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 MedConnect Event Summary
 MedConnect Session on the Business of Medicine
 On Thursday, February 13, attendees from the Washtenaw County Medical Society and the Oakland County Medical Society gathered at Weber’s Inn for a convivial dinner and a comprehensive review of all aspects of the “business of medicine.” Although the session was originally designed to provide information for trainees about to enter practice, it was equally informative for physicians already in practice that might be considering a change in location or employer or that were looking for more information on managing an office practice.
Presentations were given by Aaron Beresh of Howard and Howard Attorneys PLLC who specializes in physician contracting; by Trent DeBruin and Andrew Musbach of MD Wealth Management, who specialize in financial planning; by Heidi Reyst of Sage Consulting, who specialized in human resources and personnel management; and by Jodie Burkert and Nicole Auger of
Michigan Billing Service, whose area of expertise is medical billing. The amount of pertinent, useful, and to many in the audience quite new information delivered over almost two hours was staggering.
With regard to contracting, we do not live in handshake world anymore. Recruiting promises may sound good, but If what you are expecting is not specified in your contract, it might not happen. And there are many more things to consider than just salary. Who will help you? What is the culture of the organization? What do you do if you find yourself in an unhappy place after 2 or 3 months?
In financial management, think long-term. Avoid burdening yourself with too much debt (i.e., big house, nice car) when you should be setting up a 401k. Think about life and disability insurance needs.
I was surprised at the number of regulations, both federal and state, that must be complied with in any personnel action. You must keep
records of compliance that will stand up under audit.
Finally, how do you go about collecting the money you are owed, including co-pays and deductibles, which patients are frequently uninformed about or don’t understand? How do you determine whether the coverage the patients think they have is actually in force? How well trained is the person doing your coding?
It is good to see the array of resources out there
to help physicians
with these questions
and problems.
The presentations given at this session are available for review on the WCMS website at :
  https://wcms-mi. org/2020/02/14/ business-of-medicine- medconnectresources/.
        View the WCMS
Year In Review 2019
   18 Washtenaw
County Medical Society BULLETIN
Washtenaw County Medical Society
2019 Year in Review

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