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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Passwords
Having a strong password for your sensitive information is a crucial part of your security set-up. Even though this is something everybody knows, it is still quite common for users to have extremely weak passwords protecting valuable and sensitive information. These range from the same thing as your username to equally absurd passwords like 12345 or abc123 or password. (That last one is a bit hard to believe, but true). Use of heavily encrypted passwords such as those suggested by your browser are virtually impossible to hack, but equally impossible to remember. Frequently visited websites … [Read more...] about Passwords
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 rest … [Read more...] about Cyber Security
Managing Employees 2
When putting a policy handbook together, or editing an existing one, you are constantly going to be faced with looking at things through the eyes of your employee. What’s fair? What’s reasonable? How does all of this fit into what makes sense for the business as a whole? W2 vs 1099 This arrangement is fundamental to the way you structure your team. 1099 employees (also known as independent contractors) are responsible for paying all of their FICA taxes (social security and Medicare), so the temptation on the employer’s part is to see this as an immediate 9.3% tax savings and use this type of … [Read more...] about Managing Employees 2