Should a medical practice incur debt or pay outright
Acquiring debt is not necessarily a bad thing it depends on the reasons for doing so. Certainly borrowing to meet current expenses is not usually a good idea unless there... Read More >
How to beat the top practice breakup causes
Despite the benefits of working in a group practice, physicians often underestimate the challenges that come with working as a team. Medical practices that stick together prioritize the following initiatives... Read More >
Employee Recreation & Parties Survive TCJA Tax Reform
When you know the rules, you can party with your employees and deduct percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is... Read More >
Do you have an employee cell phone policy for your physician office?
Most of my clients have a policy against excessive cell phone usage, including texting and being online via the cell phone. Some have a cell phone policy that the staff... Read More >
Using Credit Cards on File to Speed Up Practice Receivables
Are you facing an increase in A R costs? Changing your processes to include electronically storing patient credit card numbers could help you to reverse that trend. This could potentially... Read More >
Tips on How to Avoid Billing a Duplicate Claim
Effective Strategies to Prevent Medicare Duplicate Claim Denials Duplicate claim denials continue to be one of the top billing errors. Duplicate submission of Medicare claims cause an increase in cost,... Read More >
Retirement fear per the AICPA: Running out of money
Nearly one-third of financial planners say their clients top retirement fear is running out of money, according to a recent AICPA survey of CPA financial planners. This is a huge... Read More >
Physician Practice Merger Myths
I have been involved facilitating a lot of physician group practice mergers. Based on my experiences, the following are a few merger myths you should keep in mind Billing Will... Read More >
Laboratory Blood Counts: Provider Compliance Tips
In , the Medicare fee-for-service improper payment rate for blood counts was . percent with projected inaccurate payments of . million. Improper payments resulted from Insufficient documentation percent Incorrect coding... Read More >
Steps to Strategic Planning Success for Physician Practices
If your physician practice has ever engaged in the process of strategic planning, you know that the planning retreat is just one step in the process. Practices spend precious time... Read More >
Mergers: Pause and Question
Good post by good friend and colleague, Mark Weiss at the Advisory Law Group Strength in numbers. Or is there? Medical groups seeking alternatives to the sale of their practice... Read More >
Monitoring Financial Performance for your Physician Medical Practice’s Financial Success
Key Performance Indicators KPIs for Running a Successful Private Medical Practice It s tempting to put the business operations of small private medical practices on the back burner to concentrate... Read More >
Dos and Don’ts for creating a Concierge Medical Practice
A Concierge Medical Practice As first reported in the Fierce Practice Management email newsletter, as many as one in three remaining independent medical practices will rely on subscription fees to... Read More >
Evaluation and Management Services Coding Questions
Is modifier reported on the second encounter if a physician sees a patient in the office in the morning and again in the afternoon for a new or worsened condition?... Read More >
When merging physician medical practices, look at for these – they will derail your merger plan
Continued Resistance Inability to Compromise Lack of โGroup-Thinkโ Sacred Cows Hidden Agendas Clashing Personalities Inability to Make Decisions Staking out Leaderships Roles too Early Read More >
Advantages of Forming a Merged Group Practice
In case you have not thought of some of the benefits of merging physician medical practices Increased Revenues From Same Practice Production Reduced Overhead Managed Care Contracting Technology Upgrade Capability... Read More >
Laurel-Based Physicians Group and Neurologist Agree to Pay Almost One Million Dollars to Resolve False Claims Act Allegations
Jefferson Medical Associates, a now dissolved, multi-specialty medical practice group in Laurel, and Dr. Aremmia Tanious, have agreed to pay the United States , . to resolve claims under the... Read More >
10 lessons learned about retirement
nbsp Richard Quinn January , The Humble Dollar FOR THE BETTER part of years, I spent a great deal of time helping thousands of workers prepare for retirement. We ran... Read More >
Be Accurate and Timely with Charges Posted
Revenue cycle management remains high on every medical practice s priority list. A critical point in the revenue cycle is ensuring that services rendered by the providers result in of... Read More >
New 2018 MIPS Data Submission Videos Now Available
CMS has a posted a series of videos to the QPP Resource Library to help clinicians understand how to manage and submit their Merit-based Incentive Payment System MIPS data through... Read More >
The MIPS 2018 Data Submission Period is Now Open
The Centers for Medicare amp Medicaid Services CMS has officially opened the data submission period for Merit-based Incentive Payment System MIPS eligible clinicians who participated in Year of the Quality... Read More >
Physicians and Non-Physician Practitioners: New Medicare Enrollment Application
CMS received approval for a new Medicare Enrollment Application for physicians and non-physician practitioners CMS- I dated . Many changes are minor the major ones reduce provider burden Eliminated reporting... Read More >
Hereโs How Medical Documentation Can Help or Hurt for Reimbursement by TCI Supercoder
The CERT report estimates percent of Medicare improper payments were caused by insufficient medical documentation and this is an ongoing trend . More than half is nothing to sneeze at,... Read More >
HIPPA Security Risk Assessment Tool has been updated
The Office of the National Coordinator for Health Information Technology ONC recognizes that conducting a risk assessment can be a challenging task. That s why ONC, in collaboration with the... Read More >
Collect Copay at Time of Service to Save Money
Copay amounts are too small to warrant the cost of collection attempts after the time of service. The solution? Collect copay before the patient receives services Remember the following four... Read More >
Open Payments Data Update
On January , CMS updated the Open Payments dataset to reflect changes to the data that took place since the last publication in June . Use the Open Payments Search... Read More >
OIG’s Semiannual Report to Congress
The Office of Inspector General OIG of the Department of Health and Human Services has issued its Semiannual Report to Congress, which summarizes key program integrity efforts in fiscal year... Read More >
Miscellaneous Medicare details for your physician practice
nbsp Medicare Preventive Services Educational Tool Revised A revised Medicare Preventive Services Educational Tool is available. Learn about HCPCS CPT and ICD- Codes Who is covered Frequency What the beneficiary... Read More >
Are You Confused by Modifier 22?
Avoiding Modifier Abuse Guidelines for Healthcare Payers If you work for a healthcare payer and reimburse providers additional money for appending the modifier , you should be on the lookout... Read More >
Improving Profitability by Improving Processes
Elements of Process Improvement .Recognize the current state of the practice .Define what plans must be in place to improve each state .Measure the systems that support the plans .Analyze... Read More >
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Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement UncategorizedAbout Reed Tinsley, CPA
As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >
