Medical Economics convened a panel of experts to discuss the things you can control to strengthen your medical practice to withstand factors beyond your control. We share their advice related to operations, practice valuation, front office matters, and accounting and finances.
Many things that affect your medical practice are beyond your control. Healthcare reform mandates. Medicaid eligibility rule changes. Tax increases. General economic conditions. The list goes on.
Another example of this reality is the roller coaster related to Medicare reimbursement that you and your fellow physicians rode-again-earlier this year. In June, a potential 21.3% cut turned into a 2.2% increase through November 30, but not before you endured 2 ½ weeks during which Medicare contractors, at the request of the Centers for Medicare and Medicaid Services, delayed processing claims at the reduced rate while Congress debated a solution-and another week during which contractors paid claims at the lower rate while a Senate-approved measure awaited House of Representatives approval and President Obama's signature.
It was in this environment of uncertainty that Medical Economics convened a panel of experts at the recent annual meeting of the National Society of Certified Healthcare Business Consultants. The experts came together to discuss the things you can control to strengthen your practice to withstand factors beyond your control. In this special section, we share their advice related to operations, practice valuation, front office matters, and accounting and finances.