Internal fraud can be devastating for a medical practice and it can be easier than you might think to steal in some offices. Fraud schemes may be prevented if the following steps had been implemented:
In the News
Thursday, November 21, 2019
Medical malpractice insurance isn't just a requirement -- it's also a major practice expense. Selecting the terms of coverage is a complex, critical task, as is evaluating insurance carriers. In fact, the future of the practice and the reputation of physicians may rest in the balance.
Thursday, November 7, 2019
The cost of medical malpractice continues to rise, according to the Aon/American Society for Healthcare Risk Management (ASHRM) Hospital and Physician Professional Liability 2013 Benchmark Analysis. This annual study helps health care providers better understand trends related to medical malpractice risks. It also provides benchmarks for hospitals and physicians to compare to their own claims histories.
Thursday, October 24, 2019
In the wake of health care reform, you might find your practice inundated with new patients. With the extra workload, you might want to hire one or more physicians to help out.
Thursday, October 10, 2019
Improved contact between physicians and their patients — known as "etiquette-based communications" — would improve the "inpatient experience" and could help a patient recover more quickly, a randomized trial found.
Thursday, September 26, 2019
When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers. A partnership retirement plan can potentially cover both partners of the practice and eligible firm employees.
Thursday, September 12, 2019
It turns out that keeping patients in the hospital for just one day longer can saves lives, lower costs and reduce readmissions. That's the conclusion of one study from the Columbia University Business School entitled "Should Hospitals Keep Their Patients Longer?"
Thursday, August 29, 2019
Early in the history of the Health Insurance Portability and Accountability Act (HIPAA), violations typically involved receiving a warning letter from the Department of Health and Human Services (HHS). It was basically toothless and carried no penalties. In 2009, Congress passed the Health Information Technology for Economic and Clinical Health Act (HITECH), which supplied the government with a range of tools to support enforcement. In short, HIPAA grew fangs.
Thursday, August 15, 2019
Nearly every physician has claims denied from time to time. Medicare, as a government program, has its own way of doing things. As you know, the process is different from insurance companies, which also have their own way of handling claims.
Thinking about joining a medical practice? You obviously need to perform a due diligence investigation to help obtain basic financial information. It's important to understand the data and assess your compatibility with the practice. Here are some key items that need to be examined: