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Your Articles for Thursday, August 18, 2022
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Saved Articles
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Years ago, I wrote an article about new year resolutions for medical practices and their management. Well years have gone by and I’m still disappointed that most practices out there just don’t get it. The same mistakes keep occurring, strategic planning is basically nonexistent, and most are content with sitting on their hands and living the day to day. If that is the case, then why is everyone complaining about their take home pay? Again, I just don’t get it.
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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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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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As changes continue to occur in the healthcare industry, physicians are taking a hard look at the numbers of a medical practice and gauging whether the year at hand will be economically successful. To analyze the productivity of the practice, physicians depend on accurate and timely information. However, with the focus of every practice on delivering quality health care, the financial side often becomes neglected or ignored.
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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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Most in healthcare agree that the malpractice crisis has spiraled out of control, causing physicians everywhere to spend more time on due diligence about what coverage they need and more money to get that change. However, it’s no longer just doctors, nurses, and direct caregivers troubled by the prospect of costly litigation that can damage their current and future livelihood. Ancillary physician practice personnel, including office managers, coders, and other staffers, want to make sure that they’re protected, too.
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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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The CMS Learning Network recently issued a fact sheet that educates Medicare physicians, non-physician practitioners, hospitals, other providers, and suppliers on the updated regulations at 42 Code of Federal Regulations (CFR) Section 424.516(f). It gives information on the updated documentation maintenance and access requirements for billing services to Medicare patients. It also tells you how long to keep the documentation and who is responsible for providing access.
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As you can expect, I receive numerous questions from clients throughout each month. Here are a couple that I thought you might find interesting with my related reply to each client (with added commentary).
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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 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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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’ve written many times about the business side of medicine that now is the time to talk to you about the personal side of medicine. I find many professionals do a great job managing their business affairs but most really stink at managing their personal financial affairs. This is where some good old-fashioned financial planning can help. Financial planning is a process that can help you reach your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources.
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This post is a collection of thoughts and observations about the financial life of physicians based on what I’ve seen over my career working with just physicians. I’m going to simply post the list, without much commentary, as most of the observations will speak for themselves. I hope you like the post.
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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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"Our no-show rate is just killing our productivity!" My frustrated physician client wondered if charging patients for missed appointments might help. Patient reminder calls didn't seem to make a difference what can a practice do about no-shows and last-minute cancellations?
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Breaking up is hard to do, even when it's a medical practice discontinuing a patient's care. Practices must walk the line in these situations. On one hand, you want to give the patient enough chances to make the situation right. You don't, however, want to spend excessive practice resources trying to fix the patient's aberrant behavior - whether it's failure to pay, repeated no-shows, or any other reason that you might have to consider the unfortunate step of relationship termination.
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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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Thirty – fifty years of age, married with a stable family situation, above average education, professional or managerial staff level … who does this describe? According to recent research, it describes the profile of most fraud perpetrators – those most likely to misappropriate assets from their employers, also known as occupational fraud. White-collar crime appears to be the crime of choice of today's workforce.
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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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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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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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In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed. Investor confidence was continually tested as the year wore on, and it’s likely that this percentage rose — perhaps even substantially. If you find yourself among those feeling stressed heading into the new year, these tips may help you focus and enhance your retirement savings strategy in 2021.
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Does your staff really know what “revenue cycle management” means or is? I am constantly advocating the importance of training your entire staff to understand how their jobs functions affect cash flow. There are many points of entry into the revenue cycle at your practice. Be sure your staff knows all of the following:
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On 12/27/20, the massive Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. Before the CAA, 2021 hit the books, a bevy of federal income tax breaks were set to expire on 12/31/20. The tax changes explained in this article are found in the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR) and the COVID-related Tax Relief Act of 2020 (COVIDTRA). Both of these Acts are folded into the CAA, 2021.
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I admit it – I didn’t like employees when I was a boss and they certainly didn’t like me either. No wonder I’m a solo practitioner. Consulting with my physician clients, I hear the entire gamut of employee issues. However, I truly believe the best medical practices out there do the best at human resources (i.e. handling their people). So, I preach constantly about physician and administrator “bosses" taking responsibility for ensuring that their employees feel great about what they do at work. Quite frankly however it is a two-way street.
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OSHA’s role is to assure the safety and health of American’s workers by setting and enforcing standards; providing training, outreach and education; establishing partnerships; and encouraging continual improvements in workplace safety and health. As part of the Department of Labor, OSHA and the states that operate OSHA-approved state plans establish guidelines and standards to promote worker safety and health that apply to every workplace in the United States, including medical and dental offices.
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Think your uncollectibles are only good to look at on an aging report? Well maybe not. Instead of just considering them to be dead accounts, try viewing them as teaching tools. By carefully examining these accounts, you can discover where you went wrong and why you haven’t been able to collect on them. Examining these accounts with regard to your collections process can show you how to correct flaws for more effective collections in the future.
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Even in times of economic uncertainty, there may still be opportunities for growth. While some medical practices are struggling, others are doing well — and may want to expand their operations. If you are considering acquiring a practice, you will first need to know its value. In addition, a buyer needs to take several specific items into consideration when evaluating whether to make the leap.
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Are you one of the rare healthcare providers or administrators who understands how much is at stake in commercial real estate negotiations? If so, then you probably know that commercial real estate is the highest negotiable expense for your healthcare practice. Consequently, most healthcare providers fall into the statistic that tells us that 80% of healthcare practices still take a ‘DIY: do-it-yourself’ approach to these crucial negotiations and site selection process.
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If you own or operate a healthcare practice, you are required to cut an unavoidable check every month to pay for your office space. After payroll, real estate is typically the second highest expense in any healthcare business. The good news is that your real estate costs are negotiable! That makes it the number one opportunity to substantially impact profitability over the life of a practice. This being true, the question to answer is “Should you own or lease your office space?” The answer depends on a number of factors, such as the following.
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The EIP will be $1,400 per individual ($2,800 for Married Filing Jointly (MFJ)) plus an additional $1,400 for each eligible dependent, including children 17 and older and adult dependents. Advances will be made based on 2020 tax return information, or if not available, 2019 information. If the 2020 return is filed after EIP3 is released and would result in a larger payment, the IRS is directed to issue a supplementary payment within 90 days of the earlier of the filing deadline or September 1, 2021.
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Marketing your physician practice effectively has become more important than ever before. With patients responsible for an increasing amount of their own medical bills, patients are now treating their medical care the same way they shop for any large purchase—research online, read reviews, compare prices, and plan out the best payment options.
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By Brian Butler and Jennifer Henry Jackson, Stites & Harbison PLLC
Homepage - Stites & Harbison
Medicare and Medicaid billing mistakes can result in fraud investigations with serious, long-lasting consequences. Providers may be required to pay back up to three times the amount they were paid for improperly billed services. In addition, if the government finds that the improper billing was intentional, providers can face criminal charges, the loss of professional licenses, and exclusion from participation in Medicare and Medicaid.
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Do you have a love-hate relationship with your electronic health record (EHR) software? Well, sometimes getting over the hump - as they say- means tailoring it to your needs. Whatever your specialty, you need an EHR workflow that can best help you treat your patients. Here are some great tips I found from the Texas Medical Association.
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Documentation must meet Medicare’s signature requirements. Medicare claims reviewers look for signed and dated medical documentation meeting Medicare signature requirements. If entries aren’t signed and dated, they may deny the associated claims. Here are some frequently asked questions to Medicare.
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Patient relationships are at stake when someone requests medical records. When a patient requests access to their medical records, practices should use this as an opportunity to foster trust and openness with the patient. If you do it correctly, your response to a patient's records request can kill two birds with a single stone.
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On the surface, your practice appears to be running smoothly. Your staff is working hard, money is coming in the door, and claims are getting paid. So why are revenues stagnating or falling? Chances are the answer lies within your practice, experts say, but you may not know where to look.
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Any expectations you have for a new Associate only works if you follow through with frequent evaluations. However, I am often struck by how little attention senior doctors give to basic personnel management of newly employed physicians.
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Over 30% of your claim denials are preventable. Providers do not appeal or correct over 65% of denied claims. As such, millions of dollars are lost by medical providers across the country each year due to preventable errors. We all hear the numbers each year and increase our AR staff to work errors and turn around the denials daily.
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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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2020 MIPS reporting starts January 4, 2021 until March 31, 2021. Keep in mind that registries may have an earlier deadline than March 31. MIPS is a Medicare reporting program that consolidates the previous quality reporting programs.
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By: Marc Lion – Mazars USA
The warning signs of office deficiencies leading to profit leaks are numerous and common. Eight employees texting just 15 minutes a day can add up to profit loss of $9,000. A medical practice’s human resources department is one potentially problematic area where profit leaks exist. In one of my previous articles, I noted the importance of developing your team with a focus on accountability. Now, we will explore how to identify the deficiencies that exist in your practice with respect to human resources and how to correct them.
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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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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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Every physician practice has patient and/or payer overpayments on their books and every state has an escheat law. As such, holding on to these overpayments could put you in violation of state law – and states are starting to target physician practices for enforcement. Every state has laws (called escheat laws) that require businesses to turn over unclaimed funds and other property to the state after a dormancy period.
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For healthcare leaders, cutting through all the news about COVID-19 leads to numerous considerations to navigate the pandemic: The public health aspect, particularly direct patient care; The economic aspect, the staffing question and the financial survival of your medical practice; Uncertainty on how long this will last, significantly different than other disasters you may have faced; What will happen when this is over and what kind of transition will be required to get back to normal.
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The CARES Act that was signed into law on March 27, 2020 provides for the Provider Relief Fund, which set aside $100 billion in relief funds for healthcare providers with expenses or lost revenue attributable to COVID-19. On April 9, 2020, the Department of Health and Human Services (“HHS”) released the first round of $30 billion of funding. All healthcare providers that received Medicare fee-for-service reimbursements in 2019 should have received a distribution.
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In an era filled with uncertainty, you can count on one thing: time marches on! This article covers some important age-related tax and financial planning milestones that you should keep in mind for yourself, dependents, parents, et al. Almost all adults should do at least some estate planning. In uncomplicated situations, nothing more than a simple will and updated beneficiary designations may be required. Age 0 to 72 and beyond, this applies to all in some way.
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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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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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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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You strive for a fair and equitable workplace to help attract and retain employees, drive productivity, and comply with federal, state, and local laws. When employee morale begins to suffer, the signs aren’t always obvious. Here are a few to watch out for.
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Which old-school Fee-For-Service (FFS) moves still boost practice revenue and which ones must you must ditch now? Your practice's strategy for success in the value-based reimbursement era must hold on to some old techniques, ditch others, and adapt completely patient and financial management moves. Don't know where to start? Here’s a plan.
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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.
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Implement financial benchmarking to see problems coming before they impact your bottom-line. When a patient comes into your practice with a health problem, what do you do? You get data. You take a medical history. You measure their vitals. You perform tests. You compare that data to previous measurements of the same patient, or to the expected levels in a healthy person.
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Electronic portals can help you better serve and retain patients, but they still face some challenges. Patient Portals have incredible potential to improve healthcare delivery, communication, and outcomes, but they carry some risks and downsides.
Six Patient Portal Pros
Four Patient Portal Cons
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Preparation can get you through this stress-inducing process. You’ve received a “You’re being audited” letter. Rather than panicking, you can take control and engineer a positive outcome for your practice. So, let’s focus on the auditing experience itself: How to respond, what you should and shouldn’t worry about, how you can make it easier for yourself and your staff.
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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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Planning can ensure that your family and medical practice (or any other healthcare entity) business are protected. The long-term survival of any business like a medical practice—and the well-being of your family—are factors that you should consider if you haven’t already. The main goals of creating an estate plan for your business are as follows.
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I understand that there is a lot of (unnecessary) trepidation around selling your medical practice. Timing is everything but at some point, you will consider selling your practice. But whenever you want to sell your medical practice, whether it is today, in 3 years, or in 25 years, consider these steps to make your practice as attractive as possible to potential buyers.
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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.
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As we approach year-end, it’s time to think about steps you can take to help reduce your 2021 tax bill. In what appears to be the new normal, 2021 is shaping up to be a year with plenty of tax law changes. COVID-related disaster relief signed into law last December made several favorable (mostly temporary) changes to the 2021 rules. Then, in March, the American Rescue Plan Act, with another set of tax law changes, was enacted. We’ll highlight some of the planning opportunities these provide.
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Energy and enthusiasm are contagious. Anytime you can increase trust, confidence, accountability and purpose, you are also going to see an increase in productivity and loyalty in your physician partners, associates and employees (The Team), which can spread through the entire medical practice.
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The Social Security Administration (SSA) provides five basic types of benefits: (1) retirement, (2) Medicare, (3) disability, (4) survivors, and (5) Supplemental Security Income (SSI). In this article, I will focus on retirement benefits only. Afterall, retirement benefits are generally what comes to mind when someone mentions social security.
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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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The net investment tax hits high earners with significant investment income. Calculating it can be complex, and the rules are subtle. Click through to see how it works and whether it will take a bite out of your finances.
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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To My Clients and Friends:
2020 has been quite a challenge, to say the least. The COVID-19 crisis brought massive unemployment, business closures, and an enormous amount of uncertainty. All of this has made 2020 seem like the year that never ends. In fact, I’m sure some of us can’t wait for it to be over. As we approach the end of the year, it’s time to discuss steps that can be taken to help reduce your 2020 tax bill.
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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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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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In a recent survey of physician practices, physician reimbursement and management of the accounts receivable (A/R) were among the top important topics affecting physician practices today. A/R management has many methods which combined and implemented can reduce the cash flow and staff work flow. I have curried some of my favorite focus areas and come up with a few solid commandments for A/R management.
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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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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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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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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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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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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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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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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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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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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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Substantial involvement is essential for any significant change in the pay plan, and some involvement is needed for any change at all. To make the change in isolation from the doctors, you’re creating a framework for failure of the group, because the plan is how they are paid and motivated. Of course, the process is shared between the administrators, consultants and accountants, who handle the details, modeling and implementation, but the physicians should carry most of the decision-making in most groups.
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There are thousands of ways, both big and small, to help you grow your practice. Unfortunately, many of them are not worth the time or energy it takes to implement them. In order to help you avoid the mistakes others have made, here are 30 quick tips for the growth of your practice.
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On May 7, 2021, the Colonial Pipeline, which carries almost half of the East Coast’s fuel supply from Texas to New Jersey, shut down operations in response to a ransomware attack. Colonial paid a $4.4 million ransom not long after discovering the attack, and the pipeline was reopened within a week. While there was enough stored fuel to weather the outage, panic buying caused gasoline shortages on the East Coast and pushed the national average price of gasoline over $3.00 per gallon for the first time since 2014.
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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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Defined benefit plans offer guaranteed retirement benefits for employees. How do these time-honored plans work? Click through to see advantages, disadvantages and tax considerations for employers and employees.
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If you've inherited an individual retirement account, you need to learn the complex rules that govern how you must handle it. Click through to learn how to avoid making decisions that can result in very expensive consequences.
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Everyone talks about making workplaces more inclusionary for employees with disabilities, but what are they really doing? Click through for some insights into how to make your business more welcoming to the disabled.
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If you’ve avoided a HIPAA breach, it means you’ve dodged the proverbial compliance bullet. But it doesn't mean you're immune to future violations. Keep this quick compliance checklist in mind to ensure your slate remains clean.
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Another challenging year has just passed. While the COVID-19 crisis has lessened, international events have led to supply chain issues and inflationary prices. Since income may not rise at the same rate as expenses, saving on income taxes can help keep you in the black. There is still uncertainty over whether any pieces of President Biden’s tax plan will be implemented.
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Most people need auto insurance, but the choices can be complicated, and it isn't always clear what the best choices are. Click through for an overview of the decisions you'll need to make about insurance.
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I admit it – I didn’t like employees when I was a boss and they certainly didn’t like me either. No wonder I’m a solo practitioner. Consulting with my physician clients, I hear the entire gamut of employee issues. However, I truly believe the best medical practices out there do the best at human resources (i.e. handling their people). So, I preach constantly about physician and administrator ‘bosses' taking responsibility for ensuring that their employees feel great about what they do at work. Quite frankly however it is a two-way street.
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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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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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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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There's a good chance that your organization employs both exempt and nonexempt employees. The line dividing them may be thin, but it's critical you keep the distinction clear. Click through to ensure that duties and compensation are assigned based on exemption status.
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Do you need extra liability protection? Those who have extra risks may need additional insurance. Fortunately, it's easily available and not very expensive. Click through to find out whether an umbrella policy is right for you.
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Homes often appreciate, especially when you've been living in them a long time. This is good but can create tax problems. Click through for tips on the tax situations impacting homes, to make sure you manage your home sale situation correctly.
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Particularly for certain smaller businesses, the S corporation can be a much more beneficial entity than the traditional C corporations, but there are strict rules. Click through for an introduction to the advantages and drawbacks.
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When it comes to patient collections, the mindset for many practices seems to be the more aggressive, the better. Patients need to know you mean business. The thing is, if you use threatening language, you also run the risk of putting people off. Of course, not wanting to offend your patients shouldn’t stop you from doing everything you can to collect on delinquent accounts. You just need to approach the situation in a way that isn’t going to damage the relationships you worked so hard to establish. After all, your practice needs to retain patients to stay in business.
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It's one of the more difficult decisions that come across the desks at the IRS: What is a gift and what is compensation? Click through for some insights into this age-old question to make sure you're on the right side.
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Do you want to transfer your assets as efficiently and effectively as possible? Estate planners often suggest a trust — but it can get complicated. Click through to learn about the potential pitfalls in setting up a trust.
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When you have fewer employees than you need, it can impede business growth. To staff up, you may have to think outside the box. Click through for some imaginative suggestions for overcoming staffing shortages and improving your bottom line.
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In the investing world, the term "capital gains" comes up a lot. But what does it really mean, and what are its implications? Click through for an introduction to the tax and finance rules surrounding capital gains.
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Remember this: Muscle memory and knowing emergency response plans inside and out could save your life. At this point, it may be impossible to prevent an active shooter situation from occurring. Do everything you can to mitigate the risk of loss of life, including knowing and practicing various responses, so you can act quickly.
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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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Make plans now to avoid loss of life from shooting events. Americans have, for years, lived with the threat of being gunned down while conducting normal, routine business. While some gun violence situations are large-scale and saturate news reports, workplace violence involving a gun is even more common and happens every day.
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As a successful physician, you respect your staff while demanding the best from them. This “delicate balance” is equally important when building a relationship with a financial advisor. You may want final say on an investment decision, or just want to leave it up to the professional. There isn’t a right or wrong way to structure your relationship with your financial advisor. But it is important for you and your advisor to discuss from the start, which approach you’ll take.
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