PODCAST: On the Corporate Practice of Medicine Laws

IS PRIVATE EQUITY BUYING DOCTORS ILLEGAL?

By Eric Bricker MD

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YOUR COMMENTS APPRECIATED

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R.I.P. David Swensen; 67

David Swensen, the chief of Yale’s endowment fund, died Wednesday evening at 67 after a nine-year battle with cancer. 

Known for laying the groundwork for the modern venture capital- and private equity industries, Swensen made Yale’s endowment office the hottest place on campus. He diverted Yale’s money from just stocks and bonds into more alternative assets like hedge funds, real estate, and even timber (he knew).

David Swensen Net Worth 2021: Yale Endowment's Pioneer ...
  • Swensen’s strategies grew Yale’s endowment from $1.3 billion in 1985 → $31.2 billion in 2020. It’s currently the second largest university endowment, trailing only Harvard’s. 
  • In 2019, Yale’s endowment accounted for about a third of its entire operating budget.

The “Yale model.” Boasting returns better than some top hedge fund managers, Swensen could have traded it all in for a glamorous Wall Street high rise and a cartoonishly eye-popping salary, but he remained dedicated to the university. Swensen instilled the same principles in his mentees, who were scouted by private sector firms before ultimately following in his higher-ed footsteps.

REST-in-PEACE

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Do U Want to Get your Health Tech Start-Up Funded?

Know the territory and solve a problem

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By Jonah Comstock

Health tech investors are looking for entrepreneurs that really understand the healthcare space and are solving the real problems doctors are facing. That may sound like an obvious statement, but according to Dr. Ricky Bloomfield, director of mobile technology strategy at Duke University and Claire Celeste Carnes, partner at Providence Ventures, plenty of entrepreneurs fail that test.

Bloomfield and Carnes were one half of a panel at HIMSS16 in Las Vegas that aimed to answer the question ‘What are investors looking for in a health tech company?’ HealthLoop CEO Todd Johnson and Health Expense CEO Vineet Gulati rounded out the panel, moderated by Andrew Colbert, managing director of Ziegler.  “One of the things when we meet with individuals is making sure that they’ve started with the problem in mind,” Bloomfield said. “We’ll see people who see the latest technology, whether it’s a wearable or a sensor, whatever it might be, and they’re going all around trying to look for a way to apply that technology.

One of the best examples is Google Glass, where they released the technology and said, ‘Now look for good ways to use this.’ And now where is Google Glass?” Gulati said that his healthcare payment startup found that a deep understanding of the industry was a big differentiator for them when they went up against other startups. “If you don’t understand the complexity, that’s not going to result in either a valuation or a successful business in the end,” he said. “Whoever comes to the table has to understand that complexity and be willing to work through it. The benefits market is like an elephant, everybody understands a part of it, everybody has their unique point of view and everybody tries to attack a single point of value. Understanding the entire value chain is absolutely critical.”

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Even when entrepreneurs make an effort to be knowledgable, the healthcare space is complex enough that they’ll sometimes fall short.  Bloomfield says the easiest way to build that understanding is to enlist the help of actual physicians. “I’ve worked with folks who showed me a product and they hadn’t engaged any physicians yet in the design or strategy of their solution, and I could immediately see several different holes in their product,” he said. “If they had engaged with any physician they would have pointed them out to them.” Similarly, Carnes said, the best investments will be companies that have both knowledge and humility. “Management team is very important to us,” she said. “Do they have both the maturity, experience in this space, and are they coachable and willing to learn about the intricacies of healthcare? No one’s going to get things right 100 percent of the time out of the gate, so there’s going to need to be some adjustments as we go to market.

A management team that is confident and leading but can adjust to the market and is coachable is really one of the primary things we look for.” The final thing that will help a startup get noticed is, of course, evidence that its technology works. As Bloomfield pointed out, this one can be a real challenge.  “There’s a huge Catch-22 there,” he admitted. “It takes a lot of investment to get to the point where your product can even show value, much less have a randomized control trial. This is why drugs cost billions of dollars to make, because they can invest that. I think it’s really hard. It’s a really hard position to be in.

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Assessment

So sometimes anecdotal evidence is the best you get until you can partner with a large health system and get a lot more information.”

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Healthcare’s Start-Up Businesses and New Entrants

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Who Will be Healthcare’s Amazon.com?

[By PwC Health Research Institute]

New entrants are already having an impact

Abundant opportunity in the expanding health sector is attracting new players from far afield, from Fortune 50 retailers and telecom companies to fledgling startups backed by venture capital.

These new entrants, like health, wellness and fitness, are moving fast with fresh ideas about how to satisfy consumers’ appetites for better health and more convenient, affordable, high-quality care.

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New Business Models

Consumers are ready to abandon traditional modes of care for new ones, suggesting billions in healthcare revenue are up for grabs now. Non-traditional players are creating these new modes of care – from home diagnostic kits that snap into smartphones to online services that can triage and prescribe treatments based on computer algorithms.

They are competing to be the Netflix, Amazon.com or Apple of the US health sector, all disruptors that transformed industries.

The Wellness and Fitness Sector

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wellness market

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More: https://medicalexecutivepost.com/2015/06/28/why-i-love-amazon-com-but-wont-buy-its-stock/

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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Hear Dr. Marcinko on Audio-Educator [Do you Need Money to Start or Grow Your Medical Practice?]

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Crafting a Business Plan and Starting a Medical Practice [A “Live” Audio-Conference]

Conference Registration: http://www.audioeducator.com/hospitals-and-health-systems/business-plan-for-medical-practice-013012.html

Wednesday, Jan 30th, 2013 at 1 PM, EST for 60 minutes

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By Staf Reporters www.CertifiedMedicalPlanner.org

Dr David E Marcinko MBAThe “Business Plan” is a key tool for raising start-up capital for a new medical practice, or financing a medical / surgical service line extension for a mature one. It is also used for acquiring loans to finance growth of an existing practice.
Although long recognized as a quintessential business tool, its’ formal structure and mental rigor are only now being recognized in the medical community as competition increases in the healthcare industrial complex.

Reasons for the Plan

There are many reasons to write a medical practice business plan. The process of gathering, compiling and analyzing information is an invaluable experience to the beginning practitioner, or experienced veteran physician. Our expert Dr. David E. Marcinko MBA CMPwill discuss all these, step by step in this 1-hour enlightening event.

See the steps below:

  • Determine the feasibility of a new practice start-up.
  • Raise money from investment bankers for a new practice.
  • Obtain financing to expand an existing office or turn-around a declining satellite.
  • Develop an operational strategic plan and conduct due diligence.
  • Create a budget, time frame or business direction for a practice.
  • Unmask potential problems, risks or benefits of a medical practice.
  • Focus on market opportunities by determining revenue centers or cost drivers.
  • Persuade third party payers, networks and insurance carriers that your practice has a future and represents a viable synergistic partner for their organization.

Medical Office Business Plan

As an attendee you will get:

  • Power Point slide presentation.
  • Time-line checklist to new medical office launch.
  • Topical comprehensive white paper.
  • Electronic blog forum for further information.

Dr. Marcinko in this 60-minute conference will present to you:

  • Executive Summary: Where you concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it’s needed.
  • Pro-forma Cash Budgets and Financial Statements: You’ll learn to how effectively use your data and underlying assumptions to prepare information that your banker can easily read and buy into.
  • Doctor’s Personal Financial Statements: Learn how to use copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
  • Representation: Here is where this presentation is invaluable.

Ask a question at the Q&A session following the live event and get advice unique to your situation, directly from our expert speaker.

Who should attend? Medical students, interns, residents and fellows, New, mid-career and mature medical practitioners, Office managers, clinic administrators, healthcare CXOs and physician / nurse executives, All doctors who wish to be employers; not employees.

http://businessofmedicalpractice.com/chapter-3-2/

Why use AudioEducator?

  • Save money on travel. Our conferences are available from the comfort and convenience of your own office or meeting room.
  • Meet your specific training needs. Whether you attend a live event, load up one of our encore broadcasts, or purchase a CD or PDF transcript — you’ll get the information you need on your schedule.
  • Keep learning after the event. Every conference purchase includes the speaker’s materials so you can keep learning long after the conference is over.
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 Product Details

www.BusinessofMedicalPractice.com

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