Friendly Doctor Structures The IRS is reviewing questions of control and beneficial ownership in “friendly doctor” corporate structures to issue guidance, and it doesn’t encourage taxpayers to seek letter rulings at this time, according to an agency official. “This is probably not a good time for us to talk about the specific representations people may need to give” to get a letter ruling, said Julie Wang of the IRS Office of Associate Chief Counsel
What you need to know about working and receiving social security benefits Social Security has some 2,700 rules, and one of the most confusing and misunderstood is the retirement earnings test (RET). Some people may think they can’t work — or shouldn’t work — while collecting Social Security benefits. But that’s not the case. However, it’s important to understand the RET and how it may affect your income. Social Security
Better Performing Medical Practices Medical practices deemed “better-performing medical practices” by the Medical Group Management Association’s (MGMA) annual Performance and Practices of Successful Medical Groups report consistently excel in four performance management categories: Profitability and cost management Productivity, capacity and staffing Accounts receivable and collections Patient satisfaction High performing practices in the annual report demonstrate management behaviors that may be the key to their success and sets them apart from other
Retirement Expenses to Remember Thinking retirement? No matter how much you’ve thought about retirement already, it can be easy to overlook some of the details that will make your post-employment years run smoothly. You probably have the basics covered but be sure your plans and projections factor in everything you need for a streamlined, enjoyable transition, including these retirement expenses. So, want to make sure you’re on track? Here are
Tax season is in full swing! There are a few weeks left of the 2022 tax season, but we know that running your medical practice is a year round job. Here are a few practical and operational blogs from the March 2022 edition of the Physician Advocate that can help you run your practice. Considering a patient portal? While they are common, here are a few pros/cons to consider. And
Does your practice live and breathe your written values? I was recently at a physician’s office and in the waiting room was a framed copy of the following: Patient Bill of Rights As a patient of our Clinic, you have the right to considerate and respectful treatment from all staff members of the Clinic. You have the right to information you can understand on your condition, treatment and progress. You
The first few months have gone quickly for our office. Even though tax season is in full swing, it’s important to not lose sight of medical practice management. Dive into the February 2022 edition of the Physician Advocate for blogs and advice you can use now! It’s common that around this time of year, employee morale is lagging – here is what you can do about it. It seems simple, but
Can You Attain Financial Security? Downturns in physician practice economics has taken long-standing personal finance calculations and turned them on their head. As a result, many physicians face an endless set of questions concerning their personal finances and financial security. Will there be enough money to cover the children’s education? Can we afford the new house we wanted? When should I buy a new car, and how much should I
Leadership is Needed Here’s one simple reason why physician groups need leadership: Solid leadership unlocks a practice’s potential. It’s possible to run a physician group practice without a designated physician leader, but the group probably won’t perform nearly as well as it could or should. Although leaders serve myriad functions in any given group, I believe all physician groups should invest in this role for four primary reasons: To Provide
Easy Ways to Destroy Patient Satisfaction MedicalGPS sure got it right on this one – Just plain common sense. Poor patient satisfaction scores can hurt an organization’s reputation and bottom line. As patients are becoming more savvy healthcare consumers, providing and maintaining an exceptional patient experience is not only a key to success, but also necessary for survival. MedicalGPS says to avoid these seven deadly sins when implementing a strategy
Your office manager and billing staff periodically should conduct a patient chart audit to assess whether your doctors code accurately. But how do you know that they know what they’re doing? Spending several thousand dollars to bring in and outside consultant can be an expensive way to confirm that your practice is doing a good job coding. A far less expensive way to obtain some coding peace of mind: Pay
Are Any of your Employees Robbing you? Perhaps even one who smiles at you, seems like a team player, and is the last one you’d suspect? Although many physicians think it can’t happen to them, embezzlement and theft at medical practices of all sizes have been a constant drain for decades. Thefts can range anywhere from an office worker pocketing a $20 copay or stealing medical supplies to a large