Medical Practice Assessment Year end is a great time of year – not only because it’s the holiday season for most but because it’s a good time to evaluate and conduct an assessment your medical practice. So, what went right this year and how can you capitalize on those strengths moving into next year? What went wrong and what needs to be done to fix your practice problems? Remember there
Outside Advisors During my years in consulting, I have found that the successful medical practices out there are the ones that surround themselves with excellent advisors. Not only do they surround themselves with excellent advisors, they utilize them at every turn. I think it’s important to have people on the outside looking in, willing to offer advice when needed. I have never seen the “perfect” medical practice – it does
Medical Practice Accounts Receivable Statistics Administrators produce pounds of paper as part of the month-end close process. Typically, buried deep within these reports lies the key to Accounts Receivable (AR) performance. These statistics are usually filed away with other documents, often without analysis. This is not to say that they are unimportant, but who has the time? Though I can’t provide you with more “time” I can do the next best
Reviewing Medical Practice Reports There is a saying that I truly believe in and that is “You can’t manage what you don’t measure.” I find many physician offices are losing money simply because attention is not being paid to the numbers (i.e. the medical practice reports). So how did you do last year? Like any other business in this country of ours, there is really only one financial benchmark that
Tax Security The IRS and its Security Summit partners recently held the annual National Tax Security Awareness Week. One of the key messages this year was even if someone doesn’t file a tax return, their online interactions can lead to scammers stealing sensitive information and using it to try and get a tax refund. Here are some other key messages from the week as reported by the IRS. Protect personal
Cybercrime is a Risk Cybercrime is a constant concern in the online world which means everyone must be mindful of risks when they share devices, shop online and interact on social media. While this may seem overwhelming, it doesn’t have to be. A few small security measures can lower the risk of exposure to online safety threats. Beware of sharing personal information No one should reveal too much information about
November 2021 Edition of the Physician Advocate We are enjoyed stepping into the holiday season down here in Texas by celebrating Thanksgiving. November was a packed month, here is what was happening in medical practice world. We discussed continuity planning, when to start taking Social Security benefits, and strategic planning for medical providers. Be sure to check out my latest blogs from November How to Close Your Business Checklist for
FAQs about Health Savings Accounts (HSA) Health savings accounts can be a potentially advantageous option for high-income earners considering tax-saving strategies. Planning for the future? Get to know more about HSAs below and why they could be a good fit for physicians with high incomes. How does an HSA work? HSAs are a type of federally tax-exempt savings account specifically for health care costs. When you have an HSA, you are
Tips for Filing a Clean Claim Errors in physician billing are common. One of the most common errors is the failure to electronically file a clean claim. Sample Texas law definition is here. A clean claim has no defect, impropriety or special circumstance, including incomplete documentation that delays timely payment. A provider submits a clean claim by providing the required data elements on the standard claims forms, along with any
Plan for a Profitable Medical Practice A successful medical practice no longer happens by chance. Profitable operations for any physician practice today demands planning, analysis, forethought, a defined direction and especially hands-on management. So here is a checklist to help you with your practice; give very close attention to each of the items. If you don’t, you can probably expect some form of financial decline in the future. The Checklist
October 2021 Edition of the Physician Advocate Fall is in full swing here in Texas! We hope you are enjoying the cooler temps and taking time to see the fall colors. In October we have several interesting topics to cover, such as Patient Termination Policy, Leading by Example (for Admin and Physicians) and we even kicked off the discussion on Year End Tax Planning. Yes, the year is coming to a
Closing a Business Closing your business can be a difficult and challenging task. The IRS has resources that can help you navigate this. Below you’ll find the steps you’ll need to take to close your business from a federal tax perspective regardless of your business type and information to help you take care of your employees. Whether a sole proprietorship, partnership or corporation, the following information will help you understand