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As you know, medical practicioners are subject to a federal law that makes it a felony to influence the referral of federal health care business, including Medicare and Medicaid.
With the increase in health plans requiring members to pay all or part of their office visits, practices are faced with the challenge of asking patients for full payment. This can be upsetting for the patients and uncomfortable for the staff who deal with them.
Here are eight strategies for improving collections from self-pay patients:
There was once a time when a retiring doctor could easily sell a thriving practice to a hospital or practice management company. These days, many practice management firms are out of business and hospitals are more likely to be selling than buying.
When considering joining or merging with a medical practice, you need to perform a due diligence investigation into the operations of the practice, as well as the finances.
Like any well-run business, a medical practice needs to step back periodically and try to get a bird's-eye view of where it has been and where it is going. A good time to perform such a review is at the end of the calendar year. Go into the meeting with a plan, prepared to focus on three critical areas: corporate, financial and operational planning.
There are nuances in providing valuations for virtually every type of business entity ranging from retail outlets to a manufacturing operation to a personal services firms. But valuations for hospitals and other organizations in the health care field are especially daunting.