Welcome to Cornerstone Healthcare Consulting & Management

#doctor

Podiatrist Surgery Suite to Treat More Than Feet!

by

Whenever you think of a podiatrist, the first thought that likely comes to mind is about feet! That is, unless you meet Dr. George Vito, owner of Ankle and Foot Centers of Western New York. Dr. Vito can treat and even operate on conditions impacting the feet, ankle, and leg, up to the knee.

With a practice history that spans almost 30 years, Dr. Vito functions on what he calls a hub and spoke model. The hub is his office located in LeRoy, New York, with spokes, otherwise known as ancillary locations, located in Rochester, Batavia, Cheektowaga and soon to be Buffalo. At his main hub location in LeRoy, Dr. Vito has developed a JCAHO certified surgery suite, where he is able to perform many surgeries involving the foot, ankle, or leg, including laparoscopic repair. As a result, the surgery is much less invasive than if he operated in the hospital, and the patients can walk out the same day. For the patients seen in Cheektowaga and soon to be Buffalo, Dr. Vito performs these surgeries at the Amherst Surgery Center, located on Sheridan Drive. Are you a clinician in the Genesee County area, and in need of somewhere to perform outpatient surgeries? Good news! Dr. Vito leases his surgery space to other clinicians, as well as coordinates with his anesthesia providers!

With such an impressive background and business development, it seemed only appropriate to ask Dr. Vito what advice he would give to new Podiatry graduates. He provided his advice surrounding the importance of training and emphasized his opinion on the importance of considering the private practice route. He said, “So many aspects of Podiatry now, they want to bring you into a hospital situation…. But then if something doesn’t work out, then you’re left on your own, with no business, no idea of how to run a business; so, the big suggestion is, learn how to run a business”. He further elaborated on his thoughts surrounding the risks of being employed by a hospital system. Be sure to tune into the video to see what he says!

Lastly, the question was posed to Dr. Vito as to whether he would still choose Podiatry if given the chance to do it all over again. The short response was, yes. The more elaborated version surrounded his ability to be autonomous as a private practice owner, and the fact that he still wakes up each morning, with the excitement to continue what he does! Check out the video to learn all he has to say, as well as be a part of the tour of his surgery suite! Interested to learn more? Click here to visit Dr. Vito’s website!

About Cornerstone Healthcare Consulting & Management: Cornerstone Healthcare Consulting and Management was founded in 2014 with the intention of providing high-quality healthcare consulting services to physician practices. Cornerstone has been involved with a number of projects, including opening multiple clinics throughout New York State as well as the Greater Philadelphia Region. This company is also experienced in business development and strategic planning, offering a multitude of other services for those looking to improve their clinic’s processes or procedures. With our experience managing these practices, we also have developed a niche for turnaround consulting for struggling practices that need assistance to return to profitability. To learn more or schedule your free consultation, please visit our website at http://www.cornerstonehealthcareconsulting.com

An Inspirational Journey with Dr. Joe Serghany

by

An Inspirational Journey with Dr. Joe Serghany

I recently had the great pleasure and honor of sitting down with Dr. Joe Serghany, a radiologist in Buffalo, New York, and the founder of WNY MRI. Watching the interview afterward, I couldn’t help but feel inspired by his story—a true testament to the American Dream.

Dr. Serghany grew up in Lebanon, completing his medical school education amidst a country in crisis due to war. This turmoil forced him to seek opportunities in the United States, where he completed his residency training at the University of Buffalo. After graduating, he briefly worked as an employed radiologist before realizing his true calling was to be a business owner.

Together with fellow Buffalo radiologists, Dr. Serghany founded WNY MRI, establishing their first location on Genesee Street. This site housed Buffalo’s first MRI machine, purchased by a consortium of local hospitals. Since then, WNY MRI has expanded to twelve locations, offering a comprehensive suite of advanced radiologic imaging services.

What sets Dr. Serghany apart is his exceptional business acumen—a rare find among physicians. His ability to blend medical expertise with entrepreneurial skills has been a driving force behind the growth and success of WNY MRI. From real estate development to business strategy, Dr. Serghany has been instrumental in every facet of the business.

Despite his extensive business responsibilities, Dr. Serghany continues to read images on a full-time basis. His dedication to both his medical practice and his business exemplifies the qualities of a true leader and visionary.

Dr. Joe Serghany’s story is not just one of personal success but also a source of inspiration for medical professionals and aspiring entrepreneurs alike. His journey underscores the importance of perseverance, innovation, and a relentless pursuit of one’s dreams.

In this video, I asked Dr. Serghany the following questions: 1.) You’re originally from Lebanon, where you completed medical school. What brought you to the United States? 2.) What made you choose radiology? 3.) What lead to the decision to open your own practice? 4.) If you were in Residency today, would you follow the same path, or would you take the route to be employed instead? 5.) When owning your own practice, have you discovered it is better to own or lease your space? 6.) Advice to current medical students and residents?

It is well worth the ten minutes of your time to listen to his responses. Dr. Serghany is impressive, inspiring, and humble. I hope you value this experience as much as I did!

How Young Doctors Can Afford to Plan for Retirement

by

How Young Doctors Can Afford to Plan for Retirement

In a recent interview, Melissa (Missy) Starowitz from Cornerstone Healthcare Consulting and Management sat down with Alex Heringer and Jim Ginnane of Planned Futures Financial, located in Buffalo, New York. They discussed several important topics concerning young physicians just graduating from residency, focusing primarily on debt management and financial planning for the future.

The Importance of Disability Insurance for Young Physicians

Why Do You Need Disability Insurance?

One of the first questions Missy asked was about the importance of disability insurance for physicians, especially those who are just starting their careers. Jim’s response was straightforward and compelling:

“Your ability to work and earn a paycheck is the biggest asset you’ll ever own,” he said. He emphasized that all future purchases—houses, cars, education—depend on this ability. Therefore, ensuring you can continue to earn an income, even if you become disabled, is crucial.

Is Disability Insurance Affordable?

For young physicians concerned about affordability, Jim and Alex offered reassuring news. Similar to life insurance, disability insurance is less expensive when you are young and healthy. Many young doctors buy their policies in their final year of medical school. Alex mentioned that starter packages are available, and they even offer discounts through partnerships with medical schools across the country.

Managing Debt While Planning for Retirement

The 85-15 Rule

With substantial educational debt and a newly earned income, many young physicians wonder if it’s feasible to plan for retirement. Jim introduced a simple yet effective strategy known as the “85-15 rule.” He explained:

“If a person can discipline themselves to live on 85% of their gross income and save 15% for the future, it makes planning for retirement achievable,” he said. This rule is particularly easy to implement for young doctors who are transitioning from a low-income residency to a higher-paying position.

Starting Early Is Key

Jim also stressed the importance of starting early. “The earlier you start saving, the better off you’ll be,” he said. Delaying retirement planning can cost more in the long run, making it crucial to begin as soon as possible.

Practical Tips for Debt Management

Jim and Alex provided several practical tips for managing debt while starting to save for retirement:

  • Live Within Your Means: Stick to the 85-15 rule to ensure you’re saving while managing your debt.
  • Prioritize Debt Repayment: Focus on paying off high-interest debt first.
  • Seek Professional Advice: Don’t hesitate to consult a financial advisor to help you create a tailored financial plan.

Conclusion

In summary, young physicians can indeed plan for retirement despite their debt. By securing disability insurance and adhering to the 85-15 rule, you can pave the way for a financially secure future.

Looking for personalized advice? Contact Planned Futures Financial to discuss your specific financial needs and start planning your future today.

Call to Action:

For more insights and personalized financial planning, book a consultation with Alex and Jim at Planned Futures Financial. Don’t wait—your future starts now!

Insurance Coverage Needs for Medical Practices

by

Insurance Coverage Needs for Medical Practices

Graduating from residency is an exciting milestone that unlocks numerous career opportunities. Whether you choose to work for a health system, join a private practice, or start your own, one critical factor remains constant: the need for proper malpractice insurance. If you’re employed by a health system, this is typically taken care of for you. However, if you opt for private practice or self-employment, securing professional liability coverage becomes your responsibility—a step you cannot afford to overlook.

The Importance of Malpractice Insurance

Malpractice insurance is more than just a formality—it’s an essential safeguard against potential legal claims. Navigating the options and selecting the right coverage can feel overwhelming, but partnering with a knowledgeable, licensed insurance agent who puts your needs first can make all the difference.

Expert Guidance from Mike Shay

At Cornerstone Healthcare Consulting, we rely on the expertise of Mike Shay, a licensed insurance agent with Steinmiller Insurance based in Rochester, New York. In a recent conversation, our owner, Missy Starowitz, sat down with Mike to explore the essentials of securing the right malpractice insurance—whether you’re an employer or an employee.

Beyond Malpractice Insurance

Mike goes beyond just malpractice coverage—he offers a comprehensive look at the business insurance you’ll need if you plan to own a medical practice. Even for non-practice owners, Mike highlights essential additional coverages that extend beyond malpractice insurance to ensure complete protection. While this might seem like an attempt to sell more insurance, Mike emphasizes the value of a simple umbrella policy. For as little as $200 per year, it can provide $1,000,000 in extra liability coverage, safeguarding your home, personal assets, and car with an added layer of security.

Why Trust Mike Shay and Steinmiller Insurance?

Mike Shay is a highly trusted professional who has consistently proven to be an invaluable resource for many of our clients. With a consultative approach, he excels at identifying opportunities to deliver value while offering personalized coverage tailored to each client’s unique needs.

Conclusion

For new doctors, understanding the insurance requirements for medical practices is essential. From malpractice coverage to additional business and personal policies, having the right protection is critical. Working with a trusted insurance agent can help ensure you’re fully covered and prepared for any challenges.

Ready to learn more? Watch our video with Mike Shay for expert insights on securing the perfect insurance for your medical career.