Buying or selling a practice is something an average chiropractor does rarely, perhaps once or twice in a professional lifetime. Yet, it is a crucial, life-pathway transition. It is by nature a complex and multi-factorial event, and one that requires planning and execution on both sides of the transaction. It’s not possible to outline all of the contingencies in a brief article, but I have outlined several key points for both the buyer and seller to consider: On the seller side: What is my practice worth? There are several “back of the envelope” methods of valuing a practice, but there are … [Read more...] about What you should know about buying and selling a practice
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Cyber Security
Hello again! After a long absence, I’m back to the blog. As health care providers, we all know that securing the sensitive information on your patients is mandatory and heavily regulated by HHS through the HIPAA laws. If you are using certified software, the vendor is attesting that the patient data is safe, secure and is HIPAA compliant. However, if you are not using certified software to keep track of any PHI (protected health information), you are most likely not compliant and at risk of a data breach. The simplest definition of HIPAA compliant patient data is that it is encrypted at … [Read more...] about Cyber Security
Happy Money
Can spending money with different priorities actually make you more or less happy? Clichés notwithstanding, it seems that it actually can. Social scientists Liz Dunn Michael Norton make a compelling, scientific case for the spending choices we make driving us to or away from greater happiness and satisfaction. This is of course predicated on the idea that spending for basic needs such as food, clothing, shelter, and transportation is well supported by your income or wealth. If you’re hungry, the only thing that’s going to bring greater happiness in the short term is spending on food! We can … [Read more...] about Happy Money