2023 Senior Fellows Program (2nd & 3rd Year) | August 2023-From RVUs to 401ks

Video Transcription

Video Summary

In this video, the speaker discusses various financial aspects of a medical practice. They emphasize the importance of understanding and paying attention to practice financials, even if one did not enter the medical field with the intent of pursuing business. The speaker explains RVUs (relative value units) and how they are used to compensate physicians based on the work done. They also touch on the issue of devaluation of GI procedure codes and the role of the RV Utilization Update Committee in setting values. The video goes on to cover important financial metrics such as revenue, collections, accounts receivable, and expenses like rent and employee salaries. The speaker advises keeping an eye on metrics like patient mix, vacation days, call days, contributions to retirement accounts, disability insurance, life insurance, and medical malpractice insurance. They also mention the possibility of embezzlement and caution against neglecting personal finance and retirement planning. Overall, the video provides an overview of financial considerations for medical professionals in private practice.

Asset Subtitle

Paul J. Berggreen, MD

Keywords

financial aspects

medical practice

RVUs

compensation

expenses

retirement accounts

medical professionals

private practice