In the News

Copyright 2022

As you may know, medical practitioners are subject to a federal law that makes it a felony to influence the referral of federal health care business, including Medicare and Medicaid.

Copyright 2022
With the increase in health plans requiring members to pay all or part of their office visits, practices are faced with the challenge of asking patients for full payment. This can be upsetting for the patients and uncomfortable for the staff who deal with them. Here are eight strategies for improving collections from self-pay patients:
Copyright 2022
There was once a time when a retiring doctor could easily sell a thriving practice to a hospital or practice management company. These days, many practice management firms are out of business and hospitals are more likely to be selling than buying. So if you're heading for retirement and planning to put your practice up for sale, the choices may be limited to the following candidates:
Copyright 2022
For most small business owners, closing up shop is relatively simple -- perhaps they take down their signs, get rid of inventory and turn the lights off. But for a health care practitioner closing a practice, the issues are more complex. You have a duty to preserve medical records and ensure your patients have access to them. There may even be liability issues after your death that must be addressed in your estate plan. If you sell your practice, the buyer should agree in writing to store your patients' medical records for a specific period of time, ideally the length of your own legal responsibility for them.
Copyright 2022
Like any well-run business, a medical practice needs to step back periodically and try to get a bird's-eye view of where it has been and where it is going. A good time to perform such a review is at the end of the calendar year. Go into the meeting with a plan, prepared to focus on three critical areas: corporate, financial and operational planning.
Copyright 2022
There are nuances in providing valuations for virtually every type of business entity ranging from retail outlets to a manufacturing operation to a personal services firms. But valuations for hospitals and other organizations in the health care field are especially daunting. Currently, hospitals face some unique challenges, including difficult economic conditions, increased competition and burdensome reporting requirements. In addition, the provisions in the healthcare law -- the Affordable Care Act (ACA) -- are kicking in, which is further complicating matters.
Copyright 2022
Frustrated by rising costs, managed care demands and overwhelming patient loads, a growing number of physicians are converting their traditional practices into retainer-based or "concierge" practices. Under this evolving model, physicians cut back the number of patients they see, spend more time on personalized care and charge each participant an annual fee ranging from $1,500 to $20,000. In short, these doctors receive more money for seeing fewer patients and gain more control over the way they practice medicine.
Copyright 2022
Physicians know they have a responsibility to provide health care to patients with mental or physical infirmities. But they may not know about the legal obligation to accommodate people with disabilities when it comes to hiring and other practices.
Copyright 2022
If you're an employee of your practice, you may receive company-paid long-term disability insurance coverage as a tax-free fringe benefit. Sounds good but here's the problem: Most long-term disability policies limit benefit payments to only 60 or 70 percent of your normal salary before taxes. That's generally enough coverage -- as long as you don't owe income taxes on the benefit payments. But if you do owe income taxes, you'll probably have to cough up at least 30 to 40 percent to the IRS and your state tax collector. When benefits are already limited to only 60 or 70 percent of your usual pre-tax salary, this tax bill can create serious financial hardship. For example, a disability insurance benefit of 60 percent that gets taxed at 30 percent equates to only 42 percent of your normal salary. In the event of a disability, that may not be enough to live on comfortably.
Copyright 2022
Unfortunately, many physician partnerships compare more to a boxing match than, well, a partnership. When partners can't get along — whether it's because of personality issues or divvying up responsibilities — running a truly successful practice becomes even more difficult. There are ways to knock out many conflicts but, to do so, you'll need to put on your kid gloves.

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