Here we are in June 2021. Memorial Day weekend typically signals the start of summer. Life seems to be returning to some semblance of normal. We are back to the planning of picnics and barbecues, vacations, dining out, baseball—all things that many of us took for granted 18 months ago, suspended largely since March 2020, now reappearing on our calendars. While all may not have returned to 100 percent normal, staff and patients alike are eagerly pushing to forget about the past 16-18 months and get back to pre-Covid state. As managers of processes and people, we are all addressing the health and well-being of our teams—providers, patients and staff. Ensuring that staff are taking time off to recharge as well as finding ways to recognize their sacrifice and endurance through various staff appreciation programs. If we work directly with providers, we attempt to do the same for them. But, what do we do for ourselves? Who is there to tell us that we need to take time to recharge, or rather to make sure we have the coverage necessary to spend time away from the office, really away—in both body and mind. I am one of those who does not follow my own advice. I encourage my team to take time off to recharge, but I fail to do so myself. Even when I may physically be absent from the office, my mind is still there, going over details and messaging staff. Without really removing oneself from responsibility both physically and mentally, the recharging will not be effective or worthwhile. Might I recommend that everyone make a “Covid resolution” to take time every day to do something enjoyable that is non-work related. To put work out of mind and focus on something important to you; not you the Manager, but you the individual. When I am truly able to do that, I have found that it makes a difference in attitude and outlook. I feel more energetic and able to focus when I do get back to a work project.
Traci Evans, FACMPE
Value of Membership
Membership in Pennsylvania MGMA is a rolling 12-months. You can enroll as an Individual, Affiliate, Faculty or Student member.
Healthcare M&A: Top 12 Considerations for Physicians Negotiating the Sale of their Practice to Private Equity
By: John Washlick, Shareholder in the Healthcare Section, Buchanan Ingersoll & Rooney [SPONSORED]
In fact, healthcare saw more than 300 PE deals in 2019 totaling more than $78 billion – the highest values ever recorded, according to findings from Bain and Company. Despite COVID-19, S&P Global intelligence is showing that trend is continuing.
Selling to PE firms comes with unique benefits to the healthcare provider, such as removing administrative burdens from physicians and allowing them to focus on practicing medicine. PE investment also gives practices the capital to modernize or upgrade, which benefits patients and can create economies of scale.When a private practice decides to sell to a private equity firm, there are a number of points to consider when negotiating the term sheet and definitive agreements. nd know the best practices when it comes to negotiating deals.
About the Author
John R. Washlick focuses his practice on healthcare transactions and corporate compliance. His background as a CPA affords him a unique perspective on mergers and acquisitions and their tax implications. His clients include hospitals, healthcare systems, physician practices, individual physicians, and entrepreneurs and investment-backed entities. John is a recognized authority on federal income tax issues involving tax-exempt organizations and the Anti-Kickback Statute and the Stark Law. John has experience in structuring, negotiating and documenting a variety of complex business transactions, including mergers and acquisitions, joint operating agreements, joint ventures, clinical co-management agreements, academic and clinical affiliations, and contractual relationships among providers and with third-party payors.
By: Derek Goodman
Failure to Pay Attention to Detail
Small details can make or break a business’s success. Small business owners, especially, are prone to looking at just the big picture, which can lead to small missteps that have a negative impact on the future. Mundane administrative tasks are one example — everything from filing paperwork to not updating business hours online.
Making legal decisions early on is something else many small business owners miss — filing for LLC status, for instance. Something as simple as logging onto an online formation service to get through the process takes only minutes but might prevent a financial catastrophe. Leaders can also prevent other details from falling through the proverbial cracks by outsourcing some tasks to a virtual assistant.
Undeveloped Emotional Intelligence
Emotional intelligence is the ability to recognize one’s own emotions, as well as those being experienced by others. It is a useful quality in both personal and professional relationships. When leaders understand others — such as their employees, vendors, and customers — they can show more sensitivity and tailor their interactions to the person at the moment. This can help prevent tension in the workplace. Leadership training company RocheMartin explains that people can enhance emotional intelligence by becoming more self-aware and celebrating positivity.
Lack of Self-Confidence
Self-confidence is crucial in business, particularly for leaders. However, many high-achieving adults suffer from what some call imposter syndrome. This is a negative self-perception where the individual feels as though they are not responsible for their successes and have trouble accepting that their abilities have led them to a place of reverence in their organization. Over time, self-doubt comes through and can put leaders in a bad position if they begin to lose the respect of their subordinates. Those in a leadership role can improve confidence by practicing optimism, celebrating small wins, and networking with other leaders, according to Pragmatic Institute.
Inability to Develop a Team
Another area many business leaders don’t take the time to refine is their ability to develop a functional team. Although businesses are made up of individuals, these individuals must complement each other to bring the best to the organization. Leaders should look for team members with complementary strengths — for example, hiring someone with excellent speaking abilities and someone else with a stronger technical aptitude.
One way that business leaders can do this is by hiring from the right sources. When you’re in healthcare, it makes more sense to post jobs on a specialty job board like the Pennsylvania Medical Group Management Association. This way, the right individuals are targeted and are more likely to fully understand the scope of the position and the skills and talents needed.
Once you become a leader, you must continue to refine your skills. Make a point to learn something new every day. This could be how to better read other people’s emotions or ways to hire more efficiently. The point is to never stop learning and working on yourself. The moment you do is the moment that you can no longer lead effectively.
About the Author
What is Ransomware and how has it changed?
Ransomware is a form of malicious software that is commonly spread in two ways. The first threat comes through a phishing e-mail containing malicious attachments masquerading as a file they should trust. The other comes from a user that inadvertently visits an infected website where malware is downloaded and installed without the user’s knowledge. Once the malicious software gains access to the network, it will encrypt some or all the files, limiting your access to this data. Encrypted files will then require a specific key to be entered in order to decrypt the locked data. The user is presented with a message explaining that their files are no longer accessible and will only be decrypted once the victim pays the ransom figure (normally via Bitcoin) provided on the screen.
Traditionally, Ransomware attacks only involved the deployment of ransomware without much intimate knowledge of who or what they were attacking. It was a very transactional attack in the sense that they were not looking to prolong or further engage with their targets. These attackers were simply waiting for the payment, and once received, would send the decrypt keys. If there was no payment, they would not send the keys and just move on to their next victim.
Who are targets for Ransomware?
It is important to note that these attackers are opportunists. They are looking for organizations that cannot afford to be without access to their data, making it far more likely for these companies to pay a ransom quickly. Healthcare providers, law firms, government agencies and financial institutions all retain massive amounts of critical data making them far more susceptible to attacks. These ransomware attacks do not just affect large corporations either. While some attacks are targeted, others are indiscriminately spread across the internet, looking for an unknowing user to click an attachment or open a link.
How can practices reduce their risk?
About the Author