April , By Ashley Herzog Published by The Heartland Institute From July to January , hospitals in the United States acquired approximately , private medical practices. Over the same period,... Read More >
nbsp When patients don t pay their medical bills, maintaining a profitable medical practice can be extremely difficult. In case you were wondering, the message is clear patients want to... Read More >
nbsp A revised The Provider Enrollment, Chain, and Ownership System PECOS for Physicians and Non-Physician Practitioners NPPs Medicare Learning Network Booklet is available. Learn how to Register in the system... Read More >
nbsp Staff News Writer American Medical Association Full Bio Working in private practice hardly precludes hassles, but it does give physicians choices when fighting them off. Find out what can... Read More >
nbsp Think of all the payer contracts your practice has to manage. Although they cover many of the same procedures, each payer contract contains a unique set of rules and... Read More >
nbsp CBRs are educational tools used to provide insight into billing trends. The intent is to assist healthcare providers when performing self-audits of both procedures and billing practices. The Centers... Read More >
Retirement is coming, are you ready? Many people nearing retirement do not confront the financial issues until it s too late in the game. The bad news is financial planning... Read More >
nbsp With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who... Read More >
nbsp Sometimes the question is raised Should the administrators or office managers serve on the merger committee or merger team? My experience shows that it is not advisable to place... Read More >
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.... Read More >
Attaining the highest reimbursement possible is essential to maintaining a healthy revenue stream. But sometimes, due to unforeseen circumstances, you don t always receive the payment you expect. As a... Read More >
As mentioned in the last few blog posts, quality metrics provide the indicators physicians need to measure how their practice is performing. In this post I take a look at... Read More >
Benchmark for Receivables Over Days As you know, Accounts Receivable A R is crucial for any practice s financial health, often categorized into aging buckets , , , and days.... Read More >
Days in accounts receivable A R represents the average number of days it takes a practice to get paid. The lower the number, the faster a practice is obtaining payment... Read More >
What It Is The first-pass resolution rate FPRR is the share of a practice s claims that get paid upon first submission. Calculation FPRR Total Number of Claims Paid Total... Read More >
Retirement Fears Nearly one-third of financial planners say their clients top retirement fear is running out of money, according to a recent AICPA survey of CPA financial planners. This is... Read More >
There are plenty of revenue cycle techniques meant to help practices boost profits. While many focus on ways to bring more money in, sometimes saving money is just as important.... Read More >
What do your patients experience when they visit your practice? More importantly, how do they remember your practice? Or, do they remember you at all? Most medical practices understand that... Read More >
Acquiring debt is not necessarily a bad thing it depends on the reasons for doing so. Certainly borrowing to meet current expenses is not usually a good idea unless there... Read More >
Despite the benefits of working in a group practice, physicians often underestimate the challenges that come with working as a team. Medical practices that stick together prioritize the following initiatives... Read More >
When you know the rules, you can party with your employees and deduct percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is... Read More >
Most of my clients have a policy against excessive cell phone usage, including texting and being online via the cell phone. Some have a cell phone policy that the staff... Read More >
Are you facing an increase in A R costs? Changing your processes to include electronically storing patient credit card numbers could help you to reverse that trend. This could potentially... Read More >
Effective Strategies to Prevent Medicare Duplicate Claim Denials Duplicate claim denials continue to be one of the top billing errors. Duplicate submission of Medicare claims cause an increase in cost,... Read More >
Nearly one-third of financial planners say their clients top retirement fear is running out of money, according to a recent AICPA survey of CPA financial planners. This is a huge... Read More >
I have been involved facilitating a lot of physician group practice mergers. Based on my experiences, the following are a few merger myths you should keep in mind Billing Will... Read More >
In , the Medicare fee-for-service improper payment rate for blood counts was . percent with projected inaccurate payments of . million. Improper payments resulted from Insufficient documentation percent Incorrect coding... Read More >
If your physician practice has ever engaged in the process of strategic planning, you know that the planning retreat is just one step in the process. Practices spend precious time... Read More >
Good post by good friend and colleague, Mark Weiss at the Advisory Law Group Strength in numbers. Or is there? Medical groups seeking alternatives to the sale of their practice... Read More >
Key Performance Indicators KPIs for Running a Successful Private Medical Practice It s tempting to put the business operations of small private medical practices on the back burner to concentrate... Read More >
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