Physician Medical Practice “Misrepresentation” Risks

BUSINESS FRAUD RISKS

True Case Report

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By Dr. David Edward Marcinko MBA CMP©

SPONSOR: http://www.CertifiedMedicalPlanner.org

A Medical Practice Misrepresentation Case Model

Let’s say a physician decided to sell his practice and move to another state. The value of the sale was based, in part, on the yearly gross of the practice. The physician accepted installment payment terms from the buyer and moved to the new state. The buyer began to practice medicine at his new office. Although he was busy, his gross never approached the gross of the prior physician.

Eventually the buyer defaulted on the loan. The selling physician sued for the deficit. The defaulting physician and his forensic consultants then performed an in-depth evaluation of the seller’s practice. The buyer and his team noticed some discrepancies in the billing patterns and practices of the seller. Considering these discrepancies to constitute Medicare and insurance billing fraud, the seller counter-sued the buyer on the grounds of misrepresentation, alleging the gross receipts of the practice purchase price, was grossly inflated.

Citation: https://www.r2library.com/Resource/Title/0826102549

ASSESSMENT: Therefore, the buyer determined that the seller had fraudulently misrepresented the potential of the practice. He also notified state and federal authorities and filed complaints of insurance fraud against the seller.

The seller thought that he would move to the good life in the new state, but his old practice kept him in constant legal trouble.

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PODCAST: How Financial Advisors Can Achieve Success in the Medical Marketplace 2016-2021 and Beyond!

Vicki Rackner MD --- Selling to Doctors - Experts

By Vicki Rackner MD

PODCAST LINK: https://www.bing.com/videos/search?q=vicki+rackner&docid=608036072061497500&mid=08727E5CFAC1C7A88A5A08727E5CFAC1C7A88A5A&view=detail&FORM=VIRE

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BEST PRACTICES: https://www.targetingdoctors.com/blog/adopt-physicians-best-practices

MD PANDEMIC CLIENTS: https://www.targetingdoctors.com/

E-MAIL MARKETING: https://medicalexecutivepost.com/2014/11/30/12-email-marketing-tips-for-mds-and-fas/

SELLING DOCTORS: https://medicalexecutivepost.com/2015/05/06/doctors-rethink-selling/

EDITOR’S NOTE: I first met Vicki Rackner MD FACS a few years ago. day. She is the founder of Thriving Doctors.  Vicki calls on her personal experience as a practicing surgeon, clinical faculty member at the University of Washington School of Medicine and serial entrepreneur, to help financial advisors thrive. We appreciate her contributions to the ME-P.

-Dr. David Edward Marcinko MBA CMP©

[Certified Medical Planner©]

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