Staying Independent...Together

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   RE: I sold my practice
 From: Linda George
 To: Member Forum
 Posted: 10-30-2017 23:36
 Message: My situation is similar. Being in charge of your hours is so important when you are a doctor/mom and your kids are little. John Brady guided me through starting my little IMP in January of 2006... it is going to end here on December 31, 2017. ):
I am going to switch to corporate also but have not been offered a "buy out" of my practice. Are you at liberty to discuss that in a little more depth? I have not negotiated a contract yet but feel that my patient population and reputation are worth more than a salary based on patients seen. Thank you for any insight.

Linda George
Original Message:
Sent: 10-20-2017 07:31
From: Kris Oaks
Subject: I sold my practice

For the past 2+ years I had been approached by various "corporate" medicine opportunities in my area, Columbus, Ohio. We have 3 big health systems and one very large physician owned organization. The physician owned organization is actually the largest doc-owned company in the country.

I have had a really full schedule now for years, I have been careful about contract negotiation and not accepting insurances with poor reimbursement and I have a really good reputation in my community. As a result of this reputation, the physician owned organization has been asking me to partner up with them.

I loved my practice, I loved the incredible amount of flexibility with my time and the ease with which I could make changes. I did not love the fact that I worked so hard for so little reimbursement. For the longest time when my 5 kids were younger it was worth it, my office was between all 3 schools (elementary, middle and high) and 4 blocks from our home. But now, my youngest is in High School, 2 kids are straight up grown, one is in college, another in med school, it turns out I don't need the flexibility QUITE as much. I am too spoiled by having had it for so long to work for a hospital system though.

In the past year I had multiple set-backs: My nurse of 12 + years left, my daughter, who did my reception/collection/patient care coordination moved away and the last straw was the EMR I had for 11 years went out of business. I had a hard time finding good employees (of the three I've hired this year only one has really worked out).

I sold my practice to the physician owned corporation. They do a really good job with quality work. The EMR is EcW, which is a huge learning curve. The good part is I don't have to be tech support, biller, paperwork submitter etc.... It's so weird to see my patients and answer messages and then GO HOME! Amazing! I'm a shareholder in the corp. and an owner in a practice with 3 physicians, 3 NP's. The corporation has its own diabetes educators, physical therapy, labs, mri, xray, cardiology, visiting physicians and float pool to fill in for sick staff members.

I'm really hoping this will be a good change but I want you all to know, it was a really sad one for me to no longer be an IMP.
The new organization heads tell me all the time they are impressed with all the innovative ways I did things and want me to bring that to their 300+ physician groups and the truth is all those ideas came from this group, so I'm hoping to continue to learn from you all and bring those ideas to the big guys.

Kris Oaks
Kristin L. Oaks D.O. Inc.
Worthington OH

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