Today’s interview with Michael Erin, a dental valuation and practice consultant and broker, focuses on how Dentists prepare for retirement and a succession plan for the transition and sale of the work and interest in their dental practice.
Topics covered in this 30-minute interview:
- About Progressive Management and dental brokerage generally;
- Preparing for retirement, when to start selling your practice;
- Different types of buyers you may identify well in advance;
- Understanding the timeline and process of dental practice valuation.
Michael Erin is a management consultant, valuation specialist and practice broker in the Chicago hospital and health care industry. Mr. Erin, with Chicago’s Progressive Management & Associates, the Chicago dental practice brokerage, works with dental specialists in transition with their private practice. He works with sellers, buyers and valuation services to keep the transition out of practice in the fast lane, to maximize profits for his clients. Michael Erin is a colleague with our host, Michael V. Favia, through the Health Practice Advisors network group in Chicago.
# # #
Michael V. Favia & Associates are available to advise and represent healthcare professionals and the general Chicagoland community with a variety of legal issues. With offices conveniently located in the Chicago Loop, Northwest side and suburbs, you can schedule a discrete meeting with an attorney at your convenience and discretion.
For more about Michael V. Favia & Associates’ professional licensing work, please call (773) 631-4580, visit www.IL-Licensing.com and feel free to “Like” the firm on Facebook and “Follow” the firm on Twitter. You may also connect with Attorney Michael V. Favia on LinkedIn and on Avvo.com where you may also read client endorsements and reviews.
ebix offers initial credentialing services for start-up practices at no charge.
Start your insurance contracting/credentialing now!
Launching a new practice or expanding to a new state? Initial Credentialing is Free.
Our expert staff reaches out to the carriers of your choice to obtain network status.
Yes, the dominating trend over the last 20+ years has been hospital systems employing doctors and buying practices. However many sources including MGMA and Modern Healthcare have reported that hospital systems lose approximately $150,000 to $200,000 yearly per physician. Recent changes to outpatient hospital payments, such as the elimination of facility reimbursement, have added to hospital’s problems. To stem these losses, productivity demands and salary reductions are placed on providers, increasing dissatisfaction, burnout and defections.
While new medical school graduates have little choice but employment, physicians further along in their careers are eyeing independent practice. But there’s precious little if any instruction given in school about the complexities of medical entrepreneurship. One of those seldom understood and potentially devastating pitfalls is insurance network contracting, commonly referred to as “credentialing”.
Establishment of new federal tax ID (TIN) and group national provider identifier (NPI) are first steps in starting a practice. Assuming the provider has been treating Medicare and Medicaid patients, adding the new TIN and NPI to the “straight” government programs is fairly simple. Address, phone number and other basic info will be required as well. However, other carriers require new contracts for the new practice.
Most patients choose a commercial Medicaid intermediary or a Medicare Advantage plan to increase accessibility and lower cost. Therein lies the rub. As an example; if you see a Medicaid eligible patient that’s designated United Healthcare as their carrier and you are not in the UHC network, even if you are an enrolled Medicaid provider, you will NOT be paid. You can’t bill the patient or Medicaid directly.
Let ebix, Inc do the credentialing for you. Read the attached information regarding Centralized Physician Credentialing here.
About ebix, Inc.
Established in 1977 as a billing company, ebix, Inc. has grown to a multifaceted medical management firm. Providing administrative and operational support to healthcare providers throughout the Central United States, our portfolio of services includes medical billing, accounts receivable management/liquidation, compliance audits by credentialed auditors to ensure regulatory compliance, physician/ancillary education, extended business office functions, ICD-10/CPT-4 coding, and practice management support.
Please Contact Craig Evans to learn more
Our new website is finally up. We’ve worked hard to get a beautiful new site ready and we’re proud to show it off. Thanks for reading our blog. We have lots of great blog posts in the works. Please check back or contact us now to find out how we can help you.