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Storing Paperwork
How long is it necessary to store encounter forms?
Question: How long is it necessary to store encounter forms?
Answer: The IRS requires that the originating document (for physicians, the encounter form or charge ticket) from which a charge was generated be retained for the audit period. The IRS can examine a tax return and make adjustments within three years from the date of its filing. This period increases to six years if the return contains a very large understatement of income. The period may be indefinite if fraud is suspected. Therefore, some malpractice carriers recommend retaining accounts receivable documents, bank statements, canceled checks, and encounter forms for seven years.
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
