Finance
THe personal finance site WalletHub has named South Dakota the 9th best state for healthcare.
Starting up a new health care clinic from scratch, Dr. Megan and Richard Dillman knew they would face some challenges, with a new construction project, new patients, new staff and new processes. One thing they didn’t have to worry about, though, was trusting their financial partner.
Preventing revenue leakage that can result from inaccurate codes, charge capture issues, improper chargemaster set-up all are contributing factors to rejected claims and opportunities for lost revenue. Many are realizing that costly rework from returned or rejected claims can be minimized with the implementation of a revenue integrity program.
Physicians Thrive is pleased to announce the 2022 Physician Compensation Report is now available for download.
Breakdown of how to follow “Uniform Guidance for Procurement in Your Healthcare Organization”
With the announcement of the economic stimulus plan in 2021, the federal government also outlined several tax changes that could affect individuals in high income brackets.
For people who are serious about achieving their financial goals, there often comes a point in their financial journey when they find they need some outside help.
The COVID-19 pandemic has created many new challenges for hospitals to manage and exacerbated existing complexities. A few examples are: Regulatory compliance, Telemedicine and telehealth, New competition, Revenue and receivables, Financial reporting, Higher deductible plans, Cancelled or deferred services, COVID-related expenses.
Tax time can be a stressful and complicated time for people with highly diversified financial portfolios. The greater variety of financial interests a person has - from owning an interest in a medical practice, family business, vacation home, rental property, farmland, stocks, art, gold, and more - the more complex things can be.
The winter months are soon approaching so time spent inside will be increasing. Here are some potential upgrades to your home that may make your time inside more enjoyable.
Have you been thinking about investing in real estate? Many people today work for money, but the smart ones, let their money work for them. That is what investing in real estate does for you: You take the money you have today, invest it, and allow it to create a nest egg over time. So, when the time comes that you no longer want to work, you have money to fall back on.
In keeping with our annual tradition, we have dedicated the next few pages to some of the year’s top stories. Many of this year’s MED cover stories have been all about growth and expansion. Sanford opened a new breast center, Avera expanded its transplant program, LifeScape introduced new options for autism, and Brookings welcomed patients to its renovated hospital. We also looked at the ways in which institutions across the region are working to manage their growth safely, efficiently, and cost effectively with help from telemedicine, hospitalists, and foreign-born providers. Is there someone or something you would like to see on the cover of MED in 2018? Send your ideas to Alex@ MidwestMedicalEdition.com.
As you are aware, out of pocket expenses for patients have increased in the last few years. This fact has prompted many providers to revisit the issue of whether they should charge patients interest or late payment fees after a balance becomes past due. Money collected from these accrued finance charges is often used to offset costs that a practice will incur in its attempts to collect balances owed. Such costs include additional statements, staffing for collections calls, and/or external collections agency fees which are increasing, because of new and additional governmental regulation.
The lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people 65 and older.*
As many of us have been hearing in the news lately, there is a shortage of houses to pick from in almost all regions of the country, including the Sioux Falls area. In many price ranges, not only is there a shortage of properties to choose from, but those same properties are often seeing multiple offers. It’s also not unusual to see offers coming in higher than the listing price.
Employee benefits are a popular topic today. This is because in today’s job market, more employees are beginning to place value on employer-provided benefits. Salary is no longer the only determining factor when an applicant accepts or declines a job offer. Employees are increasingly interested in what else the employer has to offer, such as life, health, disability and retirement benefits.
It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?
Sometimes the best solutions are so elementary, we overlook the obvious. In a recent study performed by the accounting software, Freshbooks, this was indeed the case. It was not only what was stated on invoices, but how it was stated that prompted payments. According to the study, a simple thank you at the end of an invoice increased both the percent of invoices paid as well as the speed at which payments were completed.
Have you thought about what will happen to your business when your partner dies? If no other arrangements have been made, the partnership will no longer exist as a legal business organization except for the purpose of winding up its affairs.
As the New Year approaches, many people will find themselves contemplating the successes and challenges of the past year. However, many people will fail to consider one important detail – how the past year’s events might have impacted their estate plan.
Taxes can take a big bite out of your total investment returns, so it's helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn't be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of the investment. The below article from Broadridge Investor Communication Solutions Inc. and Thrivent Financial offers options for tax-advantaged savings vehicles.
Are you suddenly on your own or forced to assume greater responsibility for your financial future? Unsure about whether you're on the right track with your savings and investments? Finding yourself with new responsibilities, such as the care of a child or an aging parent? Or maybe you simply feel your assets could be invested or protected better than they are now.
Very few physicians put themselves through med school, complete their residencies, and build a practice because they are passionate about managing their finances. While advancing into a new, more lucrative phase of one’s career can be exciting, it is important to keep in mind that greater levels of financial prosperity bring equally great levels of financial complexity.
On November 13, 2015, the Centers for Medicare and Medicaid (CMS) published the final rule, “Short Inpatient Hospital Stays,” included in the 2016 Hospital Outpatient Prospective Payment System and Ambulatory Surgical Center Payment System rule (80 FR 70297), (the “OPPS Final Rule for 2016”).
Investing for retirement often takes patience, prudence and a long-term approach. The below information from Broadridge Investor Communications Solutions Inc. and Thrivent Financial detail some easy steps you can take.
Sioux Falls Specialty Hospital, Brown Clinic in Watertown, and the Yankton Medical Clinic are now part of a Medicare Accountable Care Organization (ACO), a national initiative of CMS designed to manage healthcare costs and quality. They are among 121 new participating oragnizations across the country announced in January.
Physicians have long played an important role in the development and use of medical devices and new pharmaceuticals. For many years the financial role that physicians had with medical manufacturers was kept behind the scenes. However, in 2010, as part of the Affordable Care Act (ACA), the Physician Payments Sunshine Act (“Sunshine Act”) was enacted into law. Under this provision of the ACA, medical product manufacturers became required to disclose to the Centers for Medicare and Medicaid Services (CMS) any payments or other transfers of value made to physicians or teaching hospitals. The Sunshine Act also requires certain manufacturers and group purchasing organizations (GPOs) to disclose any physician ownership or investment interests held in those companies. The data collected by CMS will be published annually in a publicly-searchable database.
The high cost of healthcare has led to the onset of employers offering their employees high deductible health plans (HDHPs). While the shift to these plans offers cost savings to employers, these costs have to go somewhere and they are mostly being shifted to the patient. In 2003, a patient’s average deductible was $250.00, while in 2014, this average was over $1000.00!
The concerns regarding any decrease in the federal estate and gift tax exemptions were alleviated with the passage of the Taxpayer Relief Act of 2012 (ATRA) which was signed into law on January 2nd of this year. Although the tax rates for those whose estates are higher for those with estates greater than five million dollars, the estate tax is now permanent, right? If so, why are estate planning attorneys still urging their wealthy clients, including those with estates of less than five million dollars, to estate plan without further procrastination. What are their concerns and is it important enough to heed their advice?