From the Medical Group Management Association (www.mgma.com): If your group practice submitted 2018 Merit-based Incentive Payment System (MIPS) data, you can now view performance feedback, final scores, and 2020 payment adjustments by logging into the Quality Payment Program (QPP) website. MIPS participants that feel there is an error in their 2020 payment adjustment may submit a “targeted review” request by Sept. 30. More information on the targeted review process and
Register for the NSCHBC free, 60-minute webinar. Although we are often stressed, overwhelmed, discouraged or worried about outcomes at work we rarely categorize them as mental health concerns. Did you know that the very words used to describe our workplace experiences are the same ones used to define common challenges such as anxiety and depression? While “stress” is often a blanketed expression, it has physical (how we behave), emotional
On June 30, 2019, PECOS Release 7.37 was implemented. This release was prescheduled and designed to bring efficiencies to Medicare Administrative Contractors (MACs) and providers who use PECOS. While many aspects of the release were successful, a small component associated to changes made to existing and new group reassignments, was found to be problematic post-implementation. As a result, data flows from PECOS to the Multi-Carrier System (MCS) for these changes have been
I sometimes get asked is there a physician absenteeism policy I like. Here is one sample policy but you have to be willing to enforce it for it to be effective. You can insert your own lines of authority/notification. Non-Scheduled Time Off (Call Offs) All employees should notify their direct supervisor (Operations Manager, Surgery Center Clinical Manager, or CEO) when taking a non-scheduled day off (less than 24 hour notice from scheduled
It’s hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, we discover tax planning opportunities that could put more cash in your pocket. Some of these opportunities may apply to you, some to family members, and others to
Following is an example of our strategic planning self-assessment. The purpose of these self-assessments is to give you a concise checklist of best practices in a clinical practice. This checklist follows the Pareto Principle of focusing on the 20% of business practices that get you 80% of the results. Therefore, I don’t claim that it covers EVERYTHING. But it does cover a good percentage of the most important things. Strategic
The IRS has launched a special campaign encouraging taxpayers to perform a “paycheck checkup” to ensure the right amount of tax is being withheld from their paychecks for 2019. This is particularly important given changes implemented by the Tax Cuts and Jobs Act (TCJA). For 2018, some taxpayers received refunds that were larger or smaller than anticipated, and some unexpectedly owed additional tax. To help taxpayers avoid this for 2019,
On June 13, 2019, the Internal Revenue Service, the Department of Labor and the Department of Health and Human Services issued final rules regarding health reimbursement arrangements (HRAs) and other account-based group health plans. Specifically, the final rules allow HRAs and other account-based group health plans to be integrated with individual health insurance coverage or Medicare, if certain conditions are satisfied (an individual coverage HRA). The final rules also set forth conditions under which
Many providers are using the new Medicare Beneficiary Identifier (MBI) for Medicare transactions. For the week ending June 14, providers submitted 75% of fee-for-service claims with the MBI. Help protect your patient’s personal identity by using their MBI for Medicare business, including claims submission and eligibility transactions. Here is how you are using the MBI on claims: Institutional: 75%Professional: 76%Durable Medical Equipment: 64% Review the MLN Matters Article to learn about getting and
One of my prior articles cautioned readers on the use of overhead rates as a financial indicator of practice performance. The point I want to make now is that numbers are important in managing a business. But never confuse fixating on numbers as managing the business. Numbers are data. What any manager needs is information. In many clinical situations, the numbers are information. In business situations, most numbers are data
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. As a result, no deduction is allowed with respect to: (1) an activity generally considered to be entertainment, amusement or recreation; (2) membership dues with respect to any club organized for business, pleasure, recreation or other social purposes; or (3)
Sometimes, smart people simply aren’t aware of the financial issues they need to take care of. New physicians either need to do their own financial planning, or pay someone else to assist them with it. Doing it yourself will require the acquisition of a new body of knowledge and the discipline to appropriately use it. You’ll still need to do some of that with a good financial planner, but the