Medical Practice Management
Jun 30

Medicare reimbursement – what now?

Now that the Medicare rate reduction will take effect July 1, what are you going to do? The obvious first answer is "Don’t panic." Who knows what Congress will do when they return from their recess. This issue will obviously be put back on the table quickly.

But think about it people…………everyone knew this was a possibility not only now but in to the future as well. Ask any Congressman and they will tell you that Medicare is always looked at as a place that can help reduce the planned federal budget each and every year! So here’s the million dollar question – What is your medical practice’s ACTION PLAN to deal with this?? Do you even have one? Do you have a clue or do you just go "day to day" with your practice? If you are an advisor, have you helped your clients development an ACTION PLAN to go forward in today’s ever changing environment? Mr or Ms practice administrator – where are you? What are you doing about this?

My point is you can’t just sit on your hands and hope everything is going to turn out okay. Whether you want to admit it or not, a medical practice is a BUSINESS – so start treating it like one. Assemble your internal management team and your advisors together and spend at least a day talking about the present, talking about the future, and creating the ACTION PLAN that will help you go forward.

You MUST be PROACTIVE instead of reactive – it’s that simple.

About 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 →