October 2008
Getting a
Good Deal on a Practice Sale
The sale of a medical practice is a complex
transaction. If you are considering selling your practice to a hospital,
group or individual physician, careful planning can help you realize the
most favorable outcome. Start your planning by objectively evaluating your
practice’s current financial condition. Recognize that a practice
experiencing poor collections, weak cash flow or low physician productivity
will have limited appeal to a buyer. Since it may be possible to fix such
problems, they should be addressed before you begin a sales effort.
Read more...
Revisiting Your Malpractice Insurance
Coverage
Increased stability in the malpractice insurance market has created
opportunities for controlling the costs of coverage. Your current carrier may be offering attractive savings if you meet the
qualifying conditions. Some possibilities to explore include continuing education,
operational changes, practice developments, premium payments and your
deductible.
Read more...
Medicare 2009 Physician Fee
Schedule Due Soon
The Final Rule for 2009 for the Medicare Physician Fee Schedule is expected
by November 1, 2008. Medicare has not always published the Final Rule before
the annual November 1 target date. The Proposed Rule (published July 7)
contained several provisions that would impact many physician practices
should they be included in the Final Rule. Specifically, CMS has proposed
that any physician office providing diagnostic imaging (including basic
X-ray) would need to enroll as an Independent Diagnostic Testing Facility
(IDTF). This would place additional burden and costs on practices subject to
the IDTF regulations.
Read more...
How to
Control Overtime Expenses
For a busy medical practice, some
time-and-a-half work is generally unavoidable. But minimizing the need for
staff overtime is an achievable goal if you focus on it. Understanding the
reasons for your overtime expense can often lead to better control. For
example, physicians may be extending their workdays to accommodate growing
patient volume. The result may be overtime for medical assistants and staff
who must also stay late. To avoid this expense, you might stagger work
schedules so that some employees start their days later and, therefore, stay
without overtime until office hours end.
Read more...
FTC Will Grant Six-Month
Delay of Enforcement of 'Red Flags' Rule Requiring Creditors and Financial
Institutions to Have Identity Theft Prevention Programs
The Federal Trade Commission will suspend enforcement of the new “Red Flags
Rule” until May 1, 2009, to give creditors and financial institutions
additional time in which to develop and implement written identity theft
prevention programs. While these regulations do not specifically mention
health care providers, they may apply to many entities in the health care
industry that accept deferred payment as the definition of “creditor” is
extremely broad.
Read more...
Somerset Health Care Team News
Eden
Hill Opens. On October 1, 2008, the Board of Eden Hill Medical
Center, Governor Minner of Delaware and
Jack Markell (currently running for Governor of Delaware) cut the ribbon marking the official
opening of Eden Hill Medical Center. A wonderful open house featuring music
by members of the Dover Symphony Orchestra followed (photos to left).
Eden Hill Medical Center is located in Dover, Delaware. It is a
140,000 square foot facility housing
urgent care, laboratory, imaging, plastics, urology, podiatry, pulmonary,
medicine/sleep lab, ophthalmology, primary care, OB/GYN, thoracic surgery,
infusion, pain management, cafe and pharmacy facilities.
Somerset provided entity formation, capital and financing sourcing and construction oversight and liaison services. To discuss Somerset's ASC/MOB development services, please contact Steve Dobias at 317-472-2190 or 800-469-7206. Visit our web site for additional ASC/MOB project information.
Somerset Health Care Executive Breakfast.
We
will host the
first in a series of Executive Roundtable Discussions on
Friday, November 21.
Join us to meet with fellow health care leaders,
industry experts and, most importantly, our clients to
discuss the topics that impact your bottom line. The
November meeting will feature guest speakers from two very successful
practices that have benefited greatly from the services of Medical Present
Value, Inc. MPV's unique combination of technology and consultative services
helps more than 40,000 providers automate the insurance verification
processes, collect patient estimates, recover underpayments and streamline
payer contract negotiations and management.
More details...
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
info@somersetcpas.com