Fellows Business in Medicine Call

[gdub25]

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Just curious if any fellows/new grads are on here looking for business advice like I was a few years ago. If so, would there be interest in putting together a zoom type call to discuss different business topics? For fellows this would probably revolve exclusively around different job offers and how to rate them and then for newer grads there would likely be more questions about billing, collections, and growing the practice. We can go from basic stuff to very advanced like private equity deals and building out ASCs from the ground up. I would plan to have myself and at least one or two other colleagues who have had tremendous success on the business side from across the country to help diversify the answers and opinions.

The only time I’ve seen this stuff covered in the past was at a couple fellows stim courses but they were monitored for compliance and geared toward SCS. Doing this away from industry allows us to take it the direction the group needs it to go. Trouble is getting it organized and the word out so I figured I give this a try.

 

[JFS]

New grad here - I agree this a huge need. Would be really appreciated!

 

[IDKwhattodoyet]

This is a great idea and I'd love to be involved.

 

[GoBeers]

I'd like to attend

 

[Painologist]

I’d be interested as well!

 

[drusso]

Just curious if any fellows/new grads are on here looking for business advice like I was a few years ago. If so, would there be interest in putting together a zoom type call to discuss different business topics? For fellows this would probably revolve exclusively around different job offers and how to rate them and then for newer grads there would likely be more questions about billing, collections, and growing the practice. We can go from basic stuff to very advanced like private equity deals and building out ASCs from the ground up. I would plan to have myself and at least one or two other colleagues who have had tremendous success on the business side from across the country to help diversify the answers and opinions.

The only time I’ve seen this stuff covered in the past was at a couple fellows stim courses but they were monitored for compliance and geared toward SCS. Doing this away from industry allows us to take it the direction the group needs it to go. Trouble is getting it organized and the word out so I figured I give this a try.

This is a great idea. I'd be happy to help facilitate it.

 

[Agast]

Can attendings who are gormless join too?

 

[A Deep Breath]

Sounds great!

 

[gazzer]

Interested

 

[nerve zapper]

I'd love to attend and to advertise on the fellows-only discord group if that's alright with you

 

[Magnus Acus]

I’m still a resident but I would love to hear about this sort of thing for pain. Let me know if I could join too!

 

[gaschicago]

interested

 

[thecentral09]

Just open private practice in the last year, five years out of fellowship, would love to be involved!

 

[gdub25]

Lots of interest it seems like. We may be on to something. I need to start really thinking this through and consider how to best approach it. Questions submitted ahead of time and address most common ones first? Pick a few topics to broadly cover and then field a grab bag of questions from the group? Leave it just as question and answer from the beginning? Fielding real life job offers and talking through the variables and how to discuss with the employer is something I think everyone would benefit from as well.

Thoughts?

 

[callmeanesthesia]

Lots of interest it seems like. We may be on to something. I need to start really thinking this through and consider how to best approach it. Questions submitted ahead of time and address most common ones first? Pick a few topics to broadly cover and then field a grab bag of questions from the group? Leave it just as question and answer from the beginning? Fielding real life job offers and talking through the variables and how to discuss with the employer is something I think everyone would benefit from as well.

Thoughts?

I think it would have to be a series. So much to cover and lots of different perspectives. Evaluating job offers, starting a brand new private practice, marketing, tax strategies (there are CPA firms that specialize in physician taxes and work remotely - I bet we could get one of them to join in in exchange for getting their name out to a big group of residents and fellows). This could turn in to the next WCI…

I think job offers is going to be a good place to start, this time of year. How to know if a private practice is offering a fair deal or just looking for grist for the mill, etc.

 

[gazzer]

Agree about making it a series. New private practice here. Interested in improving credentialing process, insurance contracting, minimizing overhead, improving collections, effective marketing, taxes.

 

[Agast]

I used to give a dinner talk to the local fellows about private practice

The main point I hit was: billing and coding, and reimbursement with ASIPP fee schedules so that they would understand how much our services are actually worth. What collections should look like. That drives the negotiations behind any job offer.

 

[Status Sciaticus]

Lots of interest it seems like. We may be on to something. I need to start really thinking this through and consider how to best approach it. Questions submitted ahead of time and address most common ones first? Pick a few topics to broadly cover and then field a grab bag of questions from the group? Leave it just as question and answer from the beginning? Fielding real life job offers and talking through the variables and how to discuss with the employer is something I think everyone would benefit from as well.

Thoughts?

This is a great idea and I would be interested in it as well.
Regarding the topics, we would benefit in learning about the immediate financial implications that occur around completing the fellowship such as how to read a contract, what to look for/put into a contract, the different types of practices (HOPD, PP, employed) and reimbursement basics (collections-based, RVU-based, salaried), and documentation to capture appropriate billing levels.

 

[sdnuser001]

Interested in joining

 

[IYKYK]

I would be interested in joining as well

 

[PainDoc2025]

Not a current fellow yet or a new grad but would love to join and learn if possible

 

[MustangGtV894]

Great idea, would be interested!

 

[redchyvak]

Definitely interested! Just graduated a year ago, struck out on my own and took over a retiring doc’s practice. Half the time I feel like I’m still bumbling around, but making it work well enough. Would love to glean from others knowledge and possibly share some things I’ve learned too

 

[anespain89]

I would also be interested! I graduated 2 years ago but have only been doing anesthesia because I'm unsure of the business of a modern day pain practice with reimbursements dwindling and startup costs exploding... I havent been convinced if setting up your own shop is worth it compared to getting 500-600k guaranteed doing anesthesia in this hot market..

 

[Status Sciaticus]

did this idea ever take off?

 

[gdub25]

Following up here, and shout out to Status Sciaticus for nudging me along. Planning to get something together tomorrow night for this. Short notice I know but this is just the first of what likely will be many discussions. I have gotten a lot of interest via private message about this and questions are all over the place from basics to really specific stuff. We'll try something tomorrow and see how it goes, make adjustments to the format as needed. Send me a private message if you want to join.

 

[Agast]

looking forward to it

 

[po_boy]

Great meeting night. Anyone happen to record it? Apparently my mic wasn’t turned on…

 

[nerve zapper]

That was quite short notice. Sorry to have missed it. Would love to be included in the future. Thanks

 

[hopefulgasman]

Wish I knew about it. Did anyone record it? Please PM.

 

[sdnuser001]

Would also appreciate recording if there is one

 

[gdub25]

Yeah, it was short notice but I just had to get something going and had been putting it off too long. We touched on all kinds of topics and jumped around a lot. PLanning upcoming discussions with more structure and more experienced people to gain insight from. PMs sent with information.

 

[JFS]

This wasn’t recorded as far as I’m aware, but I’m on the side of not having these discussions recorded to allow the conversation to be as open as possible.

 

[A Deep Breath]

Maybe I missed something, but it didn’t seem like gdub intended for people to record and distribute the meeting.

It’s up to him what this evolves into, but I also liked the casual, off-the-record vibe. However, I can see where recordings could help avoid repeatedly rehashing the same topics.

 

[gdub25]

We didn’t record it. I’ll admit now just like I did during the call that I feel quite vulnerable in giving out advice and telling how I do things. It takes a certain amount of courage to put yourself out there because despite what your intentions are, there are inevitably going to be criticisms and that can weigh heavy on you. Maybe we make some content or guides of some sort that answer the most popular questions at some point but for now I think these live question-and-answer type discussions will continue to be just that, live.

Also, the true value here is not going to be me, my advice, or any recorded talk on how I do things. My practice is vastly different now than it was two years ago, and it was different than than it was a couple years before that. Things are always changing and we have to learn to adapt. The more people we have coming together and sharing what’s working for them, what’s not working, etc, the stronger all of our practices will become.

 

[Agast]

gdub was very generous with his time to even set this up. If it turns into a thankless task with people making various demands there is little incentive for him to continue.

 

[gdub25]

It’s OK, I haven’t taken any of the requests that way. We need feedback on ways to make it better but hope no one gets upset if we end up not adopting their recommendations.