Issue link: https://viewer.e-digitaledition.com/i/704061
ONE OF THE GRE ATEST CHALLENGES FACED BY MATURE FAMILY BUSINESSES IS HANDLING THE ISSUE OF SUCCESSION. WHEN A COMPANY'S FOUNDERS RE ACH AN AGE WHERE THE Y WANT TO START THINKING ABOUT RE TIREMENT, IS THERE A YOUNGER GENER ATION AVAIL ABLE THAT IS WILLING AND ABLE NOT ONLY TO CARRY ON THE FAMILY BUSINESS BUT ACTUALLY TAKE IT TO NE W HEIGHTS? YOU COULD SAY that Ba rba ra DiBona, who fou nded Doctors' Ma na gement S er v ic e ( DM S ) i n 1 9 87, de cide d t o t a ck le t he i s s ue of s uc c e s sion ver y ea rly, bring ing her sons Tim a nd R ich into the of f ice in their teena ge yea rs. By the time they were ready to emba rk on t hei r ow n ca reers, t he sons were well-versed in a ll aspects of running the business, as well as the rapidly changing hea lthca re industr y. That combi nation of i ntergenera- tiona l fa mily know-how a nd youthful innovation leaves Doctors' Management Ser v ice per fect ly poised to not on ly manage the issue of succession but a lso stride conf idently into a future that is cha n g i n g at a f u r ious pa ce. Helpi n g physicians manage that change is what Doctors' Management Service does best. MAXIMIZING REIMBURSEMENTS "We try to make the business side of running a practice very easy for doctors," says Tim DiBona, who is the CEO of the company and is in charge of business development, while Rich is the CFO. "We started o˜ mainly focusing on medical billing. That's where everything started, and I think the crux of any good medical practice is ma king sure that the cash f low comes in as swiftly and robustly as possible." To that end, DiBona's tea m works diligently to ensure that their clients are reimbursed to the full extent they're entitled for every single patient encoun- ter. He often finds that physicians are underbilling for their services and often not billing at all for services that they're quite entitled to be reimbursed for. "What we love to do is dive in and find out things they're doing — and we find this all the time — services they're perform- ing that they're not billing for," DiBona says. "Tobacco cessation is a great one that we see a lot. Physicians don't realize that when they're explaining to patients that smoking is contributing to whatever type of problem they're presenting with, and giving them information on how to quit, that's reimbursable — significantly reimbursable, now." BEYOND MEDICAL BILLING As the name suggests, the ser vices o˜ered by DMS go far beyond medical Doctors' Management Service BY MICHAEL JONES A Family Tradition with an Eye on the Future Tim DiBona 1 6 1 6 ❱❱❱❱❱ V E N D O R P R O F I L E