical Practice Listings Call 919-848-4202 or email medlistings@gmail.com www.medicalpracticelistings.com

Buying and selling made easy

Call 919-848-4202 or email medlistings@gmail.com www.medicalpracticelistings.com

PRIMARY CARE PRACTICE - Hickory, North Carolina This is an outstanding opportunity to acquire one of the most organized and profitable primary care practices in the area. Grossing a million and a half yearly, the principal physician enjoys ordinary practice income of over $300,000 annually. Hickory is located in the foot-hills of North Carolina and is surrounded by picturesque mountains, lakes, upscale shopping malls and the school systems are excellent. If you are looking for an established practice that runs like a well oiled machine, request more information. The free standing building that houses this practice is available to purchase or rent with an option. There are 4 exam rooms with a well appointed procedure room. The owning physician works 4 to 5 days per week and there is a full time physician assistant staffed as well. For the well qualified purchasing physician, the owner may consider some owner-financing. Call us today. List price: $425,000 | Year Established: 2007 | Gross Yearly Income: $1,500,000

Medical Practice Listings Selling and buying made easy

MedicalPracticeListings.com | medlisting@gmail.com | 919-848-4202 32 | FEBRUARY 2016

Primary Care Specializing in Womenâ&#x20AC;&#x2122;s Health

Located on NCâ&#x20AC;&#x2122;s Beautiful Coast, Morehead City

Practice established in 2005, averaging over $540,000 the past 3 years. Free standing practice building for sale or lease. This practice has 5 well equipped exam rooms and is offered for $20,000. 919.848.4202 medlisting@gmail.com medicalpracticelistings.com

Internal Medicine Practice for Sale

PEDIATRICIAN

or family medicine doctor needed in

FAYETTEVILLE, NC

Located in the heart of the medical community in Cary, North Carolina, this Internal Medicine practice is accepting most private and government insurance payments. The average patients per day is 20-25+, and the gross yearly income is $555,000. Listing Price: $430,000

Call 919-848-4202 or email medlistings@gmail.com www.medicalpracticelistings.com

Comfortable seeing children. Needed immediately.

Call 919- 845-0054 or email: physiciansolutions@gmail.com www.physiciansolutions.com PHYSICIAN SOLUTIONS MAGAZINE

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PHYSICIANS NEEDED: Mental health facility in Eastern North Carolina seeks: PA/FT ongoing, start immediately Physician Assistant needed to work with physicians to provide primary care for resident patients. FT ongoing 8a-5p. Limited inpatient call is required. The position is responsible for performing history and physicals of patients on admission, annual physicals, dictate discharge summaries, sick call on unit assigned, suture minor lacerations, prescribe medications and order lab work. Works 8 hour shifts Monday through Friday with some extended work on rotating basis required. It is a 24 hour in-patient facility that serves adolescent, adult and geriatric patients. FT ongoing Medical Director, start immediately The Director of Medical Services is responsible for ensuring all patients receive quality medical care. The director supervises medical physicians and physician extenders. The Director of Medical Services also provides guidance to the following service areas: Dental Clinic, X-Ray Department, Laboratory Services, Infection Control, Speech/Language Services, Employee Health,

Pharmacy Department, Physical Therapy and Telemedicine. The Medical Director reports directly to the Clinical Director. The position will manage and participate in direct patient care as required; maintain and participate in an on-call schedule ensuring that a physician is always available to hospitalized patients; and maintain privileges of medical staff. Permanent Psychiatrist needed FT, start immediately An accredited State Psychiatric Hospital serving the eastern region of North Carolina, is recruiting for permanent full-time Psychiatrist. The 24 hour in-patient facility serves adolescent, adult and geriatric patients. The psychiatrist will serve as a team leader for multi-disciplinary team to ensure quality patient care/treatment. Responsibilities include:

evaluation of patient on admission and development of a comprehensive treatment plan, serve on medical staff committees, complete court papers, documentation of patient progress in medical record, education of patients/families, provision of educational groups for patients.

Send copies of your CV, NC medical license, DEA certificate and NPI certificate with number to Physician Solutions for immediate consideration. Physician Solutions, P.O. Box 98313, Raleigh, NC 27624 PH: (919) 845-0054 | email: physiciansolutions@gmail.com

Primary Care Practice For Sale

Practice for Sale in Raleigh, NC

Wilmington, NC

Primary care practice specializing in women’s care

Established primary care on the coast of North Carolina’s beautiful beaches. Fully staffed with MD’s and PA’s to treat both appointment and walk-in patients. Excellent exam room layout, equipment and visibility.

The owning physician is willing to continue with the practice for a reasonable time to assist with smooth ownership transfer. The patient load is 35 to 40 patients per day, however, that could double with a second provider. Exceptional cash flow and profit will surprise even the most optimistic practice seeker. This is a remarkable opportunity to purchase a well-established woman’s practice. Spacious practice with several well-appointed exam rooms and beautifully decorated throughout. New computers and medical management software add to this modern front desk environment.

Contact Medical Practice Listings for more information.

Medical Practice Listings 919.848.4202 | medlistings@gmail.com www.medicalpracticelistings.com 34 | FEBRUARY 2016

Raleigh, North Carolina

List price: $435,000

Call Medical Practice Listings at (919) 848-4202 for details and to view our other listings visit www.medicalpracticelistings.com

Med Spa in the Raleigh-Durham, NC Area

Pediatrics Practice Wanted Pediatrics practice wanted in NC

Beautiful Med Spa located in the Raleigh-Durham is among our newest listings. This very upscale facility is established and boosts consistent gross revenues of a million plus. Some of the procedures performed are: Botox, Dermal Fillers, Minimal light based treatments, laser hair removal, cool sculpting (external cooling treatment that freezes the hair and the body metabolizes the fat). This practice is ideal for the Plastic Surgeon or Dermatologist. Established: 2010 l Annual Revenue: $1,000,000 Average Patients per Day: 15 to 25

Call 919-848-4202 or email medlistings@gmail.com www.medicalpracticelistings.com

Considering your options regarding your pediatric practice? We can help. Medical Practice Listings has a well qualified buyer for a pediatric practice anywhere in central North Carolina. Contact us today to discuss your options confidentially. Medical Practice Listings Call 919-848-4202 or e-mail medlistings@gmail.com www.medicalpracticelistings.com

Eastern North Carolina Family Practice Available Well-appointed Eastern North Carolina Family Practice established in 2000 is for sale in Williamston, NC. This organized practice boasts a wide array of diagnostic equipment including a GE DEXA scanner with a new tube, GE case 8000 stress testing treadmill and controller and back up treadmill, Autoclave and full set of operating equipment, EKG-Ez EKG and much more. The average number of patients seen daily is between 12 to 22. The building is owned by MD and can be purchased or leased. The owning physician is relocating and will assist as needed during the transition period. The gross receipts for the past three years average $650,000 and the list price was just reduced to $185,000. If you are looking to purchase a well equipped primary care practice, please contact us today. 919-848-4202 medlisting@gmail.com medicalpracticelistings.com

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Urgent Care Practices Wanted We have several qualified MDs seeking established Urgent Care Practices in North Carolina.

NC Opportunities DENTISTS AND HYGIENISTS

If you have an urgent care practice and would like to explore your selling options, please contact us. Your call will be handled confidentially and we always put together win-win solutions for the seller and buyer. Physician Solutions has immediate opportunities for dentists and hygienists throughout NC. Top wages, professional liability insurance and accommodations provided.

Call Medical Practice Listings today and ask for Philip Driver 919-848-4202.

Call us today if you are available for a few days a month, on-going or for permanent placement. Please contact Physican Solutions at 919-845-0054 or physiciansolutions@gmail.com

Modern Med Spa Available

Located in beautiful coastal North Carolina Modern, well-appointed med spa is available in the eastern part of the state. This Spa specializes in BOTOX, facial therapy and treatments, laser hair removal, eye lash extensions and body waxing as well as a menu of anti-aging options. This impressive practice is perfect as-is and can accommodate additional services like; primary health or dermatology. The Gross revenue is over $1,500.000 during 2012 with consistent high revenue numbers for the past several years. The average number of patients seen daily is between 26 and 32 with room for improvement. You will find this Med Spa to be in a highly visible location with upscale amenities. The building is leased and the lease can be assigned or restructured. Highly profitable and organized, this spa POISED FOR SUCCESS. 919.848.4202 medlisting@gmail.com medicalpracticelistings.com

36 | FEBRUARY 2016

PRIMARY CARE PRACTICE East of Raleigh, North Carolina We are offering a well established primary care practice only minutes east of Raleigh North Carolina. The retiring physician maintains a 5 day work week and has a solid base of patients that can easily be expanded. There are 6 fully equipped exam rooms, a large private doctorâ&#x20AC;&#x2122;s office, spacious business office, and patient friendly check in and out while the patient waiting room is generous overlooking manicured flowered grounds. This family practice is open Monday through Friday and treats 8 to a dozen patients per day. Currently operating on paper charts, there is no EMR in place. The Gross revenue is about $235,000 yearly. We are offering this practice for $50,000 which includes all the medical equipment and furniture. The building is free standing and can be leased or purchased. Contact Philip at 919-848-4202 to receive details and reasonable offers will be presented to the selling physician.

Medical Practice Listings Selling and buying made easy

MedicalPracticeListings.com | medlisting@gmail.com | 919-848-4202

MD STAFFING AGENCY FOR SALE IN NORTH CAROLINA The perfect opportunity for anyone who wants to purchase an established business.

l One

of the oldest Locums companies l Large client list l Dozens of MDs under contract l Executive office setting l Modern computers and equipment l Revenue over a million per year l Retiring owner

NC MedSpa For Sale MedSpa Located in North Carolina We have recently listed a MedSpa in NC This established practice has staff MDs, PAs and nurses to assist patients. Some of the procedures performed include: Botox, Dysport, Restylane, Perian, Juvederm, Radiesse, IPL Photoreju Venation, fractional laser resurfacing as well as customized facials. There are too many procedures to mention in this very upscale practice. The qualified buyer will be impressed with the $900,000 gross revenue. This is a new listing, and we are in the valuation process. Contact Medical Practice Listings today to discuss the practice details.

For more information call Medical Practice Listings at 919-848-4202 or e-mail medlistings@gmail.com Please direct all correspondence to driverphilip@gmail.com. Only serious, qualified inquirers.

www.medicalpracticelistings.com PHYSICIAN SOLUTIONS MAGAZINE

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Physician Solutions, Inc. Medical & Dental Staffing

The fastest way to be $200K in debt is to open your own practice The fastest way to make $100K is to choose

Physician Solutions

THE DECISION IS YOURS Physician Solutions, Inc. P.O. Box 98313 Raleigh, NC 27624 Scan this QR code with your smartphone to learn more.

phone: 919-845-0054 fax: 919-845-1947 www.physiciansolutions.com physiciansolutions@gmail.com