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Your Articles for Thursday, December 17, 2020
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Saved Articles
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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Welcome to my new newsletter format for The Physician Advocate. I'm excited about the new format and hope you will be too. As in the past, the newsletter will include a collection of articles that focuses on topics that are of great interest to Physicians and those who are involved in the Healthcare and Medical Practice Industry. The articles are authored by me and others.
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Are you collecting what you should from insurance companies? Is your office being managed as cost-effectively as possible? The key to answering "yes" to both of these questions lies in applying industry best practices to your office's revenue cycle. Your practice's revenue cycle is the same as every other practice: It starts when a patient sets an appointment and it ends with final payment resolution - and there are too many opportunities along the way where simple mistakes will cost you money.
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HIPAA compliance can seem far reaching sometimes, but compliance is required by every physician practice and those they partner with. Keep in mind that not everyone who accesses Protected Health Information has to sign the Business Associate Agreement. Nothing is more important than maintaining patient privacy.
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Patient satisfaction isn't the only aspect of your practice dependent on strong links between the office and your patients. Your first and best opportunities to give patients a positive impression of your practice occur when they call by phone or enter your office in person. Making the most of these pivotal points of contact is essential to your bottom line as well.
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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By Carr Realty (www.carr.us)
Commercial real estate landlords operate their buildings like any savvy business owner operates their company – with a focus on maximizing their profitability. One of the top ways they maintain and increase profitability is through lease renewal negotiations. A landlord’s goal during renewal negotiations is to maintain annual escalations of 2.5-3%, prevent any vacancy, provide the least amount of concessions and increase the lease rate. To accomplish this, landlords use specific tactics to keep tenants in the dark, uneducated, and often backed into a corner.
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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What are the most common pay plans in the two-to-seven physician range? Most of my small-group clients use a productivity compensation model. Some use the equality model, also called equal shares, and some use a hybrid of pay systems. It’s rare to see two practices with almost the exact same pay plan.
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As the health care industry continues to change, one area that demands constant attention is practice collections. One way to monitor practice collections on an ongoing basis is to calculate and analyze two important statistics: The gross collection percentage and the net collection percentage.
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OHSA generally has no authority over the home. The agency does not conduct inspections of employees' home offices, will not hold employers liable for employees' home offices, and does not expect employers to inspect the home offices of their employees. If an employee makes a specific request, OSHA may informally let employers know of complaints about home office conditions, but will not follow-up with the employer or employee.
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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As you likely know, there are many changes occurring in the health care marketplace. These changes are coming to pass very rapidly and this in turn is forcing many practicing doctors for the first time to consider where their practice stands and what to do about its future. Declining reimbursement patterns and heightened competition are fueling concerns everywhere.
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So how important are top producers – those in the 80th or 90th percentiles or above for their specialties – to their groups? The answer is simple - Extremely important! This is because revenues are part of the life blood of any group. Top producers show other physicians in the group the upper reaches of what is possible in production and income. Interesting, these doctors also are seen as examples of what some other doctors don’t want to do – work so many hours that they compromise their quality of life. As individuals they're driven to high production.
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In today’s healthcare environment, newspapers and healthcare periodicals always contain at least one article about the growing problem of the “Uninsured”. However, not only is the problem growing, but the definition is also changing. Traditionally when we discussed the uninsured we meant “folks” who did not have any third-party coverage and, for one reason or another, do not qualify for any of the current government programs.
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Are you collecting what you should from insurance companies? Is your office being managed as cost-effectively as possible? The key to answering "yes" to both of these questions lies in applying industry best practices to your office's revenue cycle. Your practice's revenue cycle is the same as every other practice: It starts when a patient sets an appointment and it ends with final payment resolution - and there are too many opportunities along the way where simple mistakes will cost you money.
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Never before has the public been more aware of medical technology and what it offers; nor have healthcare practitioners had such opportunities for practice growth. So how do you capitalize on this atmosphere to grow your practice? The answer, in a word, is “branding.” The power of brands has spread well beyond the boundaries of traditional consumer-goods manufacturers who invented the concept. For healthcare professionals in every specialty, brand development is more important than ever. The reason? Consumers — both patients and referral sources — have more choices than ever before.
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How do you divide the jewelry portion of an estate? It's a hard question, as jewelry has sentimental as well as intrinsic value. Click through to get a start in navigating the variables in appraising heirlooms.
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Paying workers is about more than regular pay vs. overtime. Many companies offer different rates for working outside normal business hours. Click through to learn where this is likely to happen, and how to calculate pay.
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Here's one simple reason: Solid leadership unlocks a practice's potential. It's possible to run a physician group practice without a designated 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 group practices should invest in this role for four primary reasons. To Provide Order, Enhance Teamwork, Provide Perspective and to Facilitate Forward Momentum.
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Your medical practice or group works hard to settle on a sound marketing plan and your physicians pride themselves on their clinical reputations. Yet common, often over looked business practices often undermine these positives and trash your group's reputation with referrers and local businesspeople. In fact, you'd be surprised how word gets around - particularly in smaller communities - about bad practices your group or some individual members perpetuate.
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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I hope that you and your loved ones are safe as you deal with the current COVID-19 crisis. What an incredibly difficult year this has been! This most recent tax season was unlike any we’ve ever experienced. With the spring deadline postponed until July 15, we’re still busy preparing returns. While it may seem odd to discuss 2020 midyear planning while you’re still waiting to file your 2019 tax return, there are many opportunities that should be addressed sooner rather than later.
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Managing and leading through and after the COVID-19 crisis
By Owen Dehl
It is important to have a perspective of your role in your organization: Are you managing, leading or both? In a crisis, the tendency is to manage - to get through the issue or the day. This has been essential at least in the initial phase of the COVID-19 pandemic. You have had to address patients, employees, suppliers, payers and so much more. Do you find yourself staying in this crisis mentality due to issues that constantly arise?
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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Since the beginning of the COVID-19 Public Health Emergency, the Trump Administration has issued an unprecedented array of temporary regulatory waivers and new rules to equip the American healthcare system with maximum flexibility to respond to the 2019 Novel Coronavirus (COVID-19) pandemic. These temporary changes will apply immediately across the entire U.S. healthcare system for the duration of the emergency declaration. The goals of these actions are to 1) expand the healthcare system workforce by removing barriers for physicians, nurses, and other clinicians to be readily hired.
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The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. These FAQs regarding the credit was provided by the IRS; however it was not included in the IRS Bulletin, and therefore may not be relied upon as legal authority.
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By Alistair M. Nevius, J.D.
The coronavirus relief bill signed by President Donald Trump late Wednesday contains, among its many provisions, several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. The Families First Coronavirus Response Act, H.R. 6201, passed the House of Representatives on Monday by unanimous consent and passed the Senate Wednesday by a vote of 90–8.
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SBA released an application for borrowers to submit to their lenders when seeking loan forgiveness. This is the Form you will submit to the SBA to request loan forgiveness if you received a PPP loan, so you need to start studying it now and let me know if you have any questions. The application contains (1) application instructions; (2) the PPP Loan Forgiveness Calculation Form; (3) the PPP Schedule A;
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Arguably the most controversial issue in any medical practice is physician compensation. Is the practice dividing its income in a fair way? If the practice has been acquired by a third party, or if it is being managed by a third party, are the physicians being compensated at a reasonable and fair level? The first step to analyzing physician compensation is to compare the doctor or doctors’ compensation to industry medians.
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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By Cristy Good, MGMA Staff Member (www.mgma.com)
A SWOT (strengths, weaknesses, opportunities and threats) analysis can be used as part of business planning; market analysis; project management; organizational change; individual development, such as a career change or evaluation; or any situation requiring strategic planning to reach an objective. A simple SWOT analysis can be helpful for any size or practice to consider both internal and external factors and take an honest look at which strategies or operations need to change.
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A physician practice manager’s effort to control operating overhead never ends. We all know that it’s not easy to hold overhead in line from year to year. But monitoring a few aspects of practice operations and making changes to them can bolster the effort.
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Similar to the mid to late 1990’s, medical practice management today has begun to be dominated by mergers, affiliations, and other external strategic initiatives aimed, ideally, at enhancing economic potential and performance within a rapidly-changing industry landscape. Preserving market share, improving contracting capabilities, seeking technological improvements and innovation, and obtaining cost efficiencies have been just some of the objectives sought, often leaving little time for much else.
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Unless you have a large group of staff or use a billing service, most of us have to deal with many different tasks with respect to getting a claim paid. Unfortunately, due to understaffing and lack of proper training, in many offices, working the A/R is the last thing anyone in the billing department ever wants to do or does.
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The practice of cloned or copy and pasted documentation is a significant issue in the use of electronic health records (EHRs). A recent study in the Journal of the American Medical Association, found that of hundreds of progress notes examined by researchers, just 18% were newly entered by clinicians (Wang, 2017).
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In my Blog posts, I cover topics related to Accounting and Tax, Litigation Support for Medical Practices, Managed Care Contract Negotiations, Medical Practice and Healthcare Entity Valuation, Medical Practice Assessment, Medical Practice Brokerage, Medical Practice Management, and Medical Practice Merger Advice. I also cover other topics related to today's Physician Practices and other Healthcare Industry related subjects. Stop by for the latest news on these, and many other topics.
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