Click on the link to access the Fall 2020 Rx for Practice Management newsletter. Articles in this issue include: Lessening the financial impact of the pandemic Nonphysician providers could enhance your practice Get ready for your closeup Embrace telehealth How can you avoid “paralysis” when making key decisions?  

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Many physicians have increased their use of telehealth during the COVID-19 crisis. Clinic visits dropped almost 60% in March and stayed there. In April, the Commonwealth Fund cited that about 30% of outpatient visits occurred remotely. The pandemic has accelerated the use of telehealth, and many physicians are finding it convenient, efficient and liked by…

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In these volatile economic times, adding staff to your medical practice may not be feasible. However, if it is, hiring new staff could help grow the practice by improving patient satisfaction. Although you may not want to bring in new physicians, you might want to consider hiring one or more nonphysician providers (NPPs) to round…

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stethoscpoe medical records

The COVID-19 pandemic has had, and will continue to have, a large economic impact, with high unemployment levels and many closed businesses resulting from this time of uncertainty. The effects are rippling throughout the economy — and being felt by medical practices and hospitals. Many physician practices have experienced a reduction in patient volume as…

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Employee fraud costs industries billions of dollars a year. It’s important to be aware of the potential for misdoings in your healthcare practice, organization or business and take steps to prevent them by closing down opportunities. Ensure that your internal controls are designed to provide maximum protection. What is it? The most common forms of…

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All providers receiving the U.S. Department of Health and Human Services (HHS) Provider Relief Fund (PRF) payments will be required to comply with reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary. Below is a summary of the timeliness of these reporting requirements: The reporting system will…

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Dentists are now eligible to apply to receive funding from the U. S. Department of Health and Human Services (HHS) Provider Relief Fund. Dentists can receive a reimbursement of 2% of their annual reported patient revenue based on their last filed tax return. However, please note that the last day to apply for funding is Monday,…

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Maintaining profitability is a challenge for medical practices in the best of times. When the economy undergoes a sudden and unforeseen downturn, it can be hard for any business, including a physician practice, to stay afloat. What’s worse, you may find coping with economic change even more difficult because of the constantly shifting Medicare, Medicaid…

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Photo of a drawer of files that read "Taxes" and "Refund"

Now that your  tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown away You should keep tax records related to your return for as long as the IRS can audit your return or…

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