The Mystery Of Doctor Credentialing
Doctor credentialing is the process by which a third party evaluates the history, qualifications, experience, and ongoing education of a practicing physician or healthcare professional. Credentialing allows insurance companies and patients to ascertain the quality of care they can expect to receive from the doctor in question. It also protects patients by verifying any malpractice […]
How to Prepare a Cash Flow Analysis
It’s been said that cash is king, and that couldn’t be more true than when it comes to running a medical practice. An accurate cash flow analysis will help you determine how much inflow, or cash, is needed to balance your outflow, or the expenses of running your practice. A cash flow analysis looks at […]
Private Practice vs Hospital
Today, more healthcare practitioners than ever before are working as employees in a hospital setting. Working in a hospital provides a lot of benefits that cannot be found in private practice: Salaries are virtually guaranteed Physicians are not responsible for daily operations, administrative tasks, billing, or human resources. Incomes can be significantly higher than what […]
The Mystery Of Medical Transcription
Medical transcription is an integral part of the healthcare industry, and an important element of any growing medical practice. Medical transcription was created to help doctors see more patients. Instead of spending hours taking notes and filling out medical records, doctors can simply record their notes verbally into a digital recorder. Once they are finished […]
In-House Human Resources vs Outsourced
Your growing medical practice needs a Human Resources Department to manage important areas of your business such as hiring, payroll, benefits, and interpersonal company relationships The decision to outsource your HR needs or hire a dedicated, in-house HR professional isn’t easy –both options have their advantages and disadvantages. An in-house HR department will be intimately […]
Long-Term Care Insurance
Long-term care insurance covers the cost of long-term healthcare needs for you, your family, and your employees
HIPAA & OIG Compliance Plans
Both OIG and HIPAA offer downloadable compliance forms on their respective websites in order to help healthcare professionals develop and monitor internal adherence to the required guidelines. But reviewing compliance requirements is not enough. In order to maintain HIPAA and OIG compliancy, your practice must create a comprehensive plan that includes the following action steps: […]
Life Insurance
Life insurance is not just one more expense to add to the many expenses of running your own medical practice. It’s also not just a way to protect your family in the event of your passing. Instead, life insurance has recently become a financially sound way to protect your assets. In other words, life insurance […]
Promotions
There are many different ways to promote your medical practice without breaking your marketing budget. Start with a welcome kit for new patients. Your kit could include discounts on follow-up visits, coupons to local vendors in your neighborhood, magnets and pens with your practice’s name and address, or incentives for referring a friend. Next, promote […]