PracticeCare

About Jeff Hyde: He is with Business Group Resources, who educates small business about the government tax-incentives that are available to them with the primary focus on the R&D tax credit. Prior to joining Business Group Resources, Jeff spent over 15 years on the financial service industry where he had roles in finance, marketing and analytics and he’s now teaching the world about the R&D tax credit. He enjoys spending time with his family going on hikes and playing as much tennis as he can. 

In this episode, Carl White and Jeff Hyde discuss:

• How to qualify for the R&D tax credit 
• The purpose of the R&D tax credit 
• Discovering potential qualification 
• Saving money that you’ve earned 

Key Takeaways: 

• You don’t have to invent something completely original to qualify. Bringing a new function into your practice is enough to qualify for an R&D tax credit. 
• The R&D tax credit serves to promote entrepreneurialism, promote investment, and help companies become employers of choice through new training, new equipment, and new mechanisms available. 
• Think of techniques, technology, or practices that have helped you grow your business and make it more efficient. These have the potential to get you qualified for the tax credit. However, the best way still is getting an expert to have a look at your practice and discover them. 
• Qualifying for the R&D tax credit is a great way to help your independent practice’s bottom line or to save some money. Remember that this is money that you’ve already earned from something you’ve already done. There’s nothing to lose from trying to see if you’re qualified for it. 

“Health care as a whole - it relies on research, it relies on new techniques, new procedures, the equipments constantly changing - so again, incorporating those new ideas, concepts, tools - are all helping your new business to be more innovative and more efficient.” - Jeff Hyde

Connect with Jeff Hyde:

LinkedIn: https://www.linkedin.com/in/jeff-hyde/

Website: https://businessgroupresources.com

Want to be a guest on PracticeCare? Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here's where you can get the process started: https://marketvisorygroup.com/practicecare-podcast/

Connect with Carl White: 

Website: http://www.marketvisorygroup.com

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: https://www.linkedin.com/in/carl-white-711154/

Faheem Ahmad is a strategic results oriented leader with over 15 years of progressive experience in the financial services and technology industry. He is an energetic leader with extensive experience in leadership, sales, controls, employee development and coaching, change management, customer service and communication.

He has been a Service Manager with Technical Doctor for the last 5 years and they focus on HIPAA compliant, cost-effective IT Solutions in the healthcare vertical. Faheem is responsible for three primary areas with the company: Team Satisfaction, Client Satisfaction and Service Department Profitability.

In this episode, Carl White and Faheem Ahmad discuss:

• How scammers and hackers get to you
• Measures to protect yourself from cyber attacks
• Training your people to be mindful about cybersecurity
• Avoiding having to learn the hard way 

Key Takeaways: 

• You would think that you’d never fall for a phishing scam, but in daily life, you read things fast and respond quickly. They might not even be asking for huge information, so you give it to them - not knowing that they’re building up information little by little until they something they can use to pull off a scam. 
• On spam filters, you’ll want to be on the side of extreme caution. The one downside to this is that normal emails might get tagged as spam. Also, always set up multi-factor authentication or conditional access if either is an option. 
• Train your people to have some self control on clicking links or divulging sensitive information, even if they didn’t think it’d be any harm to do so. Encourage people to take it slow and be mindful at all times. You must also add as many layers of security as possible. 
• A lot of people, and you may be one of them, think that they’re below the notice of these phishing scammers or hackers or that it won’t happen to you specifically. Many people who thought that learned the hard way, a lot of big practices get hit - but scammers are equal opportunity attackers and would not hesitate to hit a smaller firm since they might prove to be an easier prey. 

“A lot of it really does fall under user error, but some of the common ones are attachments, links to an email that maybe they don’t recognize - but curiosity killed the cat…” - Faheem Ahmad

Connect with Faheem Ahmad:

Website: https://technicaldr.com/

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/faheem-ahmad-981239a8/

Connect with Carl White: 

Website: www.marketvisorygroup.com  

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: https://www.linkedin.com/in/carl-white-711154/

Jason Chess is a Commercial Banker at Signature Bank in Rosemont. He manages the banking relationships of privately held businesses, with a niche working with medical and dental practices. Jason has over 17 years of experience in commercial banking, with the last 3 spent at Signature Bank. He has undergraduate and graduate business degrees from the University of Michigan. 

In this episode, Carl White and Jason Chess discuss:

• When going for medical office financing or dental office financing, keep communication open with your expert advisors
• Why should you get an expert’s advice? 
• Dealing with condominium associations
• Purchase price and appraisal value 

Key Takeaways: 

• Keep communications open and honest, always seek the advice of experts. These people would typically be your banker, attorney, and CPA. You will also want to allow 45-60 days for a closing once you’ve engaged with your banker. 
• Getting an expert’s advice and guidance on medical office financing or dental office financing to make sure that nothing slips through the cracks is the best way to go. You’ll save yourself a lot of money and save yourself from huge inconveniences. 
• Condo associations can have a huge impact on your out of pocket costs. Always check if the property you’re looking at has a condo association - if there is one, make sure that you understand all their rules and guidelines. 
• Make sure that your purchase price is similar to it’s appraised value because the bank will fund the lower of those two. If the purchase price is higher the difference will be paid out of your pocket. 

“You want to make sure you’re surrounding yourself with people that have expertise and keeping communication with them. The three main people are your commercial banker, your attorney, and your CPA.” - Jason Chess 

Connect with Jason Chess:

Website: https://www.signaturebank.bank

LinkedIn: https://www.linkedin.com/in/jasonchess/

Phone: 847-309-2856

Twitter: https://twitter.com/SignatureBnkChi

Connect with Carl White: 

Website: www.marketvisorygroup.com  

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: https://www.linkedin.com/in/healthcaremktg/

Hailing from a background in management at both an outsourced medical billing company as well as a busy plastic surgery practice, John Gwin is the founder of The Auctus Group – a financial and operations consulting firm for exclusively plastic surgeons and dermatologists. John has had the privilege of working with countless physicians for over a decade now, aiding and assisting them in process, workflow and growth. Aside from multiple speaking engagements with Nextech, ADAM, FFAS, MAPS, and beyond, John also serves in an advisory role with a mobile mohs group, Chicago Mohs, as a Principal at a plastics/derm specific MSO/CIN, Medovate, a Board Member with Brave, a non-profit striving to serve and educate the breast cancer community, and is a member of the Young Entrepreneurs Council.

In this episode, Carl White and John Gwin discuss:

• Medical practice credentialing and contracting 
• The first steps in the process of credentialing
• Creating a timeline
• Software implementation 

Key Takeaways: 

• Medical practice credentialing is letting an insurance carrier know who you are, where you are, how to contact you and what practice you’re running. Contracting or securing a business contract with them is the next step. 
• One of the first steps is to make sure your PECOS and CAQH are up-to-date, accurate, and ready to go. 
• Have a checklist of the basic building blocks that you need to start your business and create a timeline and get the process moving as soon as possible. 
• Make sure that your software is in place and that you’re going through implementation with that software vendor. Each vendor has their own implementation timeline, but allow a sixty day space, at least, for this part of the process or more.

“No matter what, you have to get your contract secured before your start date to have a guarantee… Even if you’re ready and executed, their systems may take time to update. That’s why you wnat to leave these extra buckets of time.” - John Gwin

Connect with John Gwin:

Website: www.auctusgroupconsulting.com

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/john-gwin/ | https://www.linkedin.com/company/theauctusgroup

Instagram: https://www.instagram.com/theauctusgroup/

Facebook: https://www.facebook.com/TheAuctusGroup/

Connect with Carl White: 

Website: www.marketvisorygroup.com  

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: https://www.linkedin.com/in/healthcaremktg/

Ericka Adler is a healthcare attorney, a shareholder at Roetzel in their Chicago office, and the Practice Group Manager of Roetzel's healthcare practice. Ericka has nearly 25 years representing individual providers, physician groups, and other health care entities such as home health care agencies, DME companies, hospices, MRI facilities, and surgery centers. She focuses her practice on regulatory and transactional health care law, in compliance counseling, structuring, and implementing complex joint ventures to comply with state and federal laws and regulations. Ericka handles mergers, sales and acquisitions of healthcare entities and has extensive experience in completing transactions with private equity, hospitals and other third parties. Ericka has deep experience dealing with Stark, Anti-Kickback Statute, Fee splitting concerns, the corporate practice of medicine, and other challenges facing healthcare providers. She also hosts a weekly podcast, "Roetzel HealthLaw Hotspot®, which has earned the #5 spot on Health Radio Now.

In this episode, Carl White and Ericka Adler discuss:

• The typical situations when it comes to employee theft and employee fraud
• How to discover employee theft or mismanagement in your practice
• Limiting and managing access to important aspects of your business
• Discovering weak points in your practice where employees can get in when they shouldn’t be able to.

Key Takeaways: 

• When somebody is stealing, it’s often somebody you don’t suspect and is probably the person you trust the most. Often times, something changes - in their life for example - that triggers someone to steal. You might even feel guilty for asking that person questions. 
• The best way to discover employee theft or employee fraud is by bringing in somebody from the outside. Do a yearly billing audit. If anyone is reluctant or hostile about the audit, that’ll be one of your first red flags.
• Make sure you have access to your passwords, files, finances, sites, social media and other important documents and properties. If one person should have control over all these things, it has to be the owner or else it has to be managed by a lot of people to ensure accountability and transparency. 
• Look around your business, what are the things that have worried you but you figured you’ll get to it when you get to it? These things that worry you may be some of the current weakness points in your practice and it’s best to fix the situation before thefts, fraud, or dishonesty even happen. 

“The most serious situations that we face typically involve very long term employees. It doesn’t mean that you can’t have a loyal person working for you for all those years, something typically changes and it can be very difficult to discover.” - Ericka Adler

Connect with Ericka Adler:

Website: https://www.ralaw.com

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/ericka-adler-87a2a93/ | https://www.linkedin.com/company/roetzel-&-andress/

Twitter: https://twitter.com/modernhealthlaw | https://twitter.com/roetzel_andress

Connect with Carl White: 

Website: www.marketvisorygroup.com  

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: https://www.linkedin.com/in/healthcaremktg/

Mark Brodson is the President and Designated Managing Broker of Resource Commercial Advisors, a commercial real estate firm dedicated to providing turnkey real estate solutions for medical professionals. Mark and his team help physicians, dentists and other medical professionals secure the right space for their practices, handling everything from site selection to project management after the lease is signed. Mark holds 2 degrees from the University of Michigan, is happily married and enjoys golfing, traveling and spending quality time with his wife and three children.

In this episode, Carl White and Mark Brodson discuss:

• Increasing your leverage when negotiating terms for a medical office lease or dental office lease
• Compounding annual increases
• Possible amount of savings  when renewing your medical office or dental office lease
• Should you lease or should you buy? 

Key Takeaways: 

• The tenant has a fair amount of leverage that they wouldn’t realize that they had. Most tenants sign the lease just to be done with it, but doing that would cause them to lose out on many incentives. 
• Annual increases often compound and have the ability to put you above market, but you can negotiate certain increases down or away.
• Renewals can get your additional payments (ex: Common Area Maintenance (CAM)) reset back to $0. It will still increase over time, but at least it starts at $0 and that is a big win! 

“The closer you get to the end of the lease, the more leverage you concede to the landlord. Always try to start as early as possible.” - Mark Brodson

Connect with Mark Brodson:

Website: www.resourcecommercial.net

Email: [email protected]   

Phone: (773) 251-3666  

Facebook: https://www.facebook.com/groups/ResourceCommercialAdvisors

LinkedIn: https://www.linkedin.com/in/markbrodson

Twitter: https://twitter.com/mbrodson

Connect with Carl White: 

Website: www.marketvisorygroup.com  

Email:  [email protected]

Facebook:  https://www.facebook.com/marketvisorygroup

YouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmig

LinkedIn: www.linkedin.com/in/healthcaremktg

Most doctors who own their practices dread having to deal with the business side. Each week on PracticeCare, Carl White, a long-time healthcare marketer devoted to working with independent practices, interviews other business experts in healthcare with the same passion for helping independent practices stay that way. As a practice owner, if you want to know just enough about the business side to make good decisions, this podcast is for you.