HEALTHCARE

Four Steps to Facilitate Medical Practice Strategic Planning

With today's rapidly changing healthcare environment, physicians must spend time working on, not just in, their practices. Medical practice strategic planning can be a challenge, but analyzing the practice’s current standing and deliberately forecasting for future endeavors can be the equivalent of a hole-in-one for a medical practice. Step 1: Evaluate the current competitive market.  [...]

2019-09-03T12:12:20-05:00August 12th, 2019|HEALTHCARE|

Medicare Wage Index

The CMS “wage index” remains a vital (and controversial) component of how hospitals receive payment for services to Medicare beneficiaries. CMS recognizes that labor costs vary from one area to the next. So, as a part of the methodology for determining IPPS (inpatient prospective payment) reimbursement, standardized amounts are adjusted for area differences in facilities’ [...]

2020-07-14T15:58:29-05:00July 26th, 2019|HEALTHCARE, POST ACUTE CARE|

Five Steps to Lift Self Pay Patient Collections in Medical Practices

Self pay patients were once a small percentage of a medical practice’s patient mix. However, in today’s market, the number of self pay patients is rising due to increases in health plan costs and the number of high-deductible healthcare plans. Medical practices can elevate self pay patient collections by implementing the below five steps. 1. [...]

2019-09-03T15:01:28-05:00July 9th, 2019|HEALTHCARE|

Nursing Home ACA PBJ Reporting

Nursing Home ACA PBJ Reporting While peanut butter and jelly sandwiches are not mentioned in the Patient Protection and Affordable Care Act (ACA), almost everyone knows that individual and employer sponsored health insurance mandates are. However, many people often do not realize that many other healthcare areas are addressed, as well. Nursing homes are now [...]

2019-12-26T16:23:34-06:00June 9th, 2019|HEALTHCARE, HEALTHCARE NEWS FLASH|

How to Arrange a Medical Practice Buy-Sell Agreement that Minimizes Disputes

Many medical practices are seeing an influx of new patients in the wake of healthcare reform. Some practices may respond to this influx by adding more physicians to their staffs. Recruiting and retaining physicians requires the skill of a conductor to keep all areas of the practice playing in unison. Just as a musician needs [...]

2019-09-03T12:01:04-05:00March 18th, 2019|HEALTHCARE|

Build Medical Practice Productivity with Non-Physician Providers

Every healthcare practitioner should work at the top of his or her license. That’s why non-physician providers - or NPPs - are essential to medical practice productivity. NPPs include nurse practitioners, nurse midwives, physician assistants, and physical therapists. These providers possess a skill set along the clinical continuum between registered nurses and doctors. Create a [...]

2019-09-03T16:11:24-05:00March 15th, 2019|HEALTHCARE|

Captive Insurance Overview: Healthcare Provider Industry Highlights

Healthcare provider captive insurance arrangements represent approximately 15% of the global captive insurance market and are currently one of the largest growing sectors within the captive industry due to the changing risk landscape that healthcare organizations are facing. Approximately 75% of hospitals now have some form of alternative risk management in place for their professional [...]

2019-08-14T11:52:08-05:00March 15th, 2019|CAPTIVE INSURANCE, HEALTHCARE|

Medical Practice Profitability

How can you create medical practice profitability? They can begin targeting sound financial management practices and patient growth strategies that improve overall practice efficiencies. Pinpoint Financial Management Create a budget by checking the previous 12-month financial statement and then setting revenue and expense goals. The budget should include physician compensation and every line item. Scrutinize [...]

2019-09-03T13:46:05-05:00March 9th, 2019|HEALTHCARE|

Seven Keys to Improving Medical Practice Cash Flow

No matter what specialties their physicians may have, healthcare practices must focus on collecting payments to remain profitable. Here are seven ways that practices can more accurately track patient collections. 1. Educate Personnel Personnel plays a significant role in the collection process. Delegating collection responsibilities to different staff members can improve a practice’s collection performance. [...]

2019-03-14T15:11:44-05:00February 23rd, 2019|HEALTHCARE|

Physicians: Remember to Add Quickbooks Accountant’s Copy to Toolbox

Medical practices often look for ways to maximize operational efficiencies, and they often need professional assistance with their accounting records – monthly, quarterly, or annual. How can a practice that uses QuickBooks® accounting software save time and money? The answer is by using an often overlooked feature known as the QuickBooks Accountant’s Copy (QAC). It allows [...]

2019-04-05T10:07:00-05:00February 12th, 2019|HEALTHCARE|

Keeping a Close Eye on Medicare Fraud

Medical practices face many dilemmas in today’s healthcare landscape–from decreased reimbursements to increased patient demands—while fighting extinction in the current competitive environment. Overlooking certain operational efficiencies can lead to revenue loss, but not keeping those binoculars focused on changes to Medicare regulations can also lead to compliance issues–and even fraud. Observe Common Medicare Fraud Red [...]

2019-09-03T16:16:31-05:00January 5th, 2019|HEALTHCARE|

Medical Practice Consolidation

Medical practices must balance the impacts of healthcare reform, decreased reimbursements, payer negotiations, and other issues to remain profitable. While some physicians have decided to leave the private practice circus and work at a hospital, others are considering merging with or acquiring medical practices. Combining practices can create a greater revenue-generating entity with potential cost-saving [...]

2019-09-03T13:27:09-05:00December 13th, 2018|HEALTHCARE|

Medical Practice Fee Schedule Annual Review

In the wake of healthcare reform and delayed or reduced reimbursements, many medical practices may feel like pressure surrounding fee schedules. One way they can ease into this new reality is by examining fee schedules on an annual basis and adjusting accordingly for maximum benefit. Determine Top CPT Codes and Costs The first step of [...]

2019-09-03T16:00:12-05:00December 8th, 2018|HEALTHCARE|

How CMS’ New Arrival Will Affect Medicare DSH

The Centers for Medicare & Medicaid Services (CMS) recently published their 2,434-page fiscal year 2017 Hospital Inpatient Prospective Payment System (IPPS) Final Rule. The hospital community eagerly anticipated this new arrival, especially its expected changes to Medicare disproportionate share hospital (DSH) payments. To illustrate the potential impact of the 2017 IPPS rule, we’ve highlighted three [...]

2018-11-12T15:47:29-06:00August 26th, 2016|HEALTHCARE|

Winning a Gold Medal for Alternative Payment Model Participation

Participating in the Olympic Games can create career-defining moments for elite athletes. Similarly, healthcare providers that participate in alternative (or “value-based”) payment models can yield desirable benefits for themselves and their patients. These models are intended to incentivize a greater continuity and coordination of care between providers, leading to better patient outcomes at lower costs. [...]

2020-07-14T16:02:34-05:00July 14th, 2016|HEALTHCARE, POST ACUTE CARE|

How Do You Approach Alternative Payment Models?

In January 2015, the Centers for Medicare & Medicaid Services (CMS) released an initiative to quickly move the Medicare payment system away from traditional fee-for-service reimbursements and toward those linked to value and quality – including alternative (or value-based) payment models. Most, if not all, healthcare providers are at least partially affected by these models. [...]

2020-07-14T16:02:44-05:00July 14th, 2016|HEALTHCARE, POST ACUTE CARE|

How to Nail Upcoming Medicare DSH Changes

For many hospitals and facilities with large amounts of uninsured and Medicaid patient volume, Medicare disproportionate share hospital (DSH) payments have long been a vital and irreplaceable component of their overall reimbursement equation. While the Centers for Medicare & Medicaid Services (CMS) has been discussing potential changes to the Medicare DSH calculation methodology for several [...]

2018-11-12T15:47:43-06:00July 14th, 2016|HEALTHCARE|

Measuring Non-Physician Providers with Benchmarking Metrics

Medical practices seek effective ways to prepare for the arrival of new patients receiving healthcare coverage through the Affordable Care Act’s (ACA’s) new Health Insurance Marketplaces and expanded Medicaid programs. Non-physician providers (NPPs), including nurse practitioners, nurse midwives, physician assistants, and physical therapists can provide much-needed support in this new healthcare era. However, for NPPs [...]

2018-11-12T15:52:21-06:00January 23rd, 2015|HEALTHCARE|

Time is Money: Tracking the Work Relative Value Unit to Increase Physician Productivity

The adage “time is money” is particularly relevant when establishing a system to track physician productivity. Unfortunately, most practices use an outdated method that measures units, charges, and collections. These metrics do not accurately measure physician productivity because they are sensitive to modifiers, charge increases, payer mix, and changing reimbursement amounts. As a result, physician productivity [...]

2018-11-12T15:55:06-06:00June 11th, 2013|HEALTHCARE|

Economic Credentialing in the Form of Accountable Care Organizations (ACOs)

When health maintenance organizations (HMOs) evolved into managed care organizations (MCOs) approximately two decades ago, there was a strong push for provider panels to accept only physicians who could practice cost-efficient medicine. These parameters meant choosing doctors who used minimal resources without compromising quality. This process, called “economic credentialing,” provoked vigorous debate and lawsuits. The disputes [...]

2018-11-12T15:55:07-06:00June 7th, 2013|HEALTHCARE|