Re: need advice about keeping afloat and reducing costs

July 31, 2008

Carefully review your contract for exit clauses - I doubt seriously that

you can survive with rent that high.

If you're willing to work in Atlantic City I could connect you with very

cool demonstration project (This is a major national coalition of

business that wants to do innovative funding of primary care to reduce

their costs. They think that more spending on primary care (as long

as that office is a high performing practice - more on that later) will

actually result in less overall cost). I'll get more detail on the

Atlantic City initiative and post.

Gordon

At 06:28 AM 7/31/2008, you wrote:

OK-so here is my

" situation " . Let me pick your brains.

Was recruited by a regional hospital to open up a practice in the

area

(NJ). The area is still rural but growing. They had a space all ready

for me that was left over from a previous practice. Although the

space was a little too big for me, they promised they were going to

get someone to sublet the space from me to " help out " Part of

the

recruitment agreement includes $25K/mo to cover overhead for 2yrs and

then the loan is forgiven if I stay in the hospital catchment area

for another 3yrs.

Here's the catch. One year out-I am running a tight ship-one staff

member, doing all of my billing etc. They have NOT found anyone to

sublet the space for me. I have about 550pts, but am only bringing in

about $12k per month. I really cannot afford or justify keeping my

office space at $3400/mo(utilities included). however the hospital

placed me in a lease for 3yrs(not 2).

I am stressed out. I am working long hours in order to accommodate my

pts and bring in more money, I am doing cosmetic procedures to help

supplement(no botox cause that costs money) and I am looking for

supplemental jobs like increasing my Nursing home pts and doing

physicals at the local addiction center. Being solo-I am not seeing

great reimbursements(as I am sure you all know)even though I am a

member of an IPA. I don't know where to take it from here. I am

worried about the future and quite frankly am beginning to feel a

little burnt out.

Any suggestions?

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