EARLY CAREER PHYSICIAN SUCCESS SERIES: LEARNING LIBRARY

The following are educational programs recorded by Montgomery County Medical Society for members to access on-demand. This learning library offers educational videos on numerous topics, from wellbeing techniques to telemedicine to financial planning and beyond.

April

Passionate about Private Practice
Our April program in the Early Career Physician Success Series - Passionate About Private Practice was held this Tuesday, April 18th via Zoom. Brent Faulkner, M.D. and Joanne Faulkner shared their personal experience of starting a private practice. They discussed the various factors that one needs to consider before making the change, including creating a business plan, obtaining a loan, hiring an accountant, and seeking legal advice. They emphasized the importance of having a realistic expectations of the rewards and challenges that come with starting a private practice. The presentation highlighted the difficulties faced in implementing the plan and how they overcame these challenges. The Faulkners shared their insights on the process of starting a private practice and offered valuable advice to those considering embarking on a similar journey.

March

Conflict Management

The March program in our Early Career Physician Success Series Collaboration @ Work: How to Manage Conflict with Staff and Colleagues was held on Wednesday March 29th.   Ellen Kandell, President of Alternative Resolutions presented the tools to understand conflict, its potential for growth, and strategies for managing it. The importance of good communication begins with listening. Listening develops trust, acknowledges feelings and emotions, improves understanding, reduces perceptual distortions and increases fairness by enforcement of ground rules. Active listening encourages others to speak by creating a safe, comforting environment. 

February

Payor Contract Negotiations

The February program in our Early Career Physician Success Series Tips for success in Payor Contract Negotiations was presented by Deborah Nealon, the director of medical business advisors at Bluestone Services. In her presentation, she shares expert tips on successful negotiation with payers. Watch the full video to learn how to perform a payer analysis, determine reimbursement rates, and negotiate contracts for optimal reimbursement rates. Don't miss this opportunity to increase revenue for your medical practice!

January

Employer Contracting 
James F. Doherty, Jr., Esq. of Pecore & Doherty, LLC gave a very informative presentation on all the different aspects of employer contracting on Tuesday January 24th. Its important to understand that an employment agreement is a legal document that is written by a lawyer for your employer and it creates significant rights and restrictions. "The importance of a detailed, written agreement provides insights on you and your employer will work together". Mr. Doehrty covered many topics and gave real life examples to further illustrate his points. Some of the topics covered were:
  • The difference between employment at will versus an Employment contract
  • What to look for in benefit packages
  • The different ways you can buy into a practice or become a partner. 
  • Details on the terms of restrictive covenants and non-competes 
  • Using a lawyer effectively and efficiently can help you determine what you want, what you can reason expect to get, and how your offers compare with others in the community

Employer Contracting Part II

On Tuesday, January 31st James F. Doherty, Jr., Esq. of Pecore & Doherty, LLC continued his series and provided physicians with detailed insights into compensation models for employed physicians. Some other topics covered were: understanding work relative value units, the use of salary survey data, and recommendations.