Finance

Today's practice managers must plan proactively for the new year - finding new ways to cut costs and improve efficiencies.

When patients demur over paying for care, don't be a soft touch - there are things you can do to collect

Consultant Greg Mertz feels there is a robust future for private practice, even though practice models will have to change.

A staggering 40 percent of physicians say they plan to leave patient care within the next three years, according to a recent poll by the Physicians Foundation. That spells big trouble for healthcare reform and for medicine in general. If even half of that number of doctors retire, find administrative positions, or leave healthcare entirely, we’re going to have medical assistants taking care of patients and the remaining doctors tearing out their hair in frustration.

Medical coding guidance on prevention planning; the ICD-10 transition; ABN advice; and more.

While the ACO concept gained momentum as a result of the healthcare reform legislation, the idea is nothing new. The Clinton health initiative included similar networks of providers, Accountable Health Partnerships, a proposal that went nowhere. So why should we worry about the current ACO model?

Hospitals need not control ACOs. There are clinically integrated IPAs and PHOs that could easily become ACOs, and 50 to 75 other physician-led organizations are on the same path. Among these entities is the Beacon IPA of Manhasset, NY. Formed last summer, the IPA already has about 200 physician members, and the IPA’s long-term goal is to become clinically integrated and ready for whatever healthcare reform brings, including ACOs.

At the American Medical Association's recent policy-making meeting in San Diego, the association weighed in on the structure of accountable care organizations (ACOs) and professionalism when utilizing social media.

The cost of staffing can consume as much as 30 percent of operating expenses for a medical practice. However, don't be tempted to cut staff. Instead, invest in your staff so you get and keep highly motivated, productive people on your team.

The AMA’s new policy on accountable care organizations (ACO) will undoubtedly please many physicians, but it doesn’t recognize the reality of the market or of healthcare reform. Once again, it shows how unprepared the leaders of medicine - and many of their followers - are for the massive changes that lie just ahead.

In a recent interview with Physicians Practice, American Medical Association President Cecil B. Wilson puts aside the notion that the group is no longer relevant and when asked if it still represents the majority of U.S. physicians, adds a confident "You betcha."

The deadline for conversion from the present electronic claims transaction standard to Version 5010 is fast approaching. Make sure both your practice and systems vendor are ready for the change.

Medical practices face two significant deadlines that require planning and testing in 2011. The first is the new 5010 electronic claims transmission standard, the second ICD-10.

Doctors will continue to duke it out over reimbursement while pushing for a larger pot that will fund quality incentives. The problem is, the money available to pay physicians isn’t going to keep growing because we can’t afford to keeping paying more for healthcare. So physicians must accept the hard reality that they have hit their limit and will likely see reimbursement shrink in coming years.

According to our 2010 Physician Compensation Survey, group size can be a big factor in how much you earn. Find out how your income stacks up to that of your peers.

Litigation can cost time, money, and even reputations for healthcare providers and their partners. At this year's MGMA annual conference, Michelle M. Skipper of the American Arbitration Association pointed out another solution: alternative dispute resolution.

Thinking of selling your practice and getting a job with a hospital? Here's some advice for doing it right from experts who negotiate the deals.

Healthcare reform has passed, and many provisions are being implemented. But future milestones in the legislation are still very much up in the air. So what should you be doing now? And what will happen to the reform after the November elections? Two MGMA experts offer some guidance.

Panelists from the "Perspectives on Healthcare Reform" general session at MGMA 2010 discuss their concerns about the Affordable Care Act, accountable care organizations, and the Medicare sustained growth rate (SGR) formula.

I’ve found the most important factor in deciding between in-house or outsourced billing to be that of your management style.

A new Institute of Medicine report on the future of nursing - and the AMA’s response to it - has raised the doctor-nurse turf battle to a new level of acrimony. It’s time for this unproductive debate to end. Instead of talking past each other, physicians and nurses ought to recognize that medicine is entering a new era that will require an unprecedented amount of cooperation among all healthcare professionals.

Here are some simple things you can do to help boost your revenue.

A new report has discovered the "crucial element" to achieve effective, affordable care for Americans in the new world created by health reform: nurses.

Although the primary purpose of our profession is to help heal and maintain the health of our patients, we are still business owners with salaries, taxes, and operating expenses to pay. This often means that we have to find ways to generate additional revenue, which raises the question, “Will offering ancillary services improve the profits in my practice?” They very well could.

Chances are you are going to get audited in the next few years. But don’t panic - use our audit guide to get your practice prepared instead.