| Breaking Up Isn't Always Hard to Do |
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As the pressures of running their own practice mount, many doctors
decide to close up shop and work for a hospital. Unfortunately, some
physicians find this setup even more cumbersome and prefer to get their
old practice back. Although this can be tricky, it can be accomplished
with a successful outcome for both the doctor and the hospital. Basically, there are five steps to acquiring your former practice. 1. Conduct a preliminary investigation. If issues between you and the hospital cannot be resolved, look at the contract you have with them. Under the contract, would you be able to take your managed care contracts with you? Is there a buyback agreement? Also, do some research to see if your own practice would even be profitable. 2. Discuss the situation with the hospital. Even if the hospital chooses not to renew your contract, you must still try to make an amicable departure. Find out where the hospital stands in terms of your leaving and starting your own practice. If the hospital objects, be prepared for a fight. Hire an experienced health care attorney who can help you. 3. Do you have any leverage? Calculate how much profit you have brought to the hospital. If you have brought them a large patient base, they may be inclined to part ways peacefully and maintain good standings with you since you can still refer your patients to the hospital and its associated facilities. Do not underestimate what you are worth to them. 4. Use back-up. Do not try to reach an agreement with the hospital on your own. Use an attorney who will act in your best interest. Checking whether or not you can take your malpractice policy with you or calculating the buy back cost of your practice are issues that only an experienced lawyer should handle. 5. Set up your new shop. While you may still be in negotiations with the hospital, you can start the planning process of your new practice. Develop a business plan, figure out your start-up costs and the type of equipment you will need. Try to handle the financing end of things first since that will be the determining factor for what you can and can't afford up front. Once you are ready to go, begin your marketing campaign. Send out letters and/or brochures and place some advertisements. Before you know it, your new practice will be up and running--and thriving. |
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