Improving physician practice collections
The toughest payers to collect from, though, are not commercial insurers or federal programs, but your own patients. For that, you need good practice policies and a determination to follow... Read More >
Constructing your own physician office? – don’t forget cost segregation
nbsp More and more physicians are building or purchasing their own buildings to house their medical practices. They would prefer to own and build up equity rather than lease comparable... Read More >
Physician practices and business interruption insurance
nbsp Most people would never consider opening a business or practice without buying insurance to cover damage due to fire and windstorms. However, too many physicians fail to think about... Read More >
Summary of new ACO regulations
nbsp As you know by now, the Centers for Medicare amp Medicaid Services CMS have issued proposed rules that would implement Section of the Affordable Care Act. Section requires the... Read More >
Medicare’s advanced imaging enrollment for physician practices
Section a of the Medicare Improvements for Patients and Providers Act of MIPPA amended section e of the Social Security Act and required the Secretary to designate organizations to accredit... Read More >
Physician practice selling out to a hospital
nbsp Without a doubt, times are tough for physicians in private practice. Operating costs continue to rise at a staggering pace and reimbursements are simply not keeping up. Recruiting and... Read More >
ACO regulations finally arrive – must read for all physicians
The Department of Health and Human Services HHS released regulations yesterday on accountable care organizations ACOs . The rules will guide provider organizations in setting up exchanges of healthcare data... Read More >
Reporting Employer Provided Health Insurance on Form W-2
nbsp The IRS has issued interim guidance on reporting the cost of employer-sponsored health insurance coverage on an employee s Form W- IRS Notice - . Beginning with Forms W-... Read More >
Succession Planning for Group Medical Practices
nbsp Established multiphysician practices typically have succession plans that are driven by the opposing interests of the entering and exiting owners, who might be shareholders, partners, or LLC members. Consider... Read More >
Succession Planning for Solo Medical Practices
Individual physicians must pursue the future of their practice with intensity and thoughtfulness. The good news is that the extra effort can have a direct effect on the financial rewards... Read More >
Judge Dismisses Suit Brought by Plaintiffs Seeking to Opt Out of Medicare
nbsp Here s something interesting Recently U.S. District Judge Rosemary Collyer dismissed a suit brought by a group of men seeking to cease their Medicare Part A coverage. In an... Read More >
IRS Tips for Pre-Approved Retirement Plans
nbsp In the latest edition of Retirement News for Employers available at www.irs.gov pub irs-tege rne win .pdf , the IRS reminds employers of their responsibilities concerning pre-approved plans that... Read More >
RACs Identify High-Risk Vulnerabilities for Physicians
Recent RAC audits have detected two high risk vulnerabilities for physician claims are listed in Table below. These claims were denied because the demonstration RACs determined that either a duplicate... Read More >
Submitted Line(s) Items With a GZ Modifier: Auto Denial of Claim
nbsp In case you haven t heard, CMS is establishing an automated edit to deny Part A and B claim line s items that contain a GZ modifier. The GZ... Read More >
What is your physician office visit payment policy
nbsp There should be one policy and one policy only for all medical practices To collect monies owed by patients at the time of their office visit. This policy needs... Read More >
BUSINESS PROCESS IMPROVEMENT – BEST PRACTICES RATHER THAN โBEST EFFORTSโ โ Part II
nbsp After the initial analysis and determination of primary objectives, the next step is to review the existing written policies and procedures for that process. If such documentation doesn t... Read More >
BUSINESS PROCESS IMPROVEMENT – BEST PRACTICES RATHER THAN โBEST EFFORTSโ Part I
Similar to the mid to late s, medical practice management today has begun to be dominated by mergers, affiliations, and other external strategic initiatives aimed, ideally, at enhancing economic potential... Read More >
Dear Doctor โ Get Your House in Order
nbsp Improve billing and collection activities Start doing financial benchmarking Improve your billing processes Improve receivables management process Improve CPT coding Critical in a fixed fee environment this is where... Read More >
Product watch – medical practice credentialing software
CACTUS Software is a credentialing software package for provider and physician management. CACTUS Software has been the industry leader in credentialing software design and development since . For more information,... Read More >
Dear Doctor – How To Hire And Fire Your Attorney and Accountant
nbsp Here s the straight scoop on hiring an advisor, along with honest coaching on how to terminate an attorney or CPA relationship. There s no magic approach except to... Read More >
Medicare application & billing for a new NP
A physician hires a new nurse practitioner. The practice sends the provider application to Medicare to obtain a Medicare provider number for the NP. Because the NP was not physically... Read More >
Example language for base salary plus incentive compensation based on single, stated threshold amount
This language may be used when, in addition to a base salary, a physician employee will receive incentive compensation in excess of an incentive threshold, which is a single, stated... Read More >
Internal Controls in a Medical Practice – Part II
nbsp Prenumber all patients encounter forms, or Superbills, and make sure they are accounted for on a daily basis Accounting for the Superbills i.e., charge tickets used daily generally is... Read More >
Internal Controls in a Medical Practice – Part I
nbsp Every medical practice must implement specific internal controls to protect it from revenue loss and potential employee embezzlement. Although there will never be a guarantee that employee embezzlement, fraud,... Read More >
Physician practice accounts receivable management – Part II
A good indicator of how well the office is collecting its accounts is the percentage of receivables that is more than days old. If the percentage is unusually high, something... Read More >
Physician practice accounts receivable management – Part I
You should look always be looking out to see if the accounts receivable are getting older. This is called bracket creep. If the accounts are getting older, the office may... Read More >
AMGA Releases ACO How-To Book
nbsp The American Medical Group Association AMGA released on Feb. a book on healthcare integration that provides guidance on how to lay the groundwork for a successful accountable care organization... Read More >
Hospital acquisition of a physician practice – the process
Based on my experience, the following is the typical process on how a hospital goes about acquiring a physician practice these days is there anything you would add or revise?... Read More >
The RACs are coming, the RACs are coming….
nbsp Frank Cohen recently completed a RAC survey of physician medical practices. Of those responding, were subject to a RAC audit sometime in the past. Of these, nearly stated that... Read More >
Medicare’s physician compare website
nbsp CMS announced on December th a new feature to enhance its Physician Directory tool, called Physician Compare, which expands and updates the existing Healthcare Provider Directory. The new site,... Read More >
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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 >
