A few tips for payer negotiations by physician practices
nbsp Think of all the payer contracts your practice has to manage. Although they cover many of the same procedures, each payer contract contains a unique set of rules and... Read More >
What is a Medicare Comparative Billing Report (CBR)?
nbsp CBRs are educational tools used to provide insight into billing trends. The intent is to assist healthcare providers when performing self-audits of both procedures and billing practices. The Centers... Read More >
Are you nearing retirement?
Retirement is coming, are you ready? Many people nearing retirement do not confront the financial issues until it s too late in the game. The bad news is financial planning... Read More >
Taxpayers unable to pay should still file on time
nbsp With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who... Read More >
Physician merger team and practice administrators
nbsp Sometimes the question is raised Should the administrators or office managers serve on the merger committee or merger team? My experience shows that it is not advisable to place... Read More >
Business entertainment and business meals under the new tax law – What physicians need to know
Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals. The new tax law also eliminated business deductions for entertainment.... Read More >
Another physician practice benchmark metric – net collection rates
Attaining the highest reimbursement possible is essential to maintaining a healthy revenue stream. But sometimes, due to unforeseen circumstances, you don t always receive the payment you expect. As a... Read More >
Is your physician practice tracking average reimbursement per encounter?
As mentioned in the last few blog posts, quality metrics provide the indicators physicians need to measure how their practice is performing. In this post I take a look at... Read More >
Benchmarking Accounts Receivable 90 Days Old or Older
Benchmark for Receivables Over Days As you know, accounts Receivable A R is crucial for any practice s financial health, often categorized into aging buckets , , , and days.... Read More >
Do you monitor your physician practice’s accounts receivable days?
Days in accounts receivable A R represents the average number of days it takes a practice to get paid. The lower the number, the faster a practice is obtaining payment... Read More >
Is Your Physician Practice Measuring it’s First Pass Resolution Rate?
What It Is The first-pass resolution rate FPRR is the share of a practice s claims that get paid upon first submission. Calculation FPRR Total Number of Claims Paid Total... Read More >
AICPA survey – Top retirement fear: Running out of money
Retirement Fears 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... Read More >
A few things that hurt your practice’s revenue cycle
There are plenty of revenue cycle techniques meant to help practices boost profits. While many focus on ways to bring more money in, sometimes saving money is just as important.... Read More >
Good old fashioned patient customer service
What do your patients experience when they visit your practice? More importantly, how do they remember your practice? Or, do they remember you at all? Most medical practices understand that... Read More >
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 “Group-Think” 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 >
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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 >
