By: Paul D. Vanchiere, MBA 1. Physician owners not sharing information with employed doctors. Employed physicians desire feedback about their performance. They appreciate monthly, quarterly and annual performance reports and they want to be informed about patients, revenue and changes to procedures and policies. Although they are...
One of the changes to have come from the Patient Protection and Affordable Care Act was the creation of CO-OP insurance plans. These Consumer Oriented and Operated Plans were intended to be an alternative to traditional health insurance plans offered on ACA-mandated health care exchanges. ...
Many of us have felt the gradual increase of medical costs due directly from the patient, both within our businesses and our own pocketbooks. Particularly with the growing popularity of high deductible health plans, physicians have to contend with a larger portion of their accounts...
By: Laura Goodman Laura Goodman, CPA, CHBC is a Partner at FGMK, LLC and has provided accounting, tax and financial management services to closely held healthcare and real estate businesses for more than 25 years. Here expertise includes tax structuring and transaction planning, strategic business consulting,...
By: Paul D. Vanchiere, MBA 1.Inaccurate data and reporting for practice management and revenue cycle management It is difficult to report, benchmark and lead the business of a medical practice if no one can access the information. Many practices do not have the resources nor do some...
We hope everyone enjoys a happy, healthy 4th of July weekend. In honor of the holiday, please enjoy our take on the worst 4th of July picnic ever, as told by ICD-10 codes: The holiday starts out great with a fun game of bags. [caption id="attachment_764" align="aligncenter"...
We all have “that payor” that tends to reimburse more slowly than others. In some cases these delays can be extreme, with months going by before payment is received. In Illinois, the state’s group health program payments have been delayed for months, which will continue...
One of the better developments of the last several years has been the electronic remittance advice (ERA) and software that electronically posts these files. With the click of a button, the once tedious, manual process of posting is automated. There are clear positives to this technology, including...
By: Laura Goodman, CPA, CHBC 1. Not analyzing denied claims and, instead, automatically writing them off. If a medical practice's billing staff are not diligently following-up either with insurance companies, clearing houses or staff's internal workflows, then earned revenue could be left on the table by the...
A/R reports reveal more than just a practice's outstanding charge detail. You can utilize A/R reports to identify possible problems in your revenue cycle. Why do you have high volumes in your A/R Reports? High A/R could indicate a number of issues with your billing processes. A...