Hiring new doctors

[PA-CtoMD]

Hi,

I have an afternoon medication management followup practice. The visits are all 15 minutes. I also do inpatient work in the morning which includes ECT and seeing patients on the wards. I would like to hire three doctors to work in my clinic. One doctor would work full-time during the weekdays, one child psychiatrist on Saturdays, and the other part-time on weekdays, in the evenings. I don't plan to see any of the patients in my clinic. I am just going to oversee the practice (I guess one can call it administrative stuff). I spent a LOT of money on my clinic (some remodeling etc). So, I have a pretty big bill to pay. How do you think my practice would do? I am just curious to see what you think?

Also how long does it take to hire doctors and get them on board seeing patients?

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[Therapist4Chnge]

How do you think my practice would do? I am just curious to see what you think?

I don't mean this in a snarky way...but you really should have but together a business plan to evaluate the cost/benefit of a remodel before doing it. That being said...you should take the middle 50% for gross billing and then knock 15-20% off of that estimate (for at least the first 6 months) and then you'll have a better idea of what you realistically can expect in the first year. Rarely do people get out of the gate running, so you need to plan/expect that.

*edit*

Also...don't expect to re-coup your re-model expenses unless you go after a completely different payor mix because much like re-modeling your home...rarely do people get $1:1 value for their investment for aesthetics. You can see greater profits from adding providers, but don't expect that you'll make it back on your fees.

 

[PikminOC]

Are you going to sublet to the other docs or take care of all admin work? Thanks for sharing what you do. Being an MD really helps open up a lot of opportunities!

 

[PA-CtoMD]

Are you going to sublet to the other docs or take care of all admin work? Thanks for sharing what you do. Being an MD really helps open up a lot of opportunities!

I am thinking about subletting. However, not sure if they can afford it. the doctor that I want to hire full-time will be straight out of residency. Possibly start in July. The child psychiatrist I will hire will still be completing his child psych fellowship. He is in his last year.

 

[PistolPete]

Interesting. So what % cut will you be taking of their collections? 30%

 

[PA-CtoMD]

Interesting. So what % cut will you be taking of their collections? 30%

I am still trying to decide on the cuts. How do you think it will work out? Am I being reasonable to not see patients and just have other docs work for me? I haven't seen this done very often. In my community doctors that employ doctors still see patients.

 

[vistaril]

Hi,

I have an afternoon medication management followup practice. The visits are all 15 minutes. I also do inpatient work in the morning which includes ECT and seeing patients on the wards. I would like to hire three doctors to work in my clinic. One doctor would work full-time during the weekdays, one child psychiatrist on Saturdays, and the other part-time on weekdays, in the evenings. I don't plan to see any of the patients in my clinic. I am just going to oversee the practice (I guess one can call it administrative stuff). I spent a LOT of money on my clinic (some remodeling etc). So, I have a pretty big bill to pay. How do you think my practice would do? I am just curious to see what you think?

Also how long does it take to hire doctors and get them on board seeing patients?

so I would sign/code a ton of inpatient charts at some hospital where you have a large contract(and you take a cut of course with minimal to no overhead there), leave by 11 or so, and then head over to your outpt setup where I stack and whack as fast as I can and have you take another cut?

Where do I sign up?

 

[johnhoedack]

Make sure to have them sign a non-compete for the area. You don't want them to use your practice as a springboard to build up their patient base right out of training and then see them walk them all out the door to a fancy new office down the street.