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Medical Practices & MedSpa Startups: Corporate Considerations Print E-mail
Written by Chase Howard   
Monday, 09 September 2019 17:08

Deciding you want to open your own medspa or start a medical practice is the first and most important step in creating something unique and building a brand. Understanding how to properly “start” that business from a legal perspective, and doing so correctly can be the difference between success and failure.

As a physician in a private, solo-practice, or the business owner of a medspa startup, proper strategy is key. Understanding your corporate structure, developing a business plan, and compliance with the laws will help eliminate pesky obstacles that will slow your growth.

When working with start-ups the following steps should be given plenty of time and attention.
  1. Corporate Structure
  • Choosing the appropriate corporate form will have both tax and liability implications. Decisions have to be made between choosing an LLC, an Inc., or a PA. Once you choose the appropriate type of corporation, obtaining sound tax advice will permit you to limit tax liability and take advantage of certain deductions. For clients opening multiple locations or owning significant equipment, multiple corporations may be beneficial depending on the goal.
  1. Obtaining an EIN/TID
  • Before you can open a business bank account, or even do business in your city, you will need to obtain an Employer Identification Number or Tax ID for your business. Improperly obtaining the EIN/TID can bring about a myriad of issues with the IRS.
  1. Licensing
  • As a physician, you are already know you have to be licensed by the Florida Board of Medicine but as a business owner, state, county, and city governments have additional requirements just to do business.
  • The type of business or practice you are operating will dictate the types of licenses you need.
  • As a stand-alone medical spa, you may need a laser facility license, a massage facility license, resale tax certificates, laser registrations or other specific licenses based on services provided.
  1. Business Planning
  • Starting a successful practice or business begins months before with business planning. Eliminate early headaches by meeting with advisors to develop a business plan, understand day to day operations, prepare for financing options, develop practice culture, assess partnerships, and other tasks.
  • Location selection is overlooked by many start-ups but can be the difference in the success of your business. For practices, insurance panels may be oversaturated in some areas, which could cause reimbursements to be lower. Choosing an area with the type of clientele needed is essential.
  1. Trademarks and Branding
  • Branding is everything. People recognize brands by their logos, name, service, or specialists.
  • Protecting your brand is just as important as building your brand. Utilizing Federal trademark protections is just one method of building and creating your brand, especially if your goal is to expand across the State.
  • Early consideration is necessary as the process of protecting your brand can take months, if not years.
  1. Corporate Compliance
  • Once you’ve built the foundations of your start-up, protecting it should be high on your priority list.
  • As a solo practitioner, you want to take all the necessary steps to ensure your company looks like and functions as an entity separate from yourself individually.
  • With partners and investors, the right agreements and contracts will ensure that interests are protected, as well as individual liabilities are minimized and limited.
The risk and stress of opening a practice or business demands time, attention, and experience. Before expending too much energy and financing, it is highly recommended that you gather an experienced team to handle the task and help ensure your start-up is geared for success.
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About the author: Chase Howard is an attorney at the Florida Healthcare Law Firm in Delray Beach, FL. 

Last Updated on Tuesday, 10 September 2019 05:47
 
Vegetarians might have higher risk of stroke than meat eaters, study says Print E-mail
Written by Nina Avramova | CNN   
Friday, 06 September 2019 16:43

Non-meat diets have soared in popularity with many people ditching beef, pork and chicken in pursuit of health and environmental benefits and concerns about animal welfare. However, a new study suggests that vegetarians and vegans may be at a higher risk of stroke than their meat-eating counterparts -- although those who don't eat meat have a lower chance of coronary heart disease, according to the new paper, published in the medical journal the BMJ on Wednesday. This is the first study to look at the risk of stroke in vegetarians. The research found that vegetarians and vegans had a 20% higher risk of stroke than meat-eaters, particularly hemorrhagic stroke -- caused when blood from an artery begins to bleed into the brain. This translates to 3 more cases of stroke per 1,000 people over 10 years.

"It does seem that the lower risk of coronary heart diseases does exceed the higher risk of stroke, if we look at the absolute numbers," said lead researcher Tammy Tong, a nutritional epidemiologist at the Nuffield Department of Population Health at the University of Oxford.

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Last Updated on Friday, 25 October 2019 17:10
 
My hand surgeon should have been paid $4.5 billion. Instead, he didn't get even $1,000. Print E-mail
Written by Jay Crawford, MD | KevinMD   
Wednesday, 04 September 2019 08:09

I believe that health care providers aren't paid anything close to what they are worth to society. I don't mean this in the sappy emotional sense in which the "value of any human's life is infinite," or any other subjective standard. I am talking about real-world, measurable economic impacts. Using the entrepreneurs' 10% reward as a guide, health care providers create astronomical value for which they are paid a small token. In 2016, self-made billionaire Naveen Jain asked and answered: "If you want to make $1 billion, all you have to do is solve a $10 billion problem." That 10% reward for an entrepreneur's creation is a useful rule of thumb: Jeff Bezos is worth $100 billion because he created a $1 trillion solution to retail sales. I applied this scale to a hand surgeon using a real-world patient - me - and was surprised by the results.

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When an EHR Is Hacked by Russians Print E-mail
Written by FHI's Week in Review   
Monday, 12 August 2019 14:04

A disturbing post by urologist Daniel Ricchiuti, MD appeared in KevinMD on 8.10.19:  
 
Any positives experienced over the past seven years of EHR at NEO Urology Associates were instantly negated this past week. Monday morning our practice screeched to a complete halt at the hands of a foreign hacker from Russia who demanded $85,000 ransom from our practice in Boardman, Ohio, United States of America. The hacker's leverage for cash was our precious patient files... During The Hack our entire practice could not send or receive faxes, call patients, receive phone calls from hospitals or even access patient files on our EHR. Three hundred fifty-plus patients visits were canceled without us being able to inform them that their appointments were canceled... A career in medicine is innately filled with stressful situations. As doctors, we encounter complex decisions one after another, where the implications of those decisions will change the course of another person's life. Doctors have faced stress and have dealt with these stresses in their own ways for centuries. However, the contemporary physician is asked to deal with these stressful situations in addition to an equal amount of "non-medical" issues throughout the day. The introduction to information technology has added yet another complex blanket of stress that encompasses physicians. 

Read more in the current issue of Week in Review>>
 
Americans Are Not Getting the Message about Exercising More and Sitting Less Print E-mail
Written by FHI's Week in Review   
Monday, 29 July 2019 16:57

Alice Park reports for TIME on 7.26.19:  
 
Doctors and public health officials have been urging Americans to get more active and try to exercise at least 150 minutes per week at a moderate level, or 75 minutes weekly at a vigorous level. Even if you can't fit in that much activity, studies show that any exercise is better than none when it comes to health benefits like lowering risk of diabetes, heart disease and obesity. But have all of these messages had an effect? That's what researchers led by Dr. Wei Bao, an assistant professor of epidemiology at the University of Iowa, wanted to find out in a recent study. 

Read more in the current issue of Week in Review>>

Last Updated on Monday, 29 July 2019 17:00
 
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