The financial stability of any practice starts with the UCR (usual and customary) fee schedule. All too often, we neglect to review and update our fees each year. Problems arise when our expenses go up each year due to inflation and our fees stay the same.
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Dr. Vijay Patel, DC, DACNB, the current president of the Illinois Chiropractic Society (ICS), emphasizes the significance of unity within the chiropractic profession and the support of the Chiropractic Future Strategic Plan and the ICS.
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DCs must be aware of business aspects of their practice and be especially careful about billing and collections, because those activities can affect licenses.
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This article provides a detailed overview of the various business entity options available to physicians, highlighting the legal and tax implications of each, from sole proprietorships to limited liability companies and corporations.
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Once a business structure choice has been made, the next steps are forming the entity, and, where required, obtaining licensure and an employer identification number.
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The departure of an associate physician from a practice sometimes causes operational disruption and always requires the practice and the departing associate to take steps to ensure a smooth transition. Both the associate and practice need to address the ethical, regulatory, contractual, managed care, and liability impact of the exit.
Read MoreDr. Don Reno joins us for an interview to discuss the steps he has taken and steps he wishes he would have taken to improve the overall value of his practice in suburban Detroit.
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The departure of an associate physician from a practice sometimes causes operational disruption and always requires steps to ensure a smooth transition.
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