Pay Attention to Details when Selling Your Practice.

The healthcare industry is in a state of confusion and has been for the past 15 years. Physicians are faced with dwindling reimbursement rates, demanding administrative tasks, and changing federal and local rules and regulations. On the flip side, hospitals and healthcare networks are interested in pur- chasing physician practices.

Compliance Challenges Facing Healthcare Providers in 2016.

It is time to add risk analysis and risk management to your policies and procedures manuals to comply with the HIPAA Security Rules. CMS is very serious about protecting patients' health information. There is no doubt that complying just with HIPAA security is a complex undertaking, because the rules themselves have multiple elements.

Physician Challenges in 2015.

While the influx of new patients resulting from the ACA will increase the number of people receiving healthcare, the regulations associated with it will add to physicians' administrative duties, as will government regulations associated with HIPAA and Meaningful Use. Further stress will come from the demands of both payers and patients, requiring doctors to walk a fine line to protect themselves from litigation. Technology also will play an increasing role.

Concierge Medicine: is it becoming mainstream? Part II. Steps to developing a concierge practice.

Review your current practice, patient load and demographics, revenue, and insurance processing procedures. Work with an expert to develop a business plan of a direct-pay practice, and compare the expected patient load and demographics and revenue to that of your current practice. Will a direct-pay/concierge practice: Increase your revenue/decrease your expenses? Offer your patients better healthcare by taking decisions out of the hands of the insurance company? Provide your patients easier access to you and your staff? Maintain or attract a sufficient number of patients? Offer you more career satisfaction? Any change can be daunting, but many times, the results are well worth the challenges.

You've been served!

Regardless of how difficult this process may be, you want the plaintiff's attorney to believe that you are a formidable opponent. You want the attorney to know that you will give the jury an impression of a competent, caring physician who practiced within the standard of care and did everything possible to provide appropriate care for the patient. Smart attorneys will factor this into the chances of winning a verdict, and following a strong physician performance in a deposition, will often drop the case.

You must have financial office policies in place to maximize your profits: Part II.

Cost management is a vital and critical process in every practice's survival and must be incorporated into your daily operations with full participation and compliance by each and every one of your staff. Your physicians must have a complete understanding of the components of the cost management process and their contributions to it. Without a detailed planning process in place, you may not be able to meet the financial obligations of your practice and cover your costs.