HIPAA Compliance Checklists You Need Now to Safeguard Your Medical Practice

Posted by Practice Management Institute on Sep 15, 2019 5:41:22 PM

Is your medical practice following current HIPAA compliance guidelines? Keeping track of current regulations is challenging and time consuming. But disregard for mandatory patient privacy laws can bring costly violations, fines, and penalties if a breach occurs. The following checklists outline important steps that organizations must take to secure Protected Health Information (PHI). Keep these checklists on hand to help keep your practice compliant.

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Topics: Practice management, medical office manager topics, medical office staff, financial management, HIPAA compliance, HIPAA

Medical Office Know-how—5 Ways to Improve Patient Collections

Posted by Practice Management Institute on Sep 4, 2019 5:28:18 PM

With rising costs in today’s medical practice, it’s becoming more important than ever to receive timely payments from patients. With the high costs associated with printing and mailing statements, and lingering late and missing patient payments, it’s enough to send the medical office budget into deficit. Though collecting insurance company payments is the lifeblood of all medical facilities, out-of-pocket patient expenses such as deductibles, copays, and coinsurance amounts can’t be dismissed. They can add up quickly in lost revenue if stricter collection procedures aren’t in place. 

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Topics: Practice management, medical office manager topics, medical practice issues, medical office staff, financial management

10 Ways to Reduce Overhead in the Medical Practice

Posted by Practice Management Institute on Sep 3, 2019 9:26:46 AM

Medical practice overhead is a growing concern for many practices that are looking to thrive and simultaneously maintain quality patient care. In today’s medical practice, overhead is directly related to patient volume, collections, and its general structure. These ongoing administrative and clinical expenses are necessary for the business to function but can have a negative impact on the practice’s revenue.

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Topics: Practice management, medical office manager topics, medical practice issues, financial management

7 Key Steps for Better Budget Planning in the Medical Office

Posted by Practice Management Institute on Jul 17, 2019 12:01:59 PM

Managing the day-to-day finances and budgetary needs of a busy medical office is a huge responsibility. Medical office managers should have formal training in accounting and financial best practices like cost analyses, financial reports, and financial forecasts. Managing the budget is a major undertaking but learning this one skill will set you up for success in other areas of financial management.

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Topics: Practice management, CMOM, medical office manager topics, budget planning, financial management