Financial Management

Changing Your Medical Practice’s Bottom Line

The answer to changing your medical practice’s bottom line should be obvious… increase revenue and decrease expenses; however, this can be easier said than done.   This article addresses a few examples regarding increasing revenue and decreasing expenses. According to a Healthcare Finance News survey conducted...

Penny-Wise, Pound-Foolish

Most physician practice leaders are cost conscious.   Many practice administrators, and sometimes other key personnel, are rewarded with bonuses or other incentives based on their cost effectiveness.  The basic accounting formula is:   Revenue – Expenses = Net Income So, if physicians reduce expenses, the result...

Are Coding and Billing Mistakes Hurting your Medical Practice?

In today’s healthcare environment, it is imperative to ensure your medical practice performs their billing and coding function at the highest level possible.  In many cases, billing and coding mistakes can cause revenue to decrease; however, the mistakes could also result in overpayments. Either way,...

Holy MACRAoni!

Sadly, this article is not about the best macaroni and cheese recipe.  The Medicare Access and CHIP Reauthorization Act (MACRA) of 2015 will soon change the payment methodology for medical practices.  MACRA’s first performance year starts January 2017.  Hopefully you have already started reading about...

Are Narrow Networks Driving You and Your Staff Crazy?

We hear this comment often from medical practice executives… My practice has participated with ABC insurance plan for years, and our original participation agreement states that we can (or will) be added to other new ABC insurance plans in the future.  Then, why is it...

The Importance of a Coding Review

You may recall our blog titled “The Advantages of Medical Coding Compliance” from June 17, 2015, and we want to remind everyone that having an active compliance program is key to avoiding financial penalties, and possible exclusion from the Medicare program, for fraudulent billing and...

Measuring Your Medical Practice’s Success

We are at mid-year, and it is time to review your medical practice’s performance.  Many practice management systems have robust reporting packages to determine key performance indicators, which makes the Practice Manager’s job easier to measure the medical practice’s success.   What key performance indicators...

Are you ready for MACRA changes?

The Medicare Access and Chip Reauthorization Act (MACRA) of 2015 was instrumental in eliminating the Sustainable Growth Rate (SGR) that was tied to Medicare Part B provider reimbursement for years. The good news is that through 2019, Medicare Part B payments will increase by .5%...

Billing for Additional Complaints During the Preventive Examination

Are you leaving money on the exam table? Many providers are performing additional services at the patient’s request during the preventive examination, and not taking credit for their work. While expenses continue to rise in running a medical practice, the practice manager should ensure the providers...