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Re: Joining a groupFrom: ainsron (ainsron@sbcglobal.net)Tue Jan 15 18:54:40 2008
You need to look at an income statement for at least the past two years. You should sit down with their accountant and look at everything they have, not just "money in the bank." You should also look at their accounts receivable, they should be able to give you a number for days in A/R - usually between 30 and 50 days for a healthy practice. If they are paying you a salary, you need to also find out what it will cost to buy into the practice and when that would be anticipated or required. How long will they guarantee your salary, will there be a productivity bonus, etc.? How will they divide up where new patients and returning patients will be going, are you just getting the leftovers, or will they be actively promoting your practice? Are the staff and patient loyalties going to allow you to be integrated easily into the practice? These are by no means a comprehensive list of questions to ask, but look carefully before you sign on the dotted line. Ronald E. Ainsworth, MD, FACOG -----Original Message----- From: ob-gyn-l@obgyn.net [mailto:ob-gyn-l@obgyn.net] On Behalf Of Tennille Cloward Sent: Tuesday, January 15, 2008 4:03 PM To: Multiple recipients of list OB-GYN-L Subject: Joining a group I am currently a chief resident and have been offered a position to join a group of 3 other physicians and 3 midwives. I have requested to see their financial books. I was told that they have a minimal amount of money quote "in the bank", and $95,000 in debt, on a line of credit. My question is; Are these normal figures or something that should concern me? Thank you.
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