Finance

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.

Effectively controlling costs in a medical practice essentially means controlling personnel costs.

Even if you choose not to implement a full EHR right now, you can take a big step toward digitizing your practice.

We just entered the fifth month of the new, post-federal health reform world and just in case you had any concerns, the White House is here to remind you to relax, take a deep breath and get ready to change nearly everything about the way you practice medicine.In the current issue of the Annals of Internal Medicine, Nancy-Ann DeParle, director of the White House Office of Health Reform, and two medical colleagues have authored a tome on the “opportunities and challenges” presented by the Affordable Care Act , passed on March 23.

If you’re confused about the federal incentives to buy an EHR and what meaningful use means, you're not alone. We have the answers in our 2010 Technology Survey.

Advance preparation is your key to successfully managing the ICD-10 conversion. Here’s what your practice needs to know and do to get ready.

Here’s how to skip the drama and hire right the next time at your medical practice.

Patients must be educated about the purpose of the medical home and the need for care coordination.

As more doctors go to work for hospitals, more of their colleagues are thinking about giving up private practice. But is this the only way to go-and will it help fix the healthcare mess or make it worse?

If you can't verify a patient's insurance, their signature on this form shows they know they are responsible for payment.

CMS has released its proposed changes. Not sure how it will impact you? Have a gander at this. It'll give you what you need to prepare. We took it straight from the horse's mouth, straight from the proposed regulations.

Follow our flowchart to find ways to improve your collections. A great companion to our Accounts Receivable Key Indicators calculator. If your results there are lower than you like, this flowchart will help you improve.

Medicare denies claims for 26 percent of all services submitted. More distressing -- 40 percent of those services are never resubmitted for payment by providers. Talk about missed opportunities! Customize this form letter -- and the ones below -- to appeal claims denied, no matter who the payer is. Use this letter to show payers that the claims you are sending are not dups, but corrections.

This is similar to the general notice above, but is specifically for laboratory work. Again, this form comes directly from the Center for Medicare and Medicaid Services. Access its Web site for more information.

Compare your denial rate from Medicare to national averages for your specialty by total amount denied, number of services denied, or percent of services denied. Data from the Centers for Medicare and Medicaid Services.

Manage your denials from insurance companies by tracking them in this worksheet. Track the denials according to the functional area to identify opportunities for improvement. By tracking and monitoring denials, you can fix the problem and prevent denials in the first place.

This simple work sheet will let you compare your payers' reimbursement for specific procedure with your costs for each procedure. If you're spending more to provide a service than you're making for it, then it's time to address the problem.

Use this easy calculator to find out which of your payers are worth your efforts. By comparing the percentage of revenue to the percentage of patient encounters for each of your payers, you can tell at a glance which plans are the poor performers.