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Business of Medicine/Practice Management

Challenges of Private Practice Economics: Strategies to Expand Your Practice

Monday, October 2, 2023
1:45 PM - 2:35 PM East Coast USA Time
Location: Ballroom A1

    Moderator(s)

  • Douglas D. Reh, MD

    Partner, Director of Clinical Research
    Centers for Advanced ENT Care, LLC
    Baltimore, MD, United States

    • Panelist(s)

  • Marc G. Dubin, MD

    Managing Partner
    The Centers for Advanced ENT Care a unit of ENT Specialty Partners
    Ruxton, MD, United States

  • Moshe Ephrat, MD

    Treasurer, Member of the Board
    ENT & Allergy Associates, LLP
    Lake Success, NY, United States

  • Basheer A. Alismail

    Founder
    Monument Health Advisors
    Homewood, AL, United States

Disclosure(s):
Douglas D. Reh, MD: No relevant relationships to disclose.
Marc G. Dubin, MD: No relevant relationships to disclose.
Moshe Ephrat, MD: No relevant relationships to disclose.
Basheer A. Alismail: No relevant relationships to disclose.
PROGRAM DESCRIPTION: Private practice otolaryngologists face growing economic challenges. This program will provide attendees with a comprehensive discussion of strategies to expand their practices. Panelists will review ways that partnerships can assess their need for expansion and how they can determine whether a corporate partner is necessary for their goals. Strategies to assess important considerations in the process will be reviewed including determining a group’s goals and deciding which type of corporate partner best accomplishes these. The panel will review important considerations in exploring a corporate partnership including buy/sell considerations, degree of corporate involvement in operations, and financial considerations. Approaches for insulating a practice group from corporate control provisions will be reviewed. A consultant with extensive experience with guiding private practice groups navigate these considerations will discuss these issues. The other panelists are in leadership positions in large group practices and will discuss their experiences with practice merger and expansion.

OUTCOME OBJECTIVE 1: Explain various options and strategies to expand your private practice.

OUTCOME OBJECTIVE 2: Review methods to assess the need for a corporate partner.

OUTCOME OBJECTIVE 3: Discuss considerations of corporate partnership.

BACKGROUND STATEMENT: Otolaryngologists face economic challenges. Rising labor and administrative costs, falling reimbursement rates, and limited contract negotiation leverage hamper private practice profitability. Private otolaryngologists seek opportunities to align to negotiate these challenges.