In the News

Copyright 2022
When was the last time you took a careful look at your office overhead costs and compared them to the same period last year? Expenses can creep up fast if nobody is monitoring them. Generally speaking, the cost of running a medical office can range between 35 and a whopping 70 percent of the practice's gross revenue. No matter where you fall in that range, keeping costs down requires vigilance that can pay off in a higher profit margin.
Copyright 2022
Like all service providers, doctors seek to offer their patients the best possible care while holding down costs. But how can physicians tell whether they're meeting this goal? A growing patient list and a healthy bottom line are strong indicators. However, the only sure way to tell if your patients are satisfied is to ask them.
Copyright 2022
Concerns over huge malpractice awards and staggering insurance premiums may have distracted you from another liability issue that may not seem quite so urgent -- premises liability.
Copyright 2021

Awkward. That's likely the word that comes to mind when you or members of your staff think about confronting patients who have a habit of arriving late -- or not at all. Discussing a patient's penchant for no-shows takes a bit of fancy footwork at the very least. Mishandle the situation and you may lose a loyal patient.

Copyright 2021

If you operate your  medical practice as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there's some good news: Minutes can also be used to document the practice's intentions for transactions that have major tax significance.

Copyright 2021

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.

Copyright 2021
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:
Copyright 2021
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.
Copyright 2021
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.
Copyright 2021
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.

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