April 2008
Expensive Information Gap
Ignoring pension plan details recently cost one physician plenty. A U.S.
District Court assessed a civil penalty of $179,960 against a doctor who
failed to provide pension plan information and documents to a former
practice associate. The penalty amounted to $110 for each day the documents
were not provided. According to the court, the physician ignored his
fiduciary duties under ERISA, failed to maintain the required records and
bond and erroneously informed his associate that she had no vested account
balance in the practice's retirement plan. Don't let this happen to you. Somerset professionals can review
your plan design as it relates to administrative practices to ensure it is
being administered properly and complies with governmental rules and
regulations. Please
contact us if you would like to discuss our employee benefit plan
compliance review services.
How Well Is Your Physician Network Performing?
The Somerset Health Care Team invites you to take our
online Performance Survey to determine how well your Physician Network is
doing. Network development and growth is a major trend in health care;
however, many organizations are not adequately prepared to benchmark their
performance. The experienced consultants at Somerset have developed a tool
that allows you to evaluate how you're performing in the following key
assessment areas: Market, Internal, Recruitment, Contracting, Operations,
Financial and Accreditation. Please take a few minutes to
complete the survey. Once submitted, it will immediately provide you
with a score. Feel free to forward this to others that may be interested.
We're passionate about your success.
Medicare Trends Since RBRVS
We recently compiled
information to show trends in the Medicare Physician Fee Schedule since
RBRVS was implemented in 1992.
Click here for an illustration that is based on a common orthopaedic
procedure (total hip replacement) and tells the story that many practices
are dealing with every day.
Physicians' Pay Lagging Inflation
According to the
Medical Group Management
Association's Physician Compensation and Production Survey: 2007 Report
Based on 2006 Data, the median annual compensation for primary care
physicians increased by 2% to $171,519 and for other specialists by 1.7% to
$322,259. During the same period, the inflation rate was 3.2%.
Allscripts and Misys
Healthcare Announce Merger
On March 18, Allscripts and Misys
Healthcare released a statement that they have signed a definitive merger
agreement. The combined company will have a client base of approximately
150,000 U.S. physicians and 700 hospitals.
Click here for their full
press release.
Somerset Health Care Team News
Under
Construction. Nebraska Professional Center is currently under construction in
Omaha, Nebraska. It will be a 120,778 square foot facility scheduled to open
in early 2009. It will house Nebraska Spine Center, other medical, an imaging center, physical therapy, research offices
and mixed-use space. Somerset
is providing entity formation, capital and finance sourcing and construction
oversight and liaison services. If you are considering renovation or
development of "owned" medical office space or a surgery center, Somerset
can provide real value to your practice. To explore how we can work
together, please contact
Steve Dobias at 317-472-2190 or 800-469-7206.
RBMA Radiology Summit. Jeff Boomershine and David Wolfe will be attending the 2008 Radiology Summit in Las Vegas, NV from May 4 to 7. Please visit us at Booth 614 in the exhibit hall.
IMGMA Spring Conference &
Vendor Show. Somerset CPAs is a Gold Sponsor of the
Indiana Medical Group
Management Association.
Regina Elkins of our Health
Care Team will be presenting "Revenue Cycle Performance - Managing for
Maximum Performance" on Thursday, May 22 at the Spring Conference &
Vendor Show in Bloomington, IN. Several other members of our
Health Care Team will be there as well. Please visit us at Booth 37.
IMGMA Salary & Benefits Survey. We have launched the Annual IMGMA Salary & Benefits Survey for participation. IMGMA members should visit the Surveys page of our web site to participate now through May 31. If you have any questions, please contact us.
American Society for Therapeutic Radiology and Oncology 50th Annual Meeting. This conference is being held in Boston, MA from September 21 to 25. If you are attending, please stop by to speak with Jeff Boomershine and David Wolfe at Booth 1129.
Annual MGMA Conference. Cathy Weaver will be speaking at the annual Medical Group Management Association conference in San Diego, CA. Her presentation will be on October 21, and the topic is "High Deductible Health Plans and Health Savings Accounts: How to Understand and Manage These Emerging Products That Have Patients and Providers Mutually-Mystified."
Health Care Commentaries is provided by Somerset’s Health Care Team for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact a member of our Health Care Team. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
http://healthcare.somersetcpas.com