Nominations are Open for Administrator of the Year and Practice of the Year

Annually, the North Carolina Medical Group Management Association (NCMGMA) recognizes outstanding performance by an individual and a medical practice with our Administrator of the Year Award and our Practice of the Year Award. For 2019, both awards will be presented at our Annual Meeting, to be held May 8-10 in Wilmington, NC. Nominations for both awards are now open.

NCMGMA-Medical Mutual Administrator of the Year Award

medical-mutual-medEach year, NCMGMA and Medical Mutual recognize a healthcare administrator, affiliated with the NCMGMA, who has exhibited exceptional leadership management proficiency and enhanced the effectiveness of healthcare delivery in his/her practice and community through recent, noteworthy achievements.

If you wish to learn more about this award and/or nominate a colleague, follow this link to fill out a complete form or email our offices at info@ncmgm.org to nominate an administrator. The deadline for nominations is March 8, 2019.

NCMGMA-First Citizens Bank Practice of the Year Award

First-Citizens-HorizontalThe North Carolina Medical Group Management Association (NCMGMA) is proud to partner with First Citizens Bank to present the 7th Annual Practice of the Year Award. This award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean ups, community screenings and education (internal & external), etc.

Follow this link to learn more about the award or to begin the nomination process. The deadline for submissions is March 8, 2019.

Questions

If you have any questions, please contact the NCMGMA offices at info@ncmgm.org or 800-753-MGMA (6462).

Seven Ways to Plan for Succession

2018 Alliance sponsor article provided courtesy of First Citizens Bank

Daily business management is your top concern when you run a company. At some point, though, you may be ready to transition away from the medical group you worked so hard to build.

Maybe you plan to retire, or perhaps sell to a larger group interested in expanding. Regardless of why and how you exit, a carefully executed business succession plan is essential to reach your goals.

If you don’t have a business succession plan in place, you’re not alone. According to studies from the Financial Planning Association and CNBC, most business owners plan to make a handoff of some kind, but only about one-third of businesses have an exit strategy in place.

Read on to learn how to plan for this important undertaking in your company.

Start early. Estimates for the length of time required to put a succession plan in place range from one to five years. Sometimes it takes even longer. Firming up your goals, assembling a team of advisors, making any required changes to your company, and planning your post-sale life all take time.

Set goals. Do you hope to use proceeds from the sale for your retirement? Do you want to continue to work for the group once you hand it off? Another keystone of goal setting is understanding your complete financial needs post-succession. For example, if your medical group is your retirement plan, then you will need to know the minimum sale price to ensure you have enough to support you during your retirement years.

Explore options. Part of your planning should also entail broadening your knowledge of less well-known exit paths. With a full understanding of the range of succession options, you are most likely to find the best option for you. For example, selling to employees via an employee stock ownership plan (ESOP) may offer more tax advantages and could ultimately result in greater proceeds to you than a sale to a third party.

Focus on taxes. Tax planning is an important part of preparing for business succession. In fact, each decision you make along the way will likely have tax implications. With a Wealth Planner involved from the early phases of this process, you can make decisions with the greatest tax-efficiency in mind.

Consider financing. Personnel changes, upgrades to infrastructure and reduction of risk are just some of the undertakings needed to prepare a business for a transition. These changes can help make your business viable without you and more attractive to others. They may also require funding. Consider your funding requirements early in the process so that you have ample time to find the best option.

Value your company. The price your group will fetch can actually differ depending on many factors, including your transition plan. For example, if you sell to a competitor or a financial investor, you may get a higher price than if you sell to an existing employee or family member. The assets you have and the infrastructure you have in place are other factors that can impact your valuation. Consult with your Wealth Advisor and Wealth Planner to determine the path to a realistic price.

Assemble a team. Planning for your exit can be overwhelming, but it doesn’t have to be. Early in the process, it’s recommended that you work with a Wealth Planner or Wealth Advisor. These professionals can help prioritize your goals, educate you on your options and act as a project manager with all your other advisors, such as attorneys or accountants, to shepherd you and your business through an often challenging, but exciting, transition process.

First Citizens can help you plan for your business succession. For more information, contact Andy Shene, Charlotte Metro Area Executive for First Citizens Bank, 704.338.3926. First Citizens Bank. Forever First. ® Member FDIC.

 

Streamlining Payables to Improve Cash Flow

2018 Alliance Sponsor Article Courtesy of First Citizens Bank

The way a company such as a medical group manages its payables has a direct impact on its cash flow. Refining your approach to accounts payable can strengthen your firm’s overall financial health.

Improvements to your payables process can result in easier expense tracking, reduced risk for error and increased access to vendor discounts. An optimized process also tends to save employees time and strengthen vendor relationships.

North Carolina-headquartered First Citizens Bank offers the following four steps to gain improvements:

1. Reduce manual touches

A manual approach to accounts payable means multiple people may be involved in opening invoices, checking their accuracy, entering them into an accounting system, and approving and sending payments. Each link in the chain introduces risk — for lost bills, mistakes in data entry and delayed or missing payments. Manual processes also keep staff from higher priority strategic tasks.

To reduce inefficiencies and chokepoints, consider accepting electronic invoices and exploring software that automatically checks invoices against purchase orders to ensure that prices, quantities and other key details match. Automating these steps can free up accounts payable staff to focus on reviewing exceptions and other priorities.

2. Tap payment tools

Consider tools and tactics that can help to speed up accounts payable processing. These include:

  • Making electronic payments. Paying bills through the Automated Clearing House (ACH) network or via wire transfer lets clients receive payment more quickly, and it mitigates the risk of tampering and loss that can come with using checks. Paying electronically can also dramatically lower transaction costs: Sending a paper check is 10 times more expensive than sending an ACH payment, according to research from the Association for Financial Professionals and Bottomline Technologies.
  • Issuing purchasing cards. Providing purchasing cards to employees for certain types of expenses cuts down on invoices and purchase orders, potentially saving time and reducing the risk of error. Using purchasing cards also simplifies expense tracking and allows for tighter control over spending, through the ability to set per-employee limits.
  • Fine-tuning account management. Banking services are available to help you gain greater visibility into cash outlays and manage cash more effectively. For example, controlled disbursement services provide notification each morning for checks that will clear against an account that day. You can then move funds into the account to cover the payment or use excess funds for other purposes.

3. Time payments to your benefit

Automating your accounts payable process can result in shorter invoice processing and approval times, which in turn makes it easier to capture early payment discounts. Ensure you take these opportunities by establishing a payment-timing system that alerts you to when payments should be sent. For example, when bills are entered into your accounting system, include a note with the date you’d need to send payment to capture the discount. You can also use an online bill pay tool to schedule payments.

Pursuing these discounts may not always make sense — in some cases, you might want to keep cash available for other purposes. Yet capturing them when you can yield substantial savings.

4. Gain visibility through reporting tools

Using the reporting features included with some payments tools not only simplifies expense tracking and reconciliation but can also help you spot broader trends in your spending and make better-informed decisions. For example, examining your purchase card data can give you a clearer sense of the categories your company spends most on, helping you decide where adjustments may be needed. It can also help you quickly spot any duplicate or suspicious charges. Regularly running and reviewing reports on payables — for example, in your accounting software — can give you a big-picture view of your finances that help you better time purchases and forecast cash flow.

Need help streamlining your accounts payable process or tightening control over business spending? First Citizens can help. Learn about our payable solutions that can save you time and improve visibility.

For more information, contact Andy Shene, Charlotte Metro Area Executive for First Citizens Bank, 704.338.3926. First Citizens Bank. Forever First. ® Member FDIC.

Consider the Total Relationship for Banking Services

2018 Alliance sponsor article courtesy of First Citizens Bank

As a medical practitioner, you can benefit from treating banking as a total relationship rather than a series of small transactions, especially in the current economic environment.

Your time is better spent running your practice, rather than shopping for the best bank value. When you have a good relationship with a bank, the financial institution has an incentive to offer you better deals. Bankers want to see your practice grow. When they know your goals and understand your needs, they can offer the products and services that will help you accomplish your goals faster and much more efficiently.

So how do you decide which bank gets to have this important relationship with you and your business?

Start by examining what you want in a banking relationship. All businesses require different services from their banks. Medical businesses are no different. Your greatest need might be standard transactions like checking accounts or credit card processing. But you may also need a financial institution that offers a variety of options for raising capital or that provides electronic services.

Once you’re comfortable with the traditional features banks offer, dig a little deeper. Ask the following questions:

  • Does the bank truly understand the distinct banking needs of busy medical professionals? First Citizens, for example, has a long history of serving small to mid-sized businesses and specializes in managing the complex financial needs of new, established and expanding healthcare businesses.
  • Will the bank help you save and earn money by maximizing options for handling your funds? Medical practices and other healthcare businesses often deal with the complexities of collecting payments from patients and insurance companies on a timely basis. Managing cash flow can be a real challenge. Look for deposit accounts that meet your needs or cash management features that make the most of your resources.
  • Does the bank offer a variety of services, like trust or leasing, providing you with more choices and flexibility in financial services?
  • Does the bank provide a variety of financing options? Maybe you need a real estate loan for a new medical building or a lease to finance a medical equipment upgrade. It might be time to finance a “buy-in” or start up of a practice. For short-term operating needs, a business equity line of credit may be the right move. Whatever your financial goals and objectives, your banker can serve as a trusted advisor and help you map out a successful course of action. Make sure your bank can provide timely, convenient access to these types of loans and credit services.
  • Can the bank meet your personal banking needs? Your financial institution should provide a full spectrum of personal banking products — residential mortgages, residential equity lines of credit, premium service checking accounts and even wealth management services to maximize the effect of your financial assets, minimize taxes and plan for the future.
  • Do you receive individual service and attention you require? Your banker should be willing to meet with you when it’s convenient for you – whether at lunchtime, after hours or on weekends. A banker should also work in close cooperation with attorneys, accountants or other professional advisors to provide proper integration of financial, legal and other matters of importance. It’s important that bank customers receive the same high level of attention and service that you provide your own patients.
  • Finally, is the bank stable and solid? Has it stood the test of time? Does it make sound business decisions? Is the stewardship of customers’ money among its highest priorities? First Citizens Bank, for example, has been around 120 years and is the largest family-controlled bank in the United States. First Citizens brings a special understanding to the challenges and opportunities faced by medical professionals, company owners and managers.

Whether you are just starting out, looking for a new bank for your established practice or simply wanting to evaluate how well your current bank is meeting your needs, asking some questions from these areas can produce a clear picture of what you need from a bank, even in these challenging economic times.

For more information, contact Andy Shene, Charlotte Metro Area Executive for First Citizens Bank, 704.338.3926. First Citizens Bank. Forever First. ® Member FDIC.

Nominations are Open for Practice of the Year

Submit Your Practice of the Year
Award Nomination Today

First Citizens Bank LogoThe North Carolina Medical Group Management Association (NCMGMA) is proud to partner with First Citizens Bank to present the 6th Annual Practice of the Year Award, to be presented on the evening of Thursday, October 18th at the NCMGMA Fall Conference in Charleston.

About the Award

This award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean ups, community screenings and education (internal & external), etc.

Award recipient will receive:

  • An attractive award piece
  • A donation to be made in the practice’s name to their charity of choice
  • Public recognition at the NCMGMA Fall Conference
  • Promotion through a press release to national trade and consumer media
  • Recognition in the NCMGMA Quarterly Newsletter and E-News Blog

Past Award Winners

  • 2013 – Cornerstone Health Care
  • 2014 – Alliance Urology Specialists
  • 2015 – Wake Internal Medicine Consultants
  • 2016 – Piedmont HealthCare PA
  • 2017 – Mt. Olive Family Medicine Center, Inc.

Submit Your Nomination Today

Follow this link for complete Practice of the Year award nominations information, including the award nominations form. The deadline to submit nominations is Friday, August 31st.

Join us at the Fall Conference in Historic Charleston

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Registration is Now Open
Join us in Historic Charleston, SC

October 17-19, 2018
Charleston Marriott | Charleston, SC

fc18-pf300aNCMGMA is heading back to Charleston, South Carolina for our 2018 Fall Conference. Scheduled for October 17-19, we will be at the Charleston Marriott, located just blocks from historic downtown Charleston. Start making your plans to join us for this exciting healthcare industry event: registration is now open so sign up today!

Browse this email for details on our Thursday keynote presentations, registration, nominations for Practice of the Year, and more! For complete details about this year’s Fall Conference, visit the NCMGMA website here.

Thursday Keynote Presentations

berrett300aBritt Berrett, PhD, FACHE
Program Director / Clinical Faculty
Univ. of Texas Dallas Jindal School of Management
SESSION: Patients Come Second: Leading Change
by Changing Parts I and II

Britt Berrett currently serves as the Program Director of Healthcare Management in the Jindal School of Management at the University of Texas at Dallas. His depth and breadth of professional and academic experience provides a tremendous foundation in the preparation for the next generation of healthcare leaders.

He is an Executive Coach with MEDI and has more than 25 years of experience as a hospital president and CEO. In 2013, Dr. Berrett co-authored a New York Times Best Selling book on leadership in healthcare entitled, “Patients Come Second – Leading Change by Changing How You Lead.”

cohen300aMandy Cohen, MD, MPH
Secretary
NC Dept. of Health and Human Services
SESSION: An In-depth Interview with Dr. Mandy Cohen
by Matt Hanis of the Business of Healthcare

Since being appointed as Secretary of the N.C. Department of Health and Human Services in January 2017, Mandy Cohen, MD, MPH, and her team have worked tirelessly to improve the health safety and well-being of North Carolinians. DHHS is a cabinet-level agency with approximately 16,000 employees and an annual budget of $20 billion. Among her top priorities are combating the opioid crisis, building a strong, efficient Medicaid program, and improving early childhood education.

A graduate of Cornell University, she received her medical degree from Yale School of Medicine, a Master’s in Public Health from the Harvard School of Public Health and trained in Internal Medicine at Massachusetts General Hospital.

hanis300aMatthew Hanis
Executive Producer and Host
Business of Healthcare
SESSION: An In-depth Interview with Dr. Mandy Cohen
by Matthew Hanis of the Business of Healthcare

Matthew Hanis is the Business of Healthcare Executive Producer and Host. He helps a wide range of healthcare organizations commercialize new solutions. Hanis has held executive leadership roles with Mercy, a St. Louis Based $5 billion health system, Advanced Practice Strategies, an Ascension Ventures portfolio company, and the Healthcare Business of Thomson Reuters, now Truven Health Analytics.

Registration

Registration is open for the 2018 Fall Conference in Charleston so sign up today. Click on the links below to access our online and print registration forms. For complete details on registration costs, follow this link. Early registration discounts end September 24th.

Accommodations

All events for the Annual Conference are scheduled at the Marriott Charleston located at 170 Lockwood Blvd. in Charleston, SC. We are pleased to offer our attendees the discounted group rate is $174 per night (plus 14% tax + $2.24 destination fee). Hotel reservations can be made online by clicking here.

About the Marriott
Experience true southern hospitality and modern accommodations at its finest at the Charleston Marriott. Our location overlooking the Ashley River, offers easy access to beautiful downtown historic Charleston, the old city market, local area beaches, The Citadel, and of course, great dining and entertainment. Our downtown Charleston hotel offers luxurious hotel amenities including high-speed wireless internet, shuttle service to the historic district, state of the art business and fitness centers.

Practice of the Year Award
Submit Your Nomination Today

First Citizens Bank LogoThe North Carolina Medical Group Management Association (NCMGMA) is proud to partner with First Citizens Bank to present the 6th Annual Practice of the Year Award, to be presented on the evening of Thursday, October 18th at the NCMGMA Fall Conference in Charleston.

About the Award
This award recognizes a medical group practice that has made a significant contribution to their community, patients and/or staff through volunteer work, indigent clinics, fundraisers, staff wellness programs, community clean ups, community screenings and education (internal & external), etc.

Submit Your Nomination Today
Follow this link for complete Practice of the Year award nominations information, including the award nominations form. The deadline to submit nominations is Friday, August 31st.

Questions

Follow the links above for more information and for registration. If you have any questions, please contact the NCMGMA offices at info@ncmgm.org.

Mt. Olive Family Medicine Center, Inc. Receives 2017 Annual NCMGMA Practice of the Year Award

Mt. Olive Family Medicine Center was named the 2017 Practice of the Year at the North Carolina Medical Group Management Association’s (NCMGMA) Annual Conference, held May 7-9, at the Westin in Charlotte, NC with over 275 people in attendance. NCMGMA’s Practice of the Year Award recognizes a medical group practice that makes significant contributions to its community, patients and staff through volunteer work, fundraisers, staff wellness programs, community clean ups, and community screenings and education.

“Mt. Olive Family Medicine Center truly signifies all that our Practice of the Year Award stands for.” says Fran Sembert, NCMGMA’s 2005 President and current Governance Committee Chair. “The practice continues to grow and change to meet the needs of the population they serve and the community benefits from the education that is now provided directly to teachers, guidance counselors, coaches and parents. This resource is now local to their patients, many of whom have transportation issues and financial restrictions.”

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(L-R): Andrea Murphy, Lisa Hooks, Ashley Long and Joey Long

The Practice of the Year Award, sponsored by First Citizens Bank, provides a $3,000 check to a charity chosen by the award recipient. This year’s funds will be given to the Mt. Olive Family Medicine Center, a 501(c)3. Lisa Hooks, Mt. Olive Family Medicine’s Executive Director confirmed the additional funds will allow for more baseline concussion testing for local public school athletes with a goal of providing free testing to all athletes regardless of their economic status. Up until the summer of 2015, if a patient suffered a concussion, they would have had to drive 60 miles to receive neurocognitive testing

During the conference, attendees attended educational sessions centered on the theme “Leading through Change” and heard from presenters such as Robert Laszewski from Health Policy and Strategy Associates, Skip Weisman from Weisman Communication Resources, North Carolina Medical Society, Parker Poe, and MSOC Health.

About NCMGMA
The North Carolina Medical Group Management Association (NCMGMA) Association gives the professional administrator a rich source of information and contacts for professional growth. Since our founding in 1971, we have grown to more than 850 members strong, representing medical practices across North Carolina. Our membership includes executives and managers of private group practices, academic medical centers, integrated delivery systems, and companies that support medical provider organizations. Learn more at http://www.ncmgm.org.

About Mt. Olive Family Medicine Center
Operated by a volunteer uncompensated Board of Directors from the service area of the practice, Mt. Olive Family Medicine Center is a designated Rural Health Center as declared by the NC Office of Rural Health and Resource Development. We are dedicated to the health and well-being of the residents of Wayne County and the surrounding areas. It is our goal to identify and minister to the medical needs of the family unit-not only to provide quality, comprehensive medical care, but also to institute health education, urgent care, wellness and preventative medicine.