Pinnacle Blog

  • Compliance Concerns Giving You the Spooks?

    visit www.physicianfmv.com
     About The Physician FMV ProgramDetermining appropriate and compliant physician fair market value (FMV) is complicated.  Diverse factors like the Stark Law and inconsistent internal payment policies make it difficult to confidently approach physician compensation negotiations.  Until now.

     
    –          Access Physician Fair Market Value (FMV) Data anywhere there’s an Internet connection
    –          Generate tailored Physician Fair Market Value (FMV) Reports for individual physician relationships
    –          Track all physician arrangements and payment terms
    –          Research hospital-physician relationships around the country
    –          Manage access to the Physician Fair Market Value (FMV) data for others within your organization
     

    The Physician Fair Market Value (FMV) Program dramatically reduces the complexity of determining fair market value for physician compensation.  It builds internal capacity and gives hospitals more control over the process by providing proprietary tools and powerful information to help make defensible decisions about physician relationships.

    Over 200 hospitals and healthcare organizations have found that the Physician Fair Market Value (FMV) Program empowers users to make smart and supportable decisions with regard to physician compensation and fair market value mattes.  The Physician Fair Market Value (FMV)Program’s key benefits include:

     
    –          Elevated compliance through broader application of Physician Fair Market Value (FMV) payment terms and greater consistency across physician contracts
    –          Significant time savings – where resources can be redirected to other matters (strategy, operations, etc.)
    –          Immediate return on investment after just two to three uses (i.e., avoiding fees for focused consulting reports)
    –          Enhanced organizational capacity to address physician compensation, contracting and compliance
     

    Hospitals using the Physician Fair Market Value (FMV) Program immediately possess greater knowledge on which to base physician contracting decisions, the reliability of a proven physician fair market value analytical methodology and improved capacity to manage / document compensation and other contractual terms.  Furthermore, Physician Fair Market Value (FMV) Program support includes: training, ongoing coaching, technical support and focused consulting (if necessary). 

    Visit: www.physicianfmv.com or contact us today for more information: 303.801.0123

     

    About Pinnacle Healthcare Consulting

    Pinnacle Healthcare Consulting provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges. 

    Contact Pinnacle Healthcare Consulting Today – 303.801.0123 or kberkey@pinnaclegrouphc.com

    Visit: www.PinnacleGroupHC.com & www.PhysicianFMV.com

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  • Avoid Physician Fair Market Value Distress – Arm Yourself With Physician FMV and Visit The Pinnacle Group Tomorrow at HCCA’s Regional Conference in Denver, CO!

    A friendly reminder to visit The Pinnacle Group tomorrow at HCCA’s Regional Denver Conference

    HCCA’s Regional Denver Conference

    October 22, 2010

    Marriot Denver Tech Center

    4900 S. Syracuse Street, Denver, CO

    8:00 a.m – 5:00 p.m.

     

    Feel free to give us a call either way with comments or questions!

    Contact Us Today – 303.801.0123 or kberkey@pinnaclegrouphc.com

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges. 

    Avoid Physician Fair Market Value Distress – Arm Yourself With Physician FMV:

    • Obtain FMV compensation rates for over 70 physician specialties for employment, call and medical directorships
    • Search a national database of hospital-physician relationships
    • Generate FMV reports online
    • Elevate Medicare and IRS compliance
    • Save time with better information
    • Reduce costs with enhanced knowledge

    The Physician FMV Program dramatically reduces the complexity of determining physician fair market value.  The Program helps you build internal capacity and provides you with more control over the contracting process with powerful information and proprietary tools to help you make defensible decisions about physician relationships.

    Visit: www.physicianfmv.com for more information about our services.

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  • Reminder to Physicians: Join Us Tomorrow for This Complimentary Event! Financial Implications of Practicing Medicine in the 21st Century

     

     

     

     

    (CLICK TWICE TO ENLARGE DOCUMENT) Time: 4:30PM - 7:30PM Location: Warwick Hotel, 1776 Grant Street, Denver, CO 80203

    Join us tomorrow, Thursday, October 21st for this complimentary physician specific event covering:

     

    • Networking
    • Financial Planning Tips
    • Legal-Estate Planning / Succession Planning
    • Business Valuation
    • Tax Implications
    • Your Questions Answered

    Time:  4:30PM – 7:30PM

    Location:  Warwick Hotel, 1776 Grant Street, Denver, CO 80203

    We have assembled an expert team of advisors that understand physicians as well as the unique situations and challenges you face.

    Business issues affect your Practice and personal wealth’s bottom-line.  This seminar will give guidance concerning hot topics in your career and touch on important financial themes facing physicians in today’s ever-changing environment.  In this seminar, we will give you the tools to advance your wealth and protect your investments.

    Medical Practice Valuation- A Physical Exam of a Practice Health – Whether you are buying, selling or considering integration with a hospital system, the valuation of a medical practice is a subject that deserves your attention.  Jim Connors, Director of Business Valuation for The Pinnacle Group, will discuss reasons to consider a transaction, the variety of nuances related to fair market value and creating practice value as well as the pitfalls to avoid in either buying or selling a medical practice.  With 20 years of business valuation, financial and market consulting experience, Jim has assisted clients in a variety of industries and types of transactions.  Jim has been recognized within the valuation community for his published articles, presentations on valuation techniques and analyses for specific sub industries and relevant, regulatory compliance issues.

     Financial Planning- The Prescription for Your Personal Wealth – As your wealth grows, life doesn’t get simpler, it gets more complex.  Patty DeLucas, Certified Financial Planner, TM and Financial Advisor with Wells Fargo Advisors, LLC, will present a three-step approach to managing your financial investments with clarity and consistency.  Her discussion will include leveraging assets and people to increase wealth as well as delineate a personalized, financial roadmap that connects money with life priorities.  Patty will also cover tax efficient asset accumulation strategies, how to protect your investment portfolio against disaster, and Roth conversions as a strategy for multigenerational wealth.  Patty has over 33 years of professional experience which includes ten years in the securities industry with astute investors.  As an investment advisor representative, she holds a CPA license (not currently in public practice), securities registrations and insurance licenses.

    Estate / Succession Planning- Preventative Care for Future Health & Wealth – Jim Miles, Esq. will discuss the impacts of estate planning on the physician group practice entity, focusing on Stark / Anti-kickback and tax compliance issues.  Jim, an attorney with the Denver and Phoenix offices of Miles & Peters, has been practicing health law for over 15 years.  He specializes in the representation of health care providers and professionals, emphasizing commercial transactions, Stark and Anti-Kickback compliance, and business planning.  His clients include numerous health care providers such as physician practice groups, hospitals, nursing homes, assisted living facilities, community health centers, and other health care providers.  He serves as general counsel to several health care provider trade associations.

    Additionally, Janine Guillen, Esq. will discuss the impacts of estate planning on a physician’s personal wealth and wealth preservation.  Janine joined Davis and Associates, P.C. after 15 years in healthcare operations and administration.  She concentrates her legal practice on estate planning, wealth preservation, asset protection, estate / trust settlement, business / business exit planning and medical / disability planning.  She has presented at national conferences, lectured to students and families in higher education venues and has taught on a variety of topics.

    Accounting – The H&P of the Medical Practice – Changes in our tax laws are one of the few constants of American life.  Every change adds a new layer of complexity to an already complicated process. Physicians need to develop strategies that will allow them to take full advantage of the tax laws to reduce tax burdens. Robert Conner, a Tax Supervisor at BKD CPAs & Advisors, specializes in physician, personal, medical practice tax planning and compliance.  Development of an advantageous tax strategy allows physicians to plan for their future.  Since virtually every financial decision can have tax implications, careful tax planning can make a big difference in the outcome. This forward-thinking approach can help physicians grow and preserve assets, defer income, and reduce taxes on their income, estate, gifts, investments and retirement distributions.

    Insurance- Coordination of Coverage For Your Business & Personal Wealth – Scott LeBauer, CLU, ChFC, a specialist in physicians’ insurance for over 21 years, will give guidance on how insurance planning can protect wealth at any career stage.  His expertise includes individual life insurance for spousal / family protection, buy-sell funding, as well as accumulation planning.  He is currently an associate general agent with Capitas Financial, LLC and Vice President at Prestige Brokerage, LTD.  Scott has worked with physicians on insurance and accumulation planning from the early stages of practice development to associated insurance protection for the transition of a physician practice into retirement.  Additionally, he has been published for insights into aspects of Long Term Care planning and the current evolution of that industry.

    Feel free to give us a call either way with comments or questions!

    Contact Us Today – 303.801.0123 or kberkey@pinnaclegrouphc.com

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  • Falling Behind on Physician Fair Market Value? Vist The Pinnacle Group at VHA’s Regional Leadership Conference!

    Visit The Pinnacle Group at the Regional Leadership Conference for VHA Mountain States - “Creating a Sustainable Future: Strategies and Tactics for Success”

    With Physician FMV, You Can:

    • Obtain FMV compensation rates for over 70 physician specialties for employment, call and medical directorships
    • Search a national database of hospital-physician relationships
    • Generate FMV reports online
    • Elevate Medicare and IRS compliance
    • Save time with better information
    • Reduce costs with enhanced knowledge

    The Physician FMV Program dramatically reduces the complexity of determining physician fair market value.  The Program helps you build internal capacity and provides you with more control over the contracting process with powerful information and proprietary tools to help you make defensible decisions about physician relationships.

    Visit The Pinnacle Group at the Regional Leadership Conference for VHA Mountain States – “Creating a Sustainable Future: Strategies and Tactics for Success”

    The Pinnacle Group will be located at booth 804 in the Capitol Ballroom

    October 12-13th, 2010

    Hyatt Regency Denver at Colorado Convention Center

    For more information about Physician FMV or VHA’s Regional Leadership Conference,  please contact – (303) 801-0123 or kberkey@pinnaclegrouphc.com

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges.  Visit: www.physicianfmv.com for more information about our services.

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  • Visit The Pinnacle Group at the 22nd Annual Health Law Forum

    A friendly reminder to visit The Pinnacle Group at TennBarU CLE for Tennessee 22nd Annual Health Law Forum.

    Tennessee Bar Association Health Law Section

    22nd Annual Health Law Forum

    October 7-8, 2010

    Franklin Embassy Suites – Cool Springs

     

    Feel free to give us a call either way with comments or questions!

    Contact Us Today – 303.801.0123 or kberkey@pinnaclegrouphc.com

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges.

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  • Fair Market Value Checklist & Risk Assessment for Physician Contracts

     

    PLEASE CLICK TWICE TO ENLARGE DOCUMENT

     

    Now you can spot check your physician compensation arrangements and FMV assessments with Pinnacle’s specially created check list.  Identify potential problem areas that may create compliance risks.

    Fill out the survey to find out your risk assessment number.  The lower the score, the stronger your compliance is for fair market value.  If the number is on the high side, it might be time for a complete review of physician contracting methods and payment terms.

    Feel free to give us a call either way with comments or questions!

    Contact Us Today – 303.801.0123 or kberkey@pinnaclegrouphc.com

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges.   Visit – www.PhysicianFMV.com

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  • The Pinnacle Group Welcomes New Analyst

    The Pinnacle Group is excited to extend a warm welcome to Mr. Drew Hoffman, a recent addition to the Pinnacle Team as Analyst.

    Drew will support Pinnacle’s healthcare physician compensation, valuation and appraisal divisions, with a focus on fair market value analysis of professional service arrangements.  He additionally provides market research, financial analysis and business plan development.

    Prior to joining Pinnacle, Drew interned at Arthur J. Gallagher & Co., a company known as one of the world’s largest insurance brokerage and risk management service firms that provides a full range of retail and wholesale property/casualty (P/C) brokerage and alternative risk transfer services, as well as employee benefit brokerage, consulting and actuarial services.  During his time at Arthur J. Gallagher & Co., he created a 401k portfolio performance benchmarking template, composed requests for proposal and insurance renewal materials and participated in a regional intern project.

    In his free time, Drew enjoys participating in outdoor activities such as wake boarding and playing softball.  Drew additionally enjoys attending listings on the silver screen when he is not participating in Colorado’s outdoor recreation.

    Expertise

    Physician compensation planning and analysis

    Healthcare industry trends and policy research

    Financial analysis, forecasting and modeling

    Business plan development

     Education

    BS, Business Administration with an emphasis in Finance, (Cum Laude)

                University of Colorado, Boulder

                –  Minor in Economics and certificate in Quantitative Finance

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges. 

    Visit: www.pinnaclegrouphc.com

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  • Visit The Pinnacle Group at Fraud & Compliance Forum – Sept. 26-28th

    Simplify Success in Healthcare by Visiting us at Booth #3

      

     A Novel Idea –Physician FMV Program 2010 – “Simplify Physician Contracting”

    The Pinnacle Group will be attending the Fraud & Compliance Forum (HCCA & AHLA) at the Renaissance Harborplace Hotel in Baltimore, MD – September 26 – 28th.  

    PRE-ENTER our drawings for a Physician FMV Program license or iPod nano!  

    E-mail: kberkey@pinnaclegrouphc.com with your name, title, organization, address and phone number for your chance to win!  Be sure to visit us at Booth #3 to say hello.  

    Determining appropriate and compliant physician salaries is complicated.   

    Challenges  

    *  Recruitment and retention      

    *  Responding to competition and pay demands     

    *  Medicare and IRS compliance     

    *  Creating and effective intergration strategy     

    *  Involving physicians in governance      

    Limitations  

    *  Elevated compliance scrutiny/enforcement risk       

    *  Inadequate compensation knowledge and reliable data      

    *  Internal resource and budget constraints      

    *  Many other competing demands/pressure to “get deals done”        

     Diverse factors like the Stark Law and inconsistent internal payment policies make it difficult to confidently approach physician compensation negotiations.  Until now.  

     An Enlightening Service…that supports your fair market value needs in physician compensation:  

    The Physician FMV Program dramatically reduces the complexity of determining physician fair market value in physician arrangements.  The Program helps build internal capacity and provides hospitals with more control over the contracting process.  Our powerful information and proprietary tools empower hospitals to make defensible decisions about physician relationships, backed by our third party opinion.   

    Contact Us Today – 303.801.0123 or kberkey@pinnaclegrouphc.com  

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges.

    Continue reading →

  • Smart Investing in a Down Economy

    Real Estate opportunities can be CORE in helping physicians build equity and maintain control

    Sometimes the best opportunities come during the worst of times.  Professionals, especially those in the medical field, are taking advantage of real estate market conditions with the intentions of reaping future benefits.  According to Allen Dreher, Director of CORE, LLC, it takes knowledge, understanding of the market and the skill to take full advantage of these opportunities.

    When one firm walked into their landlord’s office to negotiate a new lease and subsequently discovered that a renewal would result in a significant price increase, they switched into purchase mode.

    “That was the only push we needed,” said Jim Miles, attorney at Miles & Peters, as he explained that for years he had observed how his clients’ profit more from real estate than any other investment.

    The timing was January of 2009, the beginning of the ‘Great Recession’, where potential buyers had opportunity to rise to the occasion of falling of interest rates.  Instead of signing a new lease, the firm followed the signs of the time and set out to stake their claim in the real estate world.

    Fred Simmons, currently Chief Executive Officer of Clearwater Cardiovascular and Interventional Consultants, experienced a similar buying opportunity when he served as an Executive Director at a previous practice.  After the real estate downturn of the late 80s, his then practice was able to secure and buy a piece of distressed property next to their parent hospital.

    “We were able to pick it up when commercial real estate was in the tanks,” said Simmons.  He viewed the four story building as an investment.  “After four or five years, the real estate market picked up again and we sold it for a good profit.”

    Though buying in a weak market was his first experience, Simmons knows what a good investment looks like; and it comes in various sizes, spaces and floors.  He continues to buy throughout changing real estate trends and continues to share his knowledge with others in his profession.

    “Physicians always have a concern that they are paying too much,” said Simmons in relation to leasing, especially when doctors lease from hospitals.  He additionally explained that physicians have a better opportunity at gaining during any real estate period.  Though commercial real estate has been hit hard, he continued, “healthcare real estate has maintained its value.”

    Although buying may seem tempting, making the transition from renter to owner is a daunting task for some physicians.  The Pinnacle Group, recognized mostly for its role in healthcare consulting, has recently expanded its frontier with CORE, LLC to fit the needs of physicians and other professionals looking to capitalize on owning their office space rather than rent long-term.

    David White, Executive Director of Pinnacle Healthcare Consulting explained, “In an industry where so many physicians are making less money, it can be reassuring to know property ownership in a practice is a stable investment with  more operational control.  However, sometimes it is hard to know where to begin and how to  find the right space answers to keep things moving forward and manage the budget,” said White.

    While good timing can be the extra push for prospective buyers, one factor that can be overlooked-time investment.  Miles said that he and his partner spent on average five to ten hours per week on research, design and build-out of their property.

    Sometimes even the best laid plans can get complicated and many little items can become large without the proper remedy.  Time can literally mean money when one is simultaneously managing a business and buy/building out property.

    Simmons suggested that unless there is someone in the practice who is familiar with the processes, seeking professional help may be a beneficial option and that use of a consultant would help with the issues a practice may not fully understand.

    Dreher is one such individual who enjoys taking the reigns and managing these real estate puzzles.  CORE can be viewed as a boutique service where physicians can pick and choose the services they need. He went on to explain that CORE is one of the few services available that coordinates strong, experienced resources to assist clients achieve a successful, efficient outcome.  The services assist in mapping out a turnkey solution–from planning, to site selection, licensing issues, financing and build-out.

    “I think it helps immensely when you have a quarterback that can work with all of the individual players and get them to work together to find solutions when everyday problems arise,” said Dreher.  To request information, please contact Allen Dreher of CORE at 303.378.5567 or email to adreher@pinnaclegrouphc.com.

    Successful relocation and a future real estate investment portfolio begins with that first step, a call to someone who can assist in developing your roadmap to success. – Kimberly Berkey

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  • William Johnson Joins The Pinnacle Group as Executive Director, Financial Operations

    The Pinnacle Group is excited to extend a warm welcome to Mr. William D. Johnson, CPA, MBA, a recent addition to the Pinnacle Team as Executive Director of Financial Operations.

    The Pinnacle Group is excited to extend a warm welcome to Mr. William D. Johnson, CPA, MBA, a recent addition to the Pinnacle Team as Executive Director of Financial Operations.

    Mr. Johnson offers a wide range of healthcare experience to the Pinnacle Group that includes nearly 30 years of executive leadership.  His areas of expertise include strategic healthcare initiatives with health systems and physician practices.  Bill’s professional experiences include strategic planning, business development, physician recruiting, operational management of large physician practices in multiple locations, outreach development, financial operations, business/practice mergers and acquisitions, physician/hospital joint ventures, selection of practice management and electronic health systems for practices.  He has additional experience in third-party contracting, physician integration strategies, physician compensation models and tax planning for strategic decisions.  Within Pinnacle, Bill will provide financial and strategic direction as well as consulting on client engagements.

    Prior to joining Pinnacle, Bill served 14 years as a Vice President of Finance with the HealthONE Hospital System and more recently, 15 years as a Chief Executive Officer for Western Cardiology Associates and Aurora Denver Cardiology Associates PC, (the largest cardiology group practice in the metro Denver market place). Bill was actively involved in providing strategic leadership and organizational direction for a large cardiology group practice encompassing all sub specialties in cardiology and 150 employees offering cardiac care in Colorado, Wyoming and Nebraska.  He developed and provided Board direction to three separate business entities encompassing under arrangement cardiac cath laboratories in Aurora, Denver and Durango, Colorado.

    Bill’s additional experience includes time with Coopers & Lybrand Certified Public Accountants in both their Chicago and Denver offices with a focus on financial auditing and tax planning for individual and corporate clients.

    In his free time, Bill enjoys the serenity of fly-fishing in Colorado’s rivers and streams.  He additionally enjoys other forms of outdoor recreation such as playing tennis and mountain biking.  However, don’t peg him as your standard Colorado resident. His interests are as varied as they are unique.  Just ask him about his interest in amateur radio.

    Expertise

     – Strategic planning and business development

    – Physician/hospital relationships and joint ventures

    – Financial analysis, forecasting and modeling

    – Physician compensation planning and analysis

    – Physician practice mergers and acquisitions

    Professional Designations and Affiliations

    – Certified Public Accountant (CPA), Colorado

    – Member, American Institute of Certified Public Accountants

    – Member, Colorado Society of Certified Public Accountants

    – Member, Medical Group Management Association 

    Education

     – MBA, with an emphasis in finance, Regis University, Denver Colorado

    – BSBA in Accounting, Colorado State University, Fort Collins, Colorado

    The Pinnacle Group provides a range of strategic, financial and operational services to improve clinical and business performance for hospitals, health systems, physician groups and other healthcare organizations.  Pinnacle Healthcare Consulting is a nationally recognized leader in business valuation, physician compensation, medical staff planning, performance improvement and compliance support.  Other divisions of Pinnacle provide physician practice management, medical bill/coding, and technology/integration support services.  Pinnacle’s array of specialized and highly responsive client services promote advanced innovation while our dynamic team solidifies strong client relationships and assists in solving your most complex challenges.

    Continue reading →