Four Estate Planning Documents that a Physician Needs Katherine Dorval, an attorney at Bowditch & Dewey gives a great reminder that many people (especially physicians in my opinion), think they don’t need “estate planning” because they don’t have enough assets to generate an estate tax; however, there are four basic estate planning documents everyone should have regardless of net worth. 1. Durable Power of Attorney This document gives an agent complete
Medicare & Medicaid Telehealth Services The Centers for Medicare & Medicaid Services (CMS) expanded the list of telehealth services that Medicare Fee-For-Service will pay for during the coronavirus disease 2019 (COVID-19) Public Health Emergency (PHE). CMS is also providing additional support to state Medicaid and Children’s Health Insurance Program (CHIP) agencies in their efforts to expand access to telehealth. The actions reinforce President Trump’s Executive Order on Improving Rural Health
Physician Disability Claim Physicians can and do become disabled. It’s why all providers, physicians or not, should acquire and maintain long term disability coverage. According to insurance professionals I have talked to, Disability Income Insurance claims have increased dramatically over the last several years, along with a disproportionate number of inappropriate physician disability claim denials. Reasons for a Disability Claim Denial Elimination period not being satisfied; Definitions, terms, conditions not
Home Office Tax Deduction The Internal Revenue Service recently stated that it wants individuals to consider taking the home office tax deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. This is especially true now that we are in the COVID era. The home office tax deduction is available to qualifying self-employed taxpayers, independent contractors and those working in
September Edition of the Physician Advocate In this newsletter edition we look at the importance of front desk collections, strategic planning and how to start analyzing physician compensation. Read the September Newsletter below or browse through the featured blogs. September Newsletter Featured Blogs: Physician Gut Check: Are you Lagging in Retirement Savings? Medical Practice Accounts Payable and Internal Controls Addressing Decline in Managed Care Payer Reimbursement Medicare’s Quality Payment Program
Medicare’s Quality Payment Program The Centers for Medicare & Medicaid Services (CMS) has updated the Quality Payment Program website to include 2020 Alternative Payment Model (APM) Incentive Payment details. 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 2018 performance will begin receiving their 2020 5% APM Incentive Payments
Managed Care Contracting Here is a recent email exchange between practice administrators regarding managed care: First administrator: I was in the dumps already since Aetna and BC/BS of Texas alerted us least week of fee changes. Today I get a letter from United that they will also change effective 5/15. I know for sure that two of these will be significant reductions. All of them are on the CMS RVU
Medical Practice Accounts Payable Internal Controls The vital role that internal controls play within any well managed medical practice is widely recognized. Knowledgeable practice managers are well aware that poor controls in this single area can result in far more dire consequences than simply dampened earnings. The following are questions that provide you with a quick means to identify and evaluate common internal accounting controls related to your own payables
The status of your retirement savings People, especially my physician clients, put off a retirement savings plan for a number of reasons. For many, retirement appears far enough away to not make it an immediate priority. Others don’t think they are earning enough money to save for retirement. Some would simply rather splurge and enjoy life now than plan for tomorrow. Other reasons you may fall behind retirement savings include: You
August Edition of the Physician Advocate In this newsletter edition we touch on OSHA regulations, answer a few questions about small group compensation plans and take a look at collection monitoring. Read the August Newsletter below or browse through the featured blogs. August Newsletter Featured Blogs: The ABCs of Building a Financially Healthy Medical Practice Succession Planning for Solo and Group Medical Practices A Strategic Planning Self-Assessment for Physician Medical
Guidance on owner-employee compensation and rent-related costs Recently the American Institute of CPAs released information that the U.S. Small Business Administration (SBA) and Treasury issued an interim final rule addressing Paycheck Protection Program (PPP) loan forgiveness issues related to owner-employee compensation and the eligibility of non-payroll costs. Specifically, the interim final rule establishes that owner-employees with less than a 5% stake in a C or S corporation are exempted from the PPP owner-employee
Want a Financially Healthy Medical Practice? As changes continue to occur in the healthcare industry, physicians are taking a hard look at the numbers of a medical practice and gauging whether the year at hand will be economically successful. To analyze the productivity of the practice, physicians depend on accurate and timely information. However, with the focus of every practice on delivering quality health care, the financial side often becomes