Turnover is Costly
nbsp I have heard that there is a study by the United States Department of Labor that confirmed that costs to replace an employee could equal of salary. Regardless of... Read More >
If You Handle Protected Health Information (PHI) or Personally Identifiable Information (PII), Buy Data Breach and Security Incident Insurance!
nbsp We live in the data age where every day a new technology is announced in business- and consumer-oriented ecommerce and mobile health mhealth . In response, in recent years,... Read More >
Fix ambiguous fair market value (FMV) calculations in your buy/sell agreement
nbsp Perhaps the most contentious area of a buy-sell agreement is the method for calculating buy out. One small misstep can lead to an overvaluation, costing the practice more money... Read More >
It doesn’t become A/R if you collect it at the front desk
nbsp Remember it never gets to be a receivable if you collect it at the time of service. I wonder how many physician practices realize the real true cost it... Read More >
7 elements of an effective compliance plan
The Office of Inspector General OIG has recommended the following seven elements of an effective compliance plan. This applies to all healthcare entities. Although these elements are well known, how... Read More >
HEAT Healthcare Toolkits Posted on OIG Website
nbsp The Healthcare Fraud Prevention and Enforcement Action Team HEAT and the Office of Inspector General have posted a Toolkit consisting of a series of podcast training videos on the... Read More >
Update buy-sell agreements to sidestep dispute when physicians leave
nbsp A lot can change in a practice over the course of a few years the group s culture can shift, its financial standing may improve or decline, it may... Read More >
When Was Last Time Your Medical Practice Had HIPAA Risk Assessment?
HiPAA Risk Assessment As you are probably aware, the government has begun the first round of HIPAA compliance audits these audits have included physician practices. So the million dollar question... Read More >
Catching reimbursement errors in your medical practice
How does a physician practice or any health care provider really know for sure it is receiving the correct reimbursement from its managed care payors? According to an informal polling... Read More >
Look for these symptoms when trying to diagnose poor practice financial performance
nbsp If your income statement s bottom line shows an unexpected poor performance, use other statement details to track down what happened. Like classic symptoms pointing you toward ordering specific... Read More >
Numbers are King
nbsp Numbers are data. What any manager needs is information. In many clinical situations, the numbers are information. In business situations, most numbers are data the value a practice manager... Read More >
Unreasonably Low Wages by S Corporation Court Case Could Impact Physician Practices
nbsp If you are a physican practice organized as an S Corporation, pay attention to the recent tax court case below if you are paying the shareholder s low salary... Read More >
Are you making these physician recruiting mistakes?
nbsp Trying to sell candidates before you are sold on them Too often, practices try to sell their opportunity without understanding a candidate s special interests or desires. Through their... Read More >
CMS has published a revised Medicare Physician’s Guide
nbsp This publication has been developed for Medicare Fee-For-Service FFS providers and suppliers. It provides the following information about the Medicare Program Introduction to the Medicare Program Becoming a Medicare... Read More >
Creating Team Responsibility and Incentives to Collect in a Physician Office
nbsp To garner participation from office-staff in committing to asking patients for payment at the time of visit, establish graduated expectations for improvement over a specific period of time. Provide... Read More >
Proposed Medicare Rule on 60-day Repayment of Overpayments
nbsp The much-anticipated proposed rule regarding the -day repayment of overpayment obligation was issued in proposed form by the Center for Medicare and Medicaid Services on February , Fed. Reg.... Read More >
OIG Alerts Physicians to Exercise Caution When Reassigning Their Medicare Payments
Physicians who reassign their right to bill the Medicare program and receive Medicare payments by executing the CMS- R application may be liable for false claims submitted by entities to... Read More >
Improve office collections by making it easy & convenient to pay
nbsp Give your patients the ability to pay by cash, check, and credit debit card in the office or online. Teach staff to be compassionate without letting patients walk all... Read More >
Stopping Workplace Drama in the Healthcare Practice
nbsp Whether it s the backstabbing, power struggles, dealing with the queen bee, or the untouchable employee, or even just navigating through change, drama manifests itself in many ways in... Read More >
Create financial policies to enhance practice collections
nbsp The policies should strive to optimize revenue recovery and clearly outline what the practice considers acceptable in terms of patient payment timing and extended payment plans for large balances.... Read More >
New HIPAA audit program announced
nbsp Last month, the Office for Civil Rights OCR of the Department of Health and Human Services HHS published details about its new HIPAA Privacy and Security Audit Program at... Read More >
Physician new year resolution #10 – the most important one
nbsp Finally, I RESOLVE to hire the best people Again, I want to emphasize the simple and honest fact that the better performing practices out there are the ones doing... Read More >
Physician new year resolutions #8 and #9
I RESOLVE to adopt a healthier personal lifestyle I m sure this one is already on your list but I wanted to emphasize it for you again. A healthier lifestyle... Read More >
Physician new year resolution #6 and #7
nbsp I RESOLVE to hold a strategic planning retreat this year This even applies to solo practitioners. Do you know where you want to be , , years from now?... Read More >
Physician new year resolution #4 and #5
I RESOLVE to take a proactive managed care stance Conduct a detailed review all of your current managed care relationships to assess what payers need to be eliminated and what... Read More >
2012 physician new year resolutions
nbsp A book entitled When Professionals Have to Lead A New Model for High Performance by the Harvard Business School Press mentions that most professional service firms yes, a medical... Read More >
Start year with a SWOT analysis for your medical practice
nbsp The start of a new year along with pretty much any other date is a good time to assess your physician practice s marketing position and plan for the... Read More >
New Way to Report Capital Gains and Losses for 2011
In most cases, taxpayers now use new Form to report capital gain and loss transactions. Schedule D, the form traditionally used to show these individual transactions, is now used as... Read More >
Brief summary of MGMA’s 2011 physician compensation survey
Physician Compensation and Production Survey In a statement released by the Medical Group Management Association, primary care and specialty-care physicians saw varied movement in compensation levels from to , according... Read More >
ACO whitepaper released
nbsp Following the Patient Protection and Affordable Care Act s emphasis on Accountable Care Organizations ACOs and the announcement of the Medicare Shared Savings Program, an increased interest has emerged... Read More >
Subscribe to my blog
Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement UncategorizedAbout Reed Tinsley, CPA
As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >
