welcome to the real world
TRANSCRIPT
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Welcome to the Real World!
True Democracy in Emergency Medicine
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Emergency MedicinePractice Groups
• Insert Q C group photo
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Types of Practices
•Hospital employees
• Independent contractors
•Democratic groups
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Hospital Employees
• Freedom from self-employment taxes
• Enjoy benefits packages
• Freedom from administrative duties
• Freedom from personal investment and financial risk
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Hospital Employees
• Subject to the will of the employer regarding type and manner of work done
• Surrender the right to control their professional fees and terms of employment
• Insert photo
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Independent Contractors
• Freedom from administrative duties
• Greater freedom of movement
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Independent Contractors
• Must meet and adhere to numerous IRS guidelines
• May be contractually obligated to surrender due process and be subject to restrictive covenants
• May find portions of their fees distributed to laypeople including corporate executives and shareholders
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When someone else owns your business…
• The 1996 Annual Report and the Notice to the Shareholders of the 1997 Annual Meeting for a large non-democratic EM group detailed the following:
• A profit of $39.8 million on 140 ED contracts
• 90% of revenue was from physician professional fees
• Seven of the nine directors and top shareholders were laypeople
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Democratic Groups
• The IDEAL practice for emergency medicine
• Provides opportunity to be a member of a group equally owned by physicians
• Each physician has a voice and is involved in developing business strategy, negotiating contracts, and enhancing performance improvement
• Control over professional fees
• Pride in ownership and opportunity for personal and financial growth
• Insert 2 pictures: our group and party
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Democratic Groups
• Potential personal liability for the fiscal health of the company
• Requires investment
• Business acumen not typical among physicians
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Compensation Models
•Hourly
• Salary
• Incentive-based
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Hourly & Salary
• Guaranteed rate
• Low variance between paychecks
• No incentive to work hard
• Strife between unequal “producers”
• Picture clock/assembly line
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Incentive-Based
• Rewarded for hard work
• Positively impacts performance metrics and throughput
• Variation in paychecks
• Volume/Acuity dependent
• Content doc Picture
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What’s an RVU?
•Add definition
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Potential Benefits
• Health Insurance
• 401K
• Disability
• CME allowance
• Business reimbursement
• Professional dues
• Malpractice
• Picture
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Malpractice Insurance
Claims-Made Occurrence
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Questcare…
An excellent choice in a company and lifestyle!
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Company Stability
• Stable, long-term contracts
•Continuous exploration of growth opportunities
•Dedicated to world-class patient care
•Excellent support staff
• Innovative leadership
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Compensation and Benefits
• Competitive pay structure
• Paid occurrence malpractice (No Tail Required!)
• Paid long-term disability insurance
• Paid ACEP dues
• Excellent 401K with ROTH option
• Health and Dental Insurance– HSA option, Flexible Spending Accounts
• Partnership opportunity
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Partner Track
• 2 year track
•Regular 6 month evaluations
• Low buy-in
• 10% raise after making partner PLUS equal profit distribution
•One partner…One vote
•Eligible to run for Board
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Non-Clinical Opportunities
• Leadership Opportunities
– Local ED Group
– Hospital-based committees
– Leadership Track
• Questcare Committees
– Finance
– Risk
– Social/Teambuilding
– Legislative
• Questcare Foundation
• Insert team pics
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Job Satisfaction
•Questcare DocAssist (scribe program)
•Midlevel support
•Wide variety of practice environments
• Strong relationships with Administration and Nursing
•Optimized staffing models
•Cutting-edge Technology
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Technology
• State of the art facilities
•Electronic documentation
•Electronic bedside registration
•Digital radiology
•Bedside labs
•Electronic medical records
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Telemedicine
•Extends hospital specialist coverage
•Piloting EMS telemedicine
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iPhone apps
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Questcare Web-based Resources
•Questcare intranet
•Emergency Medicine education materials
•Peer review cases
• LLSA articles
•Web conferencing meetings
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Community Offerings
• Tort Reform
• Low cost of living
• Stable housing market
• No State Income Tax
• Pleasant climate
• Excellent schools
• Major airports
• All major sports
• Performing Arts Centers and Museums
• Excellent restaurants and shopping
• DFW pics
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Partners = Friends
•QC pictures
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Valuable Links
•EMRA article
•EmCare lawsuit link
•Brown-gupta article
•Deeppocket website link