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Re: Joining a groupFrom: Douglas Krell (dkrell@msn.com)Wed Jan 16 10:15:38 2008
Tenille, Having no money "in the bank" doesn't make much sense, except that most S corporations or LLC's might distribute salaries and profits at the end of each fiscal period. So if you look at a bank statement at the "wrong" time it might not show much money. Nevertheless there must be an account where insurance checks, cash and other receivables are deposited. Then they must pay monthly expenses, salaries, refunds, taxes, etc. There should be a figures for average monthly deposits and withdrawals into and out of this account. You should ask to speak the bookeeper or the accountant to go over these figures. The practice must have the cash flow to support all this activity. If they won't let you talk to the bookeeper or accountant, I would definitely want to know where they expect to get the money to PAY you. They may be getting money from another bank loan or from a hospital and you may be asked to commit to a certain period of time in the practice in which case they may not have to pay the startup monies back. Maybe they don't want you to see the books unless you get to be a "partner", but you need to know when you CAN see the books and you DEFINITELY need to have that agreement in writing. As far as the debt goes, you need to know exactly who owes what, for what, and to whom the debt is owed. Are the debts owned by the corporation or by individuals? Who signed the notes and how did they sign them? Is it high interest credit card debt or is there a reasonable simple interest loan in place. Did the debt go to pay startup salaries or was it used to buy capital equipment? Who is repaying the debt? When would you have to assume any of the debt? There are a lot of questions to ask and I agree with some of my other colleagues who have suggested retaining a practice management consultant to go over all the details and make some recommendations about whether you should join the group. Then if you decide to join, HIRE A BUSINESS LAWYER to review the employment agreement. Unfortunately you can only hope for the best but you have to plan for the worst. That's what the lawyer will help you with. Douglas Krell MD
> Date: Tue, 15 Jan 2008 18:03:00 -0600> From: tcloward@hotmail.com> To: ob-gyn-l@dns.obgyn.net> 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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