It’s That Time of Year Again – Part 2
nbsp More resolutions I RESOLVE to take a CPT coding class Most of your revenues are coming from fixed fee payers Medicare, managed care, etc. . Your services are paid... Read More >
It’s That Time of Year Again – Part 1
Last year I wrote an article about new year resolutions for medical practices and their management. Well another year has gone by and I m still disappointed that most practices... Read More >
Physician practices can say bye bye to red flag rules
Physicians and other professionals and service providers get some relief from proposed identity theft compliance obligations. On December , President Obama signed the Red Flag Program Clarification Act of into... Read More >
Hospital Pays $22M Settlement for Allegedly Improper Physician Professional Service Agreements
nbsp The United States Attorney s Office for the District of Maryland has announced that St. Joseph Medical Center in Towson Maryland will pay million to settle allegations that it... Read More >
The new tax law and year end tax planning
nbsp On December , , the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of . With the uncertainty of taxes finally over, plain... Read More >
Preventing Receivables from Getting Old
Four Ways to Prevent Receivables from Getting Old Old receivables are an age old problem for most all medical practices. It a fact of life for any active medical practice... Read More >
CMS Sets July 5, 2011 Target for Implementation of PECOS Ordering/Referring Edits
nbsp CMS has issued a new transmittal to update its timeline for implementing claims edits that will deny claims for services ordered or referred by a physician or other eligible... Read More >
Dear doctor – overhead isn’t the enemy
A good deal of disagreeable behavior exhibited within medical groups can be traced back to money and overhead is an easy target because everyone understands it and it s always... Read More >
Elements of a Compliance Plan
An Effective Compliance Plan An effective compliance plan should include the following elements A general statement of conduct that promotes a clear commitment to compliance. Appointment of a trustworthy compliance... Read More >
Could Your Family Benefit from a Family Limited Partnership?
Effective estate planning should address wealth transfer from a practical and cost-effective approach. One estate planning strategy that families with closely held businesses should consider is the family limited partnership.... Read More >
Medicare Delays PECOS “Ordering/Referring” Deadline
nbsp In response to advocacy efforts, the Centers for Medicare amp Medicaid Services CMS recently postponed a claims edit that would have resulted in denial of payment for claims if... Read More >
2011 IRS Standard Mileage Rates
Beginning , the standard mileage rates for using a vehicle including an auto, van, pickup, or panel truck will be cents per mile for business purposes, cents per mile for... Read More >
CLIA categorization of lab tests
FDA s Role in CLIA Test Complexity Categorization Since November , , the Food and Drug Administration FDA has had the authority to implement the Clinical Laboratory Improvement Amendments CLIA... Read More >
2011 Medicare electronic prescribing incentive update
nbsp In November CMS announced that beginning in , Eligible Professionals EPs who are not successful electronic prescribers may be subject to a payment adjustment or penalty. Section of the... Read More >
2010 year end vehicle tax tips
nbsp Buy a new car You or your corporation can claim up to , in bonus depreciation on a new not used car purchased and placed in service before midnight... Read More >
Insurance claim denial management
nbsp Medical claim denials cut right at the jugular of a practice s financial success. Today, a medical practice s operating expenses often exceed of its total revenue. With thin... Read More >
tark In-Office Ancillary Services Exception Disclosure Requirements Effective January 1, 2011
nbsp Effective January , , the new Stark In-Office Ancillary Services Exception the IOASE provisions will require physicians or group practices relying upon the IOASE collectively, Physician Practices to furnish... Read More >
DOJ: Record-Breaking Year for False Claims Act Recoveries
The U.S. Justice Department recovered more than billion under the False Claims Act since the beginning of , the largest amount in any two-year period in history, a DOJ official... Read More >
How to Handle Employee Theft Claims
How to Handle Employee Theft in Your Medical Practice A Step-by-Step Guide Most health care professionals must trust their employees to handle the financial aspects of their practices and in... Read More >
Internal controls for a physician practice – Part II
nbsp Monitor contractual adjustments for reasonableness Depend-ing on the practice s payor mix, a high volume of contractual adjustments could indicate possible embezzlement. For example, an insurance claim for ,... Read More >
Strategic planning self-assessment for healthcare professionals
nbsp Following is an example of our strategic planning self-assessment. The purpose of these self-assessments is to give you a concise checklist of best practices in a clinical practice. This... Read More >
Need an overview of physician compliance issues?
nbsp Most physicians strive to work ethically, render high-quality medical care to their patients, and submit proper claims for payment. Society places enormous trust in physicians, and rightly so. Trust... Read More >
The IRS and Quickbooks
Does your medical practice use Quickbooks to keep its accounting records? Then you ll be interested in this The IRS noted that it recently completed training for revenue agents the... Read More >
Simple medical practice billing errors
As we call know, billing mistakes can cost your practice money, frustrate your patients and even put your relationship with insurance providers at risk however, the vast majority of billing... Read More >
2011 OIG Work Plan: Impact on Physician Practices
nbsp Evaluation amp Management Services In , Medicare spent nearly one fifth of its Part B payments on Evaluation and Management E amp M Services. Providers are responsible for ensuring... Read More >
Reminder CMS requires new time limits for filing claims
nbsp The Centers for Medicare amp Medicaid Services CMS earlier this year issued instructions requiring providers to submit Medicare fee-for-service claims within one calendar year from the date of service.... Read More >
2011 Pension Plan Amounts
nbsp The major pension plan and related amounts will stay the same for . This means, for example, that the following amounts will remain unchanged from their amount benefit limit... Read More >
Managed Care Do’s and Don’ts
nbsp If medical practices want patients and therefore a cash flow revenue stream, then you are more than likely going to have to participate in managed care plans. However, when... Read More >
Sing your staff’s praises
Many physicians and their managers might think that boosting office morale means having to boost staff salaries. In reality, money does not keep people happy for long, so trying to... Read More >
Importance of compliance for physician entities
nbsp Unfortunately, many physicians believe their activities are under the radar when it comes to fraud and abuse enforcement. A settlement announcement by the Office of Inspector General OIG of... Read More >
Subscribe to my blog
Categories
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 >
