Blog

March 20, 2019

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 negative patient experiences can hurt the reputation of their practice and cost them valuable patients. However, in this changing economic climate, practices that have the …

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March 15, 2019

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’s some short-term, predictable reason for it.  For asset purchases, there are several factors to consider in determining whether to pay for equipment out of …

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March 14, 2019

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: Divide “common duties” evenly. Rather than delegating non-patient-care work based on seniority, happy groups rotate chores, such as accounting tasks or purchasing equipment. Continuous communication improvement. …

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Employee Recreation and Parties Survive TCJA Tax Reform

March 13, 2019

When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent. Make sure you know the rules that give you the 100 percent deduction for employee entertainment. The IRS says that the …

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Does your physician office have an employee cell phone policy?

March 11, 2019

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 is to have their cell phones off at all times during clinic hours while in the clinic.  Staff is free to use their cell phones during breaks and …

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Credit Cards on File to Reduce Time in Practice Receivables

March 7, 2019

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 trim days in A/R from 90 to 30. By the time the insurance company responds to a claim, you may already be approaching 90 days in …

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Tips on How to Avoid Billing a Duplicate Claim

March 6, 2019

Duplicate claim denials continue to be one of the top billing errors. Duplicate submission of Medicare claims cause an increase in cost, valuable time, and resources for the provider as well as Novitas Solutions. A duplicate denial indicates more than one claim was submitted for the same service, for the same patient, for the same …

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Top retirement fear per the AICPA: Running out of money

March 5, 2019

Nearly one-third (30%) of financial planners say their clients’ top retirement fear is running out of money, according to a recent AICPA survey of 631 CPA financial planners. “This is a huge issue as people approach retirement, particularly with longevity improving and the length of time in retirement, for some, approaching the amount of time …

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Physician Practice Merger Myths

March 1, 2019

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 Improve Overhead Will Go Down Staff Will Be Cut Reimbursement Will Increase Behavior Will Change Higher Priced Management is Better Management HOWEVER to have SUCCESS, …

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Laboratory Blood Counts: Provider Compliance Tips

February 28, 2019

In 2017, the Medicare fee-for-service improper payment rate for blood counts was 19.2 percent with projected inaccurate payments of $56.6 million. Improper payments resulted from: Insufficient documentation – 89 percent Incorrect coding – 8.3 percent No documentation – 2.7 percent Prevent denials by reviewing the Provider Compliance Tips for Laboratory Tests – Blood Counts Fact …

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