Interview Questions

Being prepared for an interview is vital to the success of the practice search process. Part of the preparation is practicing how to answer the questions during the interview. Here are some examples of interview questions and how to respond.

Q: Why do you want to change employment?

A: Don’t give them a horror story about your current employer. No one wants to hear negative stories. Negative stories in interviews make the person who is telling them seem negative. Instead give a generic answer such as: “I am looking for professional growth.”

Q: What do you wish to change about your present position?

A. This is another question where you dontyvant to present negative information. Frankly, interviews are not the place for much, if any, negative information. A good response could be “I’m looking for more inpatient world’ if you’re interviewing for a position which involves inpatient work and you’re currently doing more outpatient work.
Q. What are your professional goals?

A. Your goals should jive with the goals ofthe practice, e.g. to help grow the practice, to make patients satisfied with their visit, being active in the community. Therefore, to respond successfully, you must do your homework to find out what the practice’s goals are. This may not be available as is but you can make deductions about it from your initial conversation with the practice and the website. For example, the practice physician may have talked with you on the phone about how the practice just added a tluro suite. Given this expense, its no doubt a concern ofthe practice to pay offthis expense so their goal is to build the interventional referral base. Professional goals can be: patient education, to become Board Certified, to become a partner.

Q. What would a colleague say about your strengths and weaknesses?

A. This is another trick question. Most interview questions are seeking information which the answers indirectly provide the essence ofthe interviewee’s character and values. For example, you might respond to this question that your yveakness is that you’re impatient. Rather than say that you’re impatient, its better to say that you strive for perfection and that at times you become impatient with yourself when trying to get something done on time and well.
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Licensing

Some states such as NJ and CA take a half a year or more to get a license.  The usual time to get a state license is approximately 3 months.  States such as TX and FL which used to take a long time to get a license have changed, and barring any issues, will issue a license in a few months. I have listed on my website under Resources the name of a consultant in FL who can help expedite licensure in FL.  Some doctors use the Federal Credentialling Verification Service when getting a new license.  This service verifies your credentials and stores them so that if you apply for another state license later it expedites the process.

The time it takes for licensure is important for many reasons, chief among them being when you can start a new job. Until you’re licensed, the hiring entity typically can’t get you on the payor panels and don’t want you to start until that is accomplished and they can get paid for your work.

Why Do Doctors Need a Professional Third Party Business Valuation For Their Practice?

If you are considering selling your practice, you need a 3rd party valuation firm that specializes in valuing businesses to determine the selling price of your practice. Most other professionals such as business brokers, attorneys and CPA’s either don’t have experience with or access to nation-wide sold practices transaction data, the methodology used for asset based, income based and market based valuation calculations, or they are not in daily touch with the current lending market. The price and profitability of your practice must be an amount sufficient to support any acquisition debt service, a new owner’s compensation package and periodic additions to the working capital needs of the practice for growth.

A valuation identifies the total fair market value or selling price of your practice.  

You will receive separate values for the tangible and intangible assets of your practice. Since tangible assets are usually depreciated for tax proposes, the fair market value of all assets to be included in a sale is based upon today’s prices; not original purchase cost like accountants use. The intangible assets represent the “sweat equity” of the practice including goodwill, patient files and referral sources and the efficiency and profitability of your practice. The sum of tangible and intangible assets included in the sale equals the fair market value or selling price of your ‘practice.

A valuation helps you make an educated decision regarding the sale of your practice.

You may have a “hunch” about the selling price of your practice based upon speaking with colleagues and other professionals or reading about revenue/profitability multipliers but a “hunch” is not a reliable method for making the decision to sell or not to sell. You need a solid number concerning the amount of money for which your practice will sell in today’s market. Then you can make a fully informed decision to sell or not to sell your practice.

A valuation enables you to price your practice with confidence.

Once you know the selling price of your practice — you are in a very strong negotiating position. If you receive offers below your price, you can confidently stand your ground — knowing that the owner’s cash flow will support acquisition debt service and give the potential buyer a solid return on their investment, as compared to other investment opportunities the buyer may be evaluating.

Article contributed by Jeannette Engel, Business Broker at unionbaygroup.com, or (206) 783-1717.

The Components of a Successful Practice Search

How do you complete a successful practice search? The answer to this question begs the reader to define success. Everyone has a different definition of suc-cess, therefore, the parameters of a suc-cessful search will be very personal.

You must consider your vision of success to include your goals and the path you must take to accomplish them. Take the time to sit down and contemplate your val-ues. What is important and how important is it – finances, practice location, size, style, and type: proximity to family and friends, etc. Once you’ve identified your values, your practice search will be headed to-wards a successful completion.
Once you’ve identified your ideal practice situation, it’s time to find the ideal opportu-nity. The obvious methods are through the classified ads in the PM&R Journal and The Physiatrist, the AAPMR’s Job Board, recruiters, the Job Fair and bulletin board advertising at the Annual AAPMR Meet-ing.
Practice opportunities can also be found through a more active and, often, more productive approach. Talk with former classmates who are now in practice about opportunities they are aware of within
their own practice or elsewhere in their community. You should also talk with doctors in the area where you wish to practice
On to the interview . . . be prepared to discuss the current health care environ-ment. Engage in dialogues with practic-ing physicians so you can speak to the needs and issues of the practice. Give examples of how you can contribute to the practice’s ongoing success.
Know your references from the start. However, if the interviewer asks for them, you should request a day or two lead time so that you can notify your references of the impending calls. Also tell your references of the needs of the position and how your skill set matches them. You might need to coach them about the strengths they should empha-size.
In conclusion, take time in advance to identify your ideal practice situation. This soul-searching process will direct and streamline your practice search and save you time in the process. Your practice search will be much more enjoyable and rewarding.

Locum tenens

A doctor asked me yesterday what he might expect in locum tenens compensation.  The compensation varies but I’d say the average is approximately $1,000/day.  Typically, lodging and transportation are also provided.

If you’re a hiring entity wanting a locum tenens doctor, please consider using our services.  Although we concentrate on permanent recruitment, we find possible locum tenens doctors sometimes during our searches.

The Elements of Contract Negotiation

Successful contract negotiation involves preparation to arm yourself with compensation, benefits and negotiations information. You may wish to seek the assistance of financial advisors, legal counsel or practice consultants. Here are some tips to try to ensure contract negotiations go as smoothly as
possible.

Compensation Figures
Average compensation figures are difficult to obtain. Most figures are not cur-rent and are based on a small sampling of physiatrists. The variation in arrangements, such as employee or independent contractor, and benefits makes it very difficult to arrive at an average compensation or to compare compensations. Make every effort to learn of compensation figures through peers, recruiters, and advertisements.
Benefits
Benefits vary based on the arrangement between the physiatrist and the em-ployer. Employee arrangements generally have a traditional benefits package to include insurances for health and malpractice, license fees and
continuing education monies.
Negotiable benefits include professional dues, travel allowances, relocation, life and disability insurances.
Perks include journal subscriptions, extra vacation days, and phone. Extra benefits include auto allowances, health club/country club memberships, and sabbaticals. Independent contractor arrangements typically offer fewer benefits. They may include relocation, an income guarantee and an administrative stipend.
Financial and Legal Implications
There are financial and legal implications to the various compensation and benefits arrangements. For example, there are federal fraud and abuse statute regulations which relate to Medicare and Medicaid programs.
They define safe harbors as acceptable hospital and doctor business
arrangements that are not subject to civil or criminal enforcement actions.

Closing the Job Interview

You think that what you say during the interview process is the key to whether you get the job or not. That’s true but the way you end the interview is also critical to getting the job as well as to moving the process along. The interviewer should be in charge of the process but you particularly have the opportunity to lead at the end of the interview. This is the point where you can ask what the next step will be. For example, good closing statements should include a summary of the qualities and abilities you bring to the table followed by lines such as “When should I expect to hear from you?” or “What can I do after you offer me the job to most help the practice?” The interviewer will be impressed with your ambition and control of the situation. While other candidates are asking about benefits at the end of the interview, you are confirming your desire to be a contributing member of the organization and someone who has the ability to lead.

Opting out of Medicare

Recently a physiatrist contacted me about the effect of not being a Medicare provider on his job search. His group opted out of Medicare and he can’t re-enroll until 2017. He’s thinking about looking for a job but wondered if it will lessen his chances. Most of the practice opportunities I represent have Medicare as one of their providers so that his Medicare status will be an issue. I also checked with Liz Lee, Physiatry Reimbursement Specialists, Inc., 1-800-324-4777,www.Prsinc.com, and she agreed.

Career Move

Why are you, or might you in the future, consider a job change? I’m sure there’s a multitude of reasons however the number one reason should be to advance your career. Career advancement should be the number one reason because other items such as greater compensation or being closer to family should follow either in the new job or the one thereafter. Seeking a new job solely for any other reason may be a detriment to your career advancement. A new job can offer career advancement from a number of different perspectives such as learning, visibility, and/or a growth opportunity.

Contract negotiation

Some of you may be in the midst of contract negotiations. This is a process that individuals either love or hate. It involves bargaining which may come natural to some of you and a nerve-wracking process for other doctors. I think that a lawyer or practice management consultant is advisable during this process. The contract is a legal document hence consideration of legal services is appropriate.

Large corporations like Encompass have standard contracts which hundreds of physiatrists have signed. Contracts from them may not be negotiable. However, I think it’s still advisable to have a lawyer.

Some points of a contract may not be negotiable. If a practice has a restrictive covenant which the current doctors in the practice have signed, the senior partner will not negotiate this point in consideration of the fairness to the other doctors in the practice.

Presuming you hire a lawyer or practice management consultant, please understand that there are points that he/she may make which are not absolutes. You ultimately decide whether the terms are acceptable or not. It is unfortunate if you have a lawyer with adamant points which may not be critical to you and in the process of following his/her advice lose a job.
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