Strategies for Appropriate Patient-centered Care to Decrease the Nationwide Cost of Cancers in Korea.

In terms of years of life lost to premature mortality, cancer imposes the highest burden in Korea. In order to reduce the burden of cancer, the Korean government has implemented cancer control programs aiming to reduce cancer incidence, to increase survival rates, and to decrease cancer mortality. However, these programs may paradoxically increase the cost burden. For examples, a cancer screening program for early detection could bring about over-diagnosis and over-treatment, and supplying medical services in a paternalistic manner could lead to defensive medicine or futile care. As a practical measure to reduce the cost burden of cancer, appropriate cancer care should be established. Ensuring appropriateness requires patient-doctor communication to ensure that utility values are shared and that autonomous decisions are made regarding medical services. Thus, strategies for reducing the cost burden of cancer through ensuring appropriate patient-centered care include introducing value-based medicine, conducting cost-utility studies, and developing patient decision aids.

Pay Attention to Details when Selling Your Practice.

The healthcare industry is in a state of confusion and has been for the past 15 years. Physicians are faced with dwindling reimbursement rates, demanding administrative tasks, and changing federal and local rules and regulations. On the flip side, hospitals and healthcare networks are interested in pur- chasing physician practices. Should you consider keeping the status quo, turning over many of the administrative headaches, or just retir- ing all together? As a provider, should you take over or continue a solo practice, join a multispecialty group, or become an employee of a hospital? Buying or selling a practice can be life changing. The process is complex, and involves legal, tax, accounting, valuation, and psychological issues. It takes time and due diligence. It involves an entire team of professionals, which can and should include accountants, lawyers, and consul- tants all of whom specialize in this area. The intent of this article is to establish a starting point on wlhere and how to begin. It addresses major issues that should be considered in the beginning of this complex process. Whether you are a buyer or a seller, you will face many of the same processes and questions. A host of legal and practical issues will confront you, and this article explores your options.

Why banks say NO to great healthcare practitioners. Five reasons why banks reject loans to quality small-business owners and what you can do about it.

If you have a dream of opening or expanding a practice, then bank lending is probably an option you've considered. However, many practitioners are under the false assumption that banks are currently not lending. Untrue! Between 2008 and 2012, banks have loaned an average of $216 billion to small businesses throughout the United States each year. There are two aspects to a bank loan package: (1) your loan application with tax information, asset information, etc.; and (2) your business plan. This article delves into the five reasons banks say "no" to a great healthcare practitioner and what you should include in your business plan to not only have the bank say "yes" to financing your business but also to create a situation where multiple banks are offering to lend you money.

Practice transitions--past, present, and future.

Until the 1960s, the value of a practice upon the retirement of the dentist was considered to be nil. In the next several decades, the value of a practice as a going business concern was recognized and formulas based on productivity were used to establish the sales price of "walkaway" practice transitions. Increasingly creative means, such as pre-sale, deferred pre-sale, shareholder process, incremental practice sale, and practice mergers have been created to make practice transitions more flexible, thereby maximizing the financial value of transitions. Dentists at the beginning of their careers will have an increasing range of opportunities in the future, with various combinations of financial security, freedom from manage- ment concerns, control over the practice, and accumulation of equity. Those in the 45- to 55-year age range should be planning in detail for their transition. Those older than 55 should begin exercising their plans since the future will involve much longer transitions.

Valuing and selling a practice.

Surgeons, as they contemplate retirement, wrongly believe that their practices do not have financial value. In fact, a well-organized efficiently functioning office with an emphasis on excellent service in combination with a constant stream of patients make it financially ideal for the new surgeon. Being able to assume such a practice can be a very smart financial decision. The practice's worth can be determined by a careful analysis of the practice financials and an evaluation of the functioning of the office and employees. Purchasing such a practice can be, economically, a very smart move by a new surgeon. Payments are made over time at a rate that allows the surgeon to make a good living, leaving him with real equity once the payments are complete. The departing surgeon, who had spent years building this successful practice, gets some of this value back in the form of an income stream to supplement his retirement. This process should be considered in virtually every case. Do not just "close the door."

Are your physician-integration strategies sustainable?

Before embarking on a physician-integration strategy, hospitals and health systems should perform a detailed analysis of the following four critical areas to ensure that the strategy is competitive and sustainable: Strategic objectives; Financial resources; Requisite experience and functional capabilities; Organizational structure, culture, and commitment.

Practice loss in context.

New metrics can help boards understand physician practice financials.