Practice Finance

Independent physician practices can start increasing their cash flow and reducing their bad debt immediately-and they don’t need fancy software or renegotiated reimbursement agreements to do it. All they need is to have some simple systems in place.

What role should physicians play in discussing the financial impact of treatment decisions, and how can they better manage these conversations?

Your biggest risk and greatest exposure as a physician is in the area of professional services. But liability also can arise when it comes to the business side of a medical practice, however, and it is in this area where other types of coverage become highly important.

Even the most experienced physicians and practice managers face a daunting dilemma on the financial front: Should they handle billing and collections internally or hand over these tasks to an external vendor? There are strategies that physicians can use to evaluate potential vendors and make the best decision for their practice.

Why upgrading the workflows of your front desk, clinical practice and administrative functions are necessary to improve efficiency and gain time

With the addition of EHRs and patient portals, many practices today are better positioned to incorporate modern processes and procedures to manage their accounts receivables more effectively, particularly by improving collections from patients.

It shouldn’t be surprising that, in this constantly changing ecosystem, more practices are struggling to maintain financial homeostasis.

Knowing which CPT code to use for an evaluation and management visit can boost your revenue and help avoid audits

Opportunities and strategies for billing non-face-to-face encounters

A well-structured strategic business planning process can help your practice in both the short and the long term

Efficient patient flow can increase revenues and boost patient satisfaction

Five-year trends in malpractice premiums broken out by a variety of categories

Physicians not participating in meaningful use, PQRS should prepare for financial hits.

How physicians can optimize their investment behaviors and make sound, long-term decisions.

Taxes intended to pay for the Affordable Care Act impact physicians, practice owners and employees alike.

Physicians must have a solid plan in place to deal with taxes and retirement.

Financial planners are not required to meet certain standards before dispensing advice. Here are five tips physicians should know.

How will 2014 tax law changes impact physicians' finances this year and beyond?

These strategies are easily implemented but commonly overlooked ways to manage and reduce your tax liability.

You don’t have to be a business whiz to make and keep your practice profitable. Focusing on just a few high-impact areas can make the difference between a flourishing enterprise and financial problems.

Outsourcing revenue cycle management can ease strain on practices, but physicians must study the details before signing a contract.

The decision to sell a practice is a major one, and physicians must consider many factors carefully before signing on the dotted line.

A Medical Economics survey found nearly one-third of physicians earn a secondary income. Here's why more physicians are taking jobs outside of their practice.

Where finances prevent a patient from receiving medical attention, physicians may be tempted to provide the required funds directly to the patient or by waiving the patient’s cost-sharing obligations.

A tax lawyer was challenged by the IRS on the way he was taking advantage of the IRA Rollover Rules. He lost, and now the rules have been modified for all of us.

A doctor writes about why his patients come to him, even though he doesn't accept payments from insurers.

A large number of physicians are facing retirement soon, yet few have a plan in place to transition out. Before selling your practice, take these steps to maximize its value.

Thinking about the fine details and nuances of what will outlive us and be passed on to heirs can prove daunting even for the most pragmatic of physicians. Nevertheless, ignoring it is a mistake.