Physician Practice Merger There is a myriad of strategic options for physicians who want to increase their capability to address and control what is occurring in today’s healthcare market. One “scared” option is to run towards hospital employment. But I believe a better option is to expand the size of your practice by merging with another practice and/or medical group. Physicians who merge their practices usually hope to gain a
July 2021 Edition of the Physician Advocate We love summer in Texas and it is flying by! Be sure to take a break at least once before the seasons change again. Here’s what we talked about in July: Data security and risk, the complications of compensation system change and 30 quick marketing tips you can use today – yes, really! Featured Blogs for the July Newsletter Medicare 2021 APM Incentive Payment
This post is a collection of thoughts and observations about the physician finances, based on what I’ve seen over my career working with just physicians. I’m going to simply post the list, without much commentary, as most of the observations will speak for themselves. I hope you like the post. Observations on Physician Finances There are very few physician finance issues that cannot be prevented and solved eventually by the
CMS Proposes Rule to Increase Price Transparency, Access to Care, Safety & Health Equity CMS is proposing actions to address the health equity gap, ensure consumers have the information they need to make fully informed decisions regarding their health care, improve emergency care access in rural communities, and use lessons learned from the COVID-19 pandemic to inform patient care and quality measurements. In accordance with President Biden’s Competition Executive Order, CMS is
Antitrust Takeaways for Physician Groups The Sheppard Mullin law firm provided insight that like other players in the healthcare industry, physician groups are facing increased antitrust scrutiny from the Biden administration, with the Federal Trade Commission (the “FTC”) and Department of Justice, Antitrust Division (the “DOJ”) (together the “Agencies”) continuing to expand their enforcement focus to include all types of transactions involving physician groups, including both traditional combinations, as well
Non-Financial Retirement Planning for Physicians Let’s be frank: Physicians often become so committed to their medical practices they don’t take the time to think about retiring. And those who actually do some form of retirement planning tend to concentrate on the ability to retire and not necessarily on what they are going to do in retirement. But since many can expect to spend ten to twenty years in retirement, it
June 2021 Edition of the Physician Advocate Summer has kicked off and we couldn’t be more happy to be enjoying a true Texas Summer! We hope you’ve enjoyed a BBQ with family and friends, caught a baseball game and spent time time outside on the long summer nights. Here is what we’ve been talking about June: Everything you need to know about complying with medicare signature requirements, simple marketing ideas,
Improving Medical Practice Receivable Collections There are many causes, and indicators, of problems the area of medical practice receivable collections. Some offices lack either a defined collection system or their collection duties are delegated among employees. In other practices, collection activities take a back seat to a myriad of other daily office activities. In larger practices, the sheer volume of revenue tends to mask certain collection inefficiencies within the billing
2021 APM Incentive Payment Details The Centers for Medicare & Medicaid Services (CMS) has published 2021 Alternative Payment Model (APM) Incentive Payment details on the Quality Payment Program (QPP) website. To access this information, clinicians and surrogates can now log in to the QPP website using their HARP credentials. Eligible clinicians who were Qualifying APM Participants (QPs) based on their 2019 performance will begin receiving their 2021 5% APM Incentive
Marketing the Physician Practice Marketing your physician practice effectively has become more important than ever before. With patients responsible for an increasing amount of their own medical bills, patients are now treating their medical care the same way they shop for any large purchase–research online, read reviews, compare prices, and plan out the best payment options. You can no longer rely on patients choosing to visit your practice simply because you participate
May 2021 Edition of the Physician Advocate Spring is here and I don’t know about ya’ll but we sure are looking forward to backyard time with friends and family, and maybe a baseball game. While you are sitting lake side or game side, here is what we have for you in my latest newsletter: Financial planning for success, medical record maintenance & access requirements, and how to eliminate office conflict.
Physician Merger Due Diligence You and another or a group of physicians are considering a merger with each other. In any medical practice merger, the most important part of the merger process is conducting your due diligence. The initial funding for this due diligence process should first be estimated and funded. The treasurer responsibilities should be assigned for reporting of these premerger costs. The merger committee next establishes its methodology