Developed by a workgroup led by Dr. Alon Frydman.
The podcast series is designed to give residents a complete understanding of becoming a professional. Even if you don’t go into private practice there are some areas of business that you will always need to know. Having your finances in order, selecting the right liability and disability insurance, and negotiation.
Alon Frydman, DDS
The AAP Education Access modules were made possible with support from:
Listen to: Liability and disability insurance; Debt reconciliation; Finance management prior to purchasing an office
1. Liability and disability insurance
- Decide on types of insurance
- Determine amounts of coverage and changing those over time
- How to factor in debt when deciding on coverage
- How to decide on coverage based on types of practice I am going into
2. Debt reconciliation
- Understand debt reconciliation and when to start
- Understand when to start working on credit score
- Understand the factors that build good credit
- Understand strategies of paying off debt
3. Finance management prior to purchasing an office
- Understand what finance management is
- Understand varying timing for this and who to speak to
Paul Leupke, DDS, MS
Listen to: Setting up an LLC; Who pays what overhead, contract and clarity, assistants; Role of pay related to work
1. Setting up an LLC
- Understand who needs an LLC
- Understand the various types of corporations
- Understand the various benefits of a corporation
- Understand possible tax benefits
- Understand the effects on liability
- Does this make things easier for financial/business reasons?
2. Who pays what overhead, contract and clarity, assistants
- Understand various features that are negotiated
- Understand the timing of negotiations
- Understand the difference between being paid on collection versus production
3. Role of pay related to work
- Understand conflicts in treatment planning and treatment decisions
- Understand the challenges of staying independent as an independent contractor
Yusuke Hamada, DDS, MSD
1. Insurance decisions and setting up pricing
- Understand different insurance carriers and best practices with signing up
- Understand duration of relations with each insurance company
- Determine rates for compensation and when those can be changed once agreed upon
- Understand if insurance can protect from fraud committed by staff
- Understand insurance coverage for sexual harassment, wrongful termination, or any other staff claims
- Understand special coverage to protect against HIPAA violations or cyber attacks
- Understand risk reduction beyond paying for coverage
- Understand how much coverage is enough
Srinivas Ayilavarapu, BDS, MDS, DSc
Listen to: Who is the team for buying the practice- lawyer, accountant, etc.?; Buying in practice growth, promotion; How to deal with insurance and coding
1. Who is the team for buying the practice- lawyer, accountant, etc.?
- Understand first steps
- Understand how to search for an office
- Understand how to determine which office is a good office to buy
- Understand how to structure working with the lawyer and manage the fees associated
2. Buying in practice growth, promotion
- Understand the norms for buying a practice
- Understand the best indicators of a good office to buy into
- Recognize warning signs to look out for in a bad office
- Recognize when office production is something that is being artificially ramped up to drive up the sales price
- Best practices for being in an office prior to sale
- What is good will and how long do I want the previous owner to stay after the sale
3. How to deal with insurance and coding
- What are the basic, bare minimum tools one should have for this?
- What are the best practices to have in notes, and in the documentation to make sure the office receives the proper re-imbursement?
- What course do I have to challenge if insurance failing to pay?
- Are there a set number of days that the insurance carrier must pay or indicate that they are not going to pay?
- What should I do if the insurance carrier replaces the code I used with another code and pays me less?
Mabel L. Salas, DDS, MS