Practice Finance

You don’t have to be a business whiz to make and keep your practice profitable. Focusing on just a few high-impact areas can make the difference between a flourishing enterprise and financial problems.

Outsourcing revenue cycle management can ease strain on practices, but physicians must study the details before signing a contract.

The decision to sell a practice is a major one, and physicians must consider many factors carefully before signing on the dotted line.

A Medical Economics survey found nearly one-third of physicians earn a secondary income. Here's why more physicians are taking jobs outside of their practice.

Where finances prevent a patient from receiving medical attention, physicians may be tempted to provide the required funds directly to the patient or by waiving the patient’s cost-sharing obligations.

A tax lawyer was challenged by the IRS on the way he was taking advantage of the IRA Rollover Rules. He lost, and now the rules have been modified for all of us.

A doctor writes about why his patients come to him, even though he doesn't accept payments from insurers.

A large number of physicians are facing retirement soon, yet few have a plan in place to transition out. Before selling your practice, take these steps to maximize its value.

Thinking about the fine details and nuances of what will outlive us and be passed on to heirs can prove daunting even for the most pragmatic of physicians. Nevertheless, ignoring it is a mistake.

Using current technology brings efficiency, reduces some of the control risks related to cash and checks, and helps keep the patient responsibility portion of your accounts receivable in check. Consider these three functions in your practice.

Private physicians and hospitals could be treating more veterans in the near future, as the U.S. Department of Veterans Affairs is working to alleviate its overburdened healthcare system amid reports of mismanagement that has led to backlogged treatment.

Real estate costs are one of the highest fixed expenses for most medical practices, but careful negotiating can transform rented office space into an asset.

Individual Retirement Accounts and retirement plan distributions have complicated rules that must be closely followed by physicians hoping to pass on wealth to their heirs. Here's what physicians need to know.

With claim denial rates expected to rise in coming years, here are some of the most common reasons for non-payment and suggestions for ways to capture revenue for your practice.

Many physicians have medical student loans of $180,000 or more, and are interested in finding ways to eliminate this debt through forgiveness. Here's what you need to know.

A reader writes that he has seen no financial benefit from adopting electronic health records in his practice.

The revenue cycle model for a medical practice is more complex than many other businesses, and a line of credit can be a lifesaver for a practice dealing with operational disruptions.

Incident-to billing is a way of billing outpatient services provided by a non-physician practitioner, but it can be confusing. Here's what you need to know.

Facing shrinking reimbursement rates and a growing list of administrative tasks, many primary care physicians are exploring alternative practice options, including direct-pay models.

The nation’s physicians contribute a lot more than health and wellness to their communities-their activity generates $1.6 trillion for the national economy, according to the American Medical Association.

How can physician investors guard against overreacting to large swings in the stock market? Here are strategies to setting asset allocation and rebalancing your portfolio.

Physician employment contracts with hospitals or healthcare systems can be unpredictable. Physician must look closely at compensation, impacts of new payment models, termination clauses, and restrictive covenants.

K.J. Lee, MD, writes to clarify his proposal for a payment system that would reward physicians for improving patients' outcomes.

In the near future, patients will cover more of their healthcare bills as deductibles increase along with access to insurance. It could mean a financial hit if the challenges presented by the trend toward high-deductible health plans are not handled properly by medical practices.

Hiring your family at your medical practice can lower your tax burden and help them with their retirement planning.