Hi folks.
If you don't recognize my forum name, I am a general surgery dropout who somehow started his own private practice in Southern California and survived to tell the story. And I'm in need of mentorship.
Our practice provides wound care to patients on the street, private residence, and about 30 SNFs. Everything is going smoothly: revenue is growing, employees are happy, nurses are happy, patients and families are happy. In March, however, I started working at an LTACH and feel that I have created a conundrum for myself.
At the LTACH, per-patient workload is much higher because of the documentation requirements. Despite this, I took the local LTACH to the top of the podium in terms of procedural volume amongst 109 LTACHs within the medical group. In June, we're projecting our volume will be so high that we might have out-produced the other top 3 competing hospitals combined.
During a one-on-one lunch meeting, the medical director mentioned that all of the PCPs are pleased with improved wound outcomes and that he believes that it is only a matter of time before the competing LTACH in town would approach me for their wound care program. While that is flattering, it is also overwhelming in the sense that I will be taking care of the vast majority of LTACH wounds in the city at these two hospitals.
All of my compensation is tied to the professional fee, far below what I get paid for taking care of the patients in post-acute setting. I don't understand what financial incentive a physician has to work in the hospital setting (I understand professional development, networking, and satisfaction of taking care of more sick patients which I appreciate). I do hear folks talk about RVU and wRVU and I get the sense that those numbers are tied to working as a contractor or employee? I really don't understand any of it, and I don't think my employees would want to leave their well-paying SNF positions to work in the hospital for a big pay-cut. Which means I am kinda on my own and headed for a burn-out.
In addition, I was approached by a healthcare business CEO to be acquired for national expansion of the current practice. After soul searching, I decided it was not in my own best interest to be flying away from my home and my children all the time, when I already have a good thing going on here in the local market.
If you are a problem-solver and own a private practice in any field that largely bills procedures, would you please reach out to me and help me understand what it is I'm going through and how to go about making big business decisions that are in line with the ideals of medicine?
Look forward to hearing from you!
-A
If you don't recognize my forum name, I am a general surgery dropout who somehow started his own private practice in Southern California and survived to tell the story. And I'm in need of mentorship.
Our practice provides wound care to patients on the street, private residence, and about 30 SNFs. Everything is going smoothly: revenue is growing, employees are happy, nurses are happy, patients and families are happy. In March, however, I started working at an LTACH and feel that I have created a conundrum for myself.
At the LTACH, per-patient workload is much higher because of the documentation requirements. Despite this, I took the local LTACH to the top of the podium in terms of procedural volume amongst 109 LTACHs within the medical group. In June, we're projecting our volume will be so high that we might have out-produced the other top 3 competing hospitals combined.
During a one-on-one lunch meeting, the medical director mentioned that all of the PCPs are pleased with improved wound outcomes and that he believes that it is only a matter of time before the competing LTACH in town would approach me for their wound care program. While that is flattering, it is also overwhelming in the sense that I will be taking care of the vast majority of LTACH wounds in the city at these two hospitals.
All of my compensation is tied to the professional fee, far below what I get paid for taking care of the patients in post-acute setting. I don't understand what financial incentive a physician has to work in the hospital setting (I understand professional development, networking, and satisfaction of taking care of more sick patients which I appreciate). I do hear folks talk about RVU and wRVU and I get the sense that those numbers are tied to working as a contractor or employee? I really don't understand any of it, and I don't think my employees would want to leave their well-paying SNF positions to work in the hospital for a big pay-cut. Which means I am kinda on my own and headed for a burn-out.
In addition, I was approached by a healthcare business CEO to be acquired for national expansion of the current practice. After soul searching, I decided it was not in my own best interest to be flying away from my home and my children all the time, when I already have a good thing going on here in the local market.
If you are a problem-solver and own a private practice in any field that largely bills procedures, would you please reach out to me and help me understand what it is I'm going through and how to go about making big business decisions that are in line with the ideals of medicine?
Look forward to hearing from you!
-A
