Bulkhead Installation

Construction Trucks

I apologize for not posting more entries, but in the past two months, I have moved and been involved in more construction than I ever imagined.  Today began with 5 trucks in my yard.  I took it as a sign that I was making progress.

Over the last two months, I have taken Jeff Gorke’s new book, The Physician’s Guide to The Business of Medicine: Dreams and Realities, with me everywhere I went.

This 149-page book is a treasure trove of useful information that I recommend for physicians at all stages of their careers who want to understand what previously only their managing partner and business manager knew.

It contains sections on:

• the job search
• practice economics
• insurance companies
• a job search checklist

The last section (Appendix 2) is a 7-page guide with all the important questions physicians should ask when evaluating a new job, including:

• Where do you (and your significant others) want to live
• How many similarly trained physicians practice there
• What is the payor mix
• What is the legal climate
• With what size and type of organization are you most comfortable
• What is the culture of the organization
• What are the ages and goals of the physicians
• What is the overhead ratio (ideally 50% or less)
• What are the staffing costs (ideally 25% or less)
• What are the occupancy costs (ideally 8% or less)
• What is the breakdown on accounts receivable, understanding that the amount collected generally decreases from about 90% at 30 days to about 70% , 90 days after provision of service

The author takes generally dry material and enlivens it with exhibits, graphs, and nine “fun, educational anecdotes.”

I especially liked his parting wisdom (p. 137):

• Keep your expenses in check, knowing that reimbursement is likely to decline
• Avoid romantic encounters with staff members
• Love what you do, and do what you love
• Pay attention to family and friends that matter because your job never loves you back

My only regret after reading this book is that such a book was not available as mandatory reading during my residency, back in a previous century.  I know that you will enjoy the content and the author’s engaging writing style.

Kenneth H. Cohn, MD, MBA, FACS

© 2010, all rights reserved

Disclosure:

I have a material connection because I received a review copy that I can keep for consideration in preparing to write this content.