Practice Management

Consumer Directed Health Plans

Establish Patient Financial Responsibility (Resource 149)

Financial responsibility (insurance, cash, etc) should be established as soon as possible, preferably before the patient comes in for the first visit. Both provider and patient need to understand who is responsible for payment of services. The patient needs to understand what they are responsible for versus what the insurance plan or company will or will not pay. Consider the following:

Human Resources (Resource 125)

Finding the right supportive and productive staff is essential to every healthcare office. Knowing how to find the right people and keep them must be balanced with state and federal regulations regarding employees. You need to be concerned about:

ICD-10 costs for small physician practices are significantly lower than expected, according to a new study released today by the Professional Association of Health Care Office Management (PAHCOM). The survey of 276 physician practices with fewer than six providers revealed that total ICD-10 transition costs for an entire practice averaged $8,167. Per provider expenditures averaged $3,430 for a practice with a single provider to $1,838 for a practice with six providers.

Conducting a job interview for potential new employees is a common occurrence, yet is often done in a manner of disorganization. Employers are frequently asking questions that shouldn't be asked and neglecting to ask those questions that may be more essential for conducting a proper interview. Federal and state laws pose significant liability for employers that ask improper questions that are deemed illegal or that may be interpreted as discriminatory.

Medical expenses are one of the largest expenses in many United States households. Medical bills and insurance remittance are also possibly the most difficult of all bills for patients to interpret and understand. 

Each new year brings a bundle of surprises in terms of changes and updates that practices must learn and implement. In an effort to aid in the preparation of this year, I have listed some common helpful tips that you might follow in order to best manage your workload ahead.

Evaluate fees: Fee schedules are often compared to peers. Practices should use a reliable source to evaluate fees annually to ensure that your fee schedule is consistent with statistical expectations.

In this electronic age, Social Media has quickly become a very successful tool used for advertising/marketing, communication of various topics and reaching readers and networks beyond our wildest dreams. These networks are often leading to various opportunities or other positive occurrences that we may not have otherwise experienced. Social Media may include sites such as FaceBook, Twitter, LinkedIn, e-mails, blogs, websites and other online applications that can be used to communicate with others or share messages. 

Fee Schedules
Do you know what the fee schedules are for each of your top insurance companies?  Do your providers know how much they are getting paid for the services they provide and manage their practice to maximize reimbursement?

Learn how to maximize reimbursement by knowing, understanding and using insurance fee schedules properly.

Collecting and maintaining insurance fee schedules each year can help your practice in many ways.  But, you must obtain the fee schedules first.

Do I Need Error and Omissions (E&O) Insurance for My Billing Company?

Having a billing company for the past 20 years, has been a great journey, 20 years ago it was called a Home-Based Business, today it is called a Corporation, more for protection and liability reasons. Over the years Medical billing has been considered low risk until now, and now has developed into a huge liability with HIPAA, E&O and Business Associate agreements to name a few. I have not had to consider whether to carry insurance on my small company until now.


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