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Healthcare - Physician Articles

Healthcare – Physician Articles

Fending Off Fraud with Good Internal Controls

Fending Off Fraud with Good Internal Controls

Physicians trying to create and maintain a successful medical practice are engaged in a constant battle against inefficiency and waste. But they might not realize they’re also in a battle to prevent and catch fraud perpetrated by their employees. As a...

Three Keys to Providing Terrific Patient Service

Three Keys to Providing Terrific Patient Service

One of the cornerstones of a successful medical practice is terrific patient service. In a nonmedical context, you would call it “customer service,” but patient service needs to go beyond simply fulfilling a patient’s demands. Here are three keys to...

Don’t Get Taken Hostage

Don’t Get Taken Hostage

8 Tips for Preventing, or Responding to, a Ransomware Attack Ransomware is a particularly malicious type of illegal software. Hackers use it to essentially kidnap a computer system and then demand that the system’s owner pay a ransom, often in digital...

Enhancing Practice Success With a Board of Directors

Enhancing Practice Success With a Board of Directors

Physicians have all they can do to focus on providing excellent care to patients while maintaining practice profitability. But to really achieve a thriving medical practice, physicians may require the assistance of a governing board of directors to help...

Five Ways to Improve Practice Efficiency

Five Ways to Improve Practice Efficiency

The area of work efficiency is rife with adages such as “work smarter, not harder” and “arrive early, leave late.” And while certainly meaning well, these sayings are pretty vague. Here are five specific ways you can improve the efficiency of your medical practice:...

Be a Flexible but Firm Employer

Be a Flexible but Firm Employer

In any business, staff members need the flexibility to take time off from work — whether for sick days, personal days or vacations. Some medical practices take a fairly casual approach, while others have more formal time-off policies. Whatever your current method,...

What Can You Do About The Opioid Crisis?

What Can You Do About The Opioid Crisis?

According to the Centers for Disease Control and Prevention (CDC), about 130 people die every day in the United States from opioid overdoses. As these numbers continue to rise, the situation has gone from being a problem to becoming a full-blown crisis.The...

How To Avoid HIPAA-Related Data Breaches

How To Avoid HIPAA-Related Data Breaches

Data breaches are as prevalent as ever, with news of large-scale breaches such as Facebook and insurance company Anthem — which recently paid out $16 million over a 2015 data breach — popping up on the news nearly every week. Medical practices, though not...

Ready to Sell Your Medical Practice and Retire?

Ready to Sell Your Medical Practice and Retire?

by Jay Wikum, CPA, Partner | A physician looking for help in developing a plan sell their practice and retire is a common call we receive at our office.  Unfortunately, in many cases, the physician’s expectations are not realistic – both in value they hope...

Mitigate Risk With Insurance Coverage

Mitigate Risk With Insurance Coverage

Malpractice insurance is obviously a must for every medical practice — but it might not cover every potential issue that could arise. It’s important for physicians to understand the various types of insurance available, whether medical or business-related,...

Head Off Problematic Physician Behavior at the Pass

Head Off Problematic Physician Behavior at the Pass

Of the issues and problems that can arise in a medical practice, disruptive behavior on the part of a physician is one of the most difficult to address. Such behavior may involve failure to attend meetings or being late for work — and may even extend to...

How to Create a Fair Wage Structure for Your Medical Practice

How to Create a Fair Wage Structure for Your Medical Practice

Your wage structure can vary widely depending on whether your practice is new, with freshly hired staff, or is older, with staff that have been with the practice for many years. For instance, you may find your office in the awkward position of having a...

The Art and Science of Patient Scheduling

The Art and Science of Patient Scheduling

Good patient scheduling is both an art and a science. How do physicians determine the right amount of time to devote to each patient while limiting wait time? Obviously, efficiency is a goal — but not at the expense of caring for patients. It’s important...

The Ins and Outs of Health Insurance

The Ins and Outs of Health Insurance

Handling High-Deductible PlansWe are in an era of high-deductible health plans. According to U.S. News & World Report, the number of uninsured adults in the U.S. stayed steady in 2017 at about 13%, while the number of people with high-deductible plans...

The Pros and Cons of Offering Ancillary Services

The Pros and Cons of Offering Ancillary Services

Pulse Check - Summer 2018 | Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing,...

Navigating a Shifting Landscape in Medical Practices

Navigating a Shifting Landscape in Medical Practices

Pulse Check - Summer 2018 |  Solutions to Top Practice Management ChallengesEvery medical practice faces ongoing challenges in maintaining a successful bottom line. And new challenges crop up whenever Medicare and Medicaid policy, or the economy, changes....

Do You Want a Dynamic Medical Practice?

Do You Want a Dynamic Medical Practice?

Pulse Check - Summer 2018 | Choose and Use the Right Key Performance IndicatorsManagement expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to...

A Good Fit

A Good Fit

Making the Right Staffing Decisions for Your PracticeA medical practice’s success depends on far more than excellent physician services — though, of course, those are key. For your practice to maintain profitability and stay current with the latest...

5 Commonsense Strategies for Preventing Physician Discord

5 Commonsense Strategies for Preventing Physician Discord

Pulse Check - Summer 2018 | Issues and problems can arise in even the best-managed medical practice. When physicians in the same practice disagree about how to handle job responsibilities, administrative issues or other matters, they can sow discord that...

What Are the Elements of a Medical Practice Business Plan?

Physicians typically generate business plans at two junctures in their practice’s development: 1) when they want loans, or 2) when they want start-up capital. In other words, physicians tend not to get serious about a business plan until they need to go to...

How the TCJA Could Affect Physician Practice Owners

Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like...

Accident vs. Intention: Six Ways to Improve Office Protocols

Accident vs. Intention: Six Ways to Improve Office Protocols

All too often, the way things work in a medical practice evolves by accident. Someone decides something should be done a certain way, everyone follows suit and then it becomes standard operating procedure — based on a rationale of “we’ve always done it that way.” But...

Exploring the Ins and Outs of Outsourcing the Billing Function

by Jay Wikum, CPA, CMPE, PartnerPhysician practices wrestle frequently with the decision about whether to outsource their billing processes. It can be hard to balance the pros and cons. What’s good for one practice might not work for another.So, whether...

Preparing to Sell a Medical Practice: 3 Key Steps

by Steve Williams, CPA, Managing PartnerWhether you’re considering selling your medical practice or you’ve already made the decision to do so, here are key steps that can help ensure a successful outcome.1. Practice performance indicatorsSome commonly...

OCBJ article: 8 Steps to a New Physician Compensation Plan

Steve Williams, Managing Partner and head of HMWC CPAs & Business Advisors’ Healthcare practice, published an article in the Orange County Business Journal’s "Healthcare” section in the July 21, 2014 issue. The article entitled "8 Steps to a New Physician...

OCBJ article: 8 Tips to Help Maximize Patient Self-Payment

Steve Williams, Managing Partner and head of HMWC CPAs & Business Advisors’ Healthcare practice, published an article in the Orange County Business Journal’s "Healthcare” section in the January 27, 2014 issue. The article entitled "8 Tips to Help Maximize Patient...

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