The value of a pension: Three considerations
Many individuals are employed in occupations that come with a pension in retirement. Here, I define pension as an income for life, usually based on years of work and salary. For example, most...
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The secrets of financial flexibility
Physicians frequently travel a different path than other professionals when it comes to finances. In general they start saving much later because of long training requirements, and many start their...
View ArticleHow physicians can prepare for their financial future
We all go through ups and downs in life. There are many things out of our control, but one of the things we can control is how we prepare for the future. It is much easier to weather the storms in...
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7 financial challenges facing physicians in 2016
It shouldn’t be surprising that more and more practices are struggling to maintain financial stability. To stay above the pack, here are seven financial challenges physicians will face in the coming...
View ArticleFinancial strategies: Opportunities in year-end tax planning
Because many physicians face increasing financial pressure, proactive and legal tax minimization planning is more important than ever. Unfortunately, many physicians often ignore this issue until...
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7 indicators to optimize your practice's revenue
Within many physicians practices, there is a relatively untapped resource for optimizing revenue—business operations data. There has never been a better time to dive into this type of data—it can...
View ArticleAre direct-to-consumer ads helpful or harmful?
The flow of direct-to-consumer (DTC) advertising for the latest wonder drugs is constant and seemingly endless. TV, Internet and print ads captivate consumers with tales of medicines that can solve...
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Top 13 tax tips doctors need to know for 2016
For the first 20 years of his private internal medicine practice, Marc Leavey, MD, took a pass on funding an IRA and obtaining the tax deduction that comes with it. The cost of raising four children...
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Fighting for higher payer rates is worth the effort
Michael Barron, MD, decided it made more sense to quit than fight. After months of wrangling with UnitedHealthcare over inaccurate payments, the University City, Missouri, family physician did not...
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5 questions to predict successful investment performance
We estimate less than 1% of the general population knows what to ask before considering investing in a company. MarketWatch paraphrased Warren Buffett, “Put your money in index funds and move on . ....
View ArticleA holistic approach to ICD-10 coding compliance
With ICD-10 now a reality, overcoding can result in penalties, while undercoding can mean lost revenue. Here’s how to develop a comprehensive compliance strategy.Coding compliance is top of mind for...
View ArticleHow to take control of OSHA compliance
Maintaining compliance with the rules and regulations that apply to medical practices can be a tall order, especially for small practices with limited resources. One way to meet this challenge is to...
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How to choose the best physician disability insurance policy
Physicians are some of the hardest working individuals in the country. Years of rigorous training culminate in long hours at the practice. Even physicians can overlook the importance of protecting...
View ArticleStep-by-step approach to HIPAA compliance
There are more than 50 policies that medical practices may have to implement to comply with the Health Insurance Portability and Accountability Act (HIPAA), so it’s no wonder meeting these...
View ArticleTips for succession planning for private practices
Nearly 40% of doctors in the U.S. are aged 50 or older, and one in four are 65 or older, according to the American Medical Association. For these baby boomers, retirement is a fast-approaching...
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What doctors need to know about buying versus leasing equipment
Doctors and hospitals in the U.S. spend nearly $200 billion per year on medical devices, according to a 2015 study by the Advanced Medical Technology Association. And that doesn’t include the computer...
View ArticleWhat should dermatologists do when a merger beckons?
You have spent years building a successful dermatology practice. In fact, you’ve been so engaged that you never really gave much thought to selling out. But now investment bankers and other...
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Get your house in order before a practice transaction
Before selling your practice, bringing on a new partner or investor or entering into a new practice management relationship or joint venture, you should first determine if there are any business or...
View Article5 ways missing a payment deadline hurts physicians
Between patient appointments, running a practice, trying to fit in continuing education and dealing with personal obligations, staying on top of bills can be challenging. Add to that a doctor’s office...
View ArticleTax planning tips for physicians
Proactive tax planning is crucial for medical practices and their owners as compensation changes and compliance and overhead costs cut deeper into profits. A large number of tax plans ranging from...
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Top 15 tips to improve payer/physician relationship
For the first time, Medical Economics has polled doctors to get to the heart of the payer-physician disconnect.Nearly 1,110 physicians nationwide shared their day-to-day experiences with insurers,...
View ArticleWhat is and what isn't in a credit score
Physicians in independent practice looking to build their business will undoubtedly need capital and credit. Whether it’s to expand the office, upgrade technology or buy new equipment, a physician’s...
View ArticleThe secret to smart investing for physicians
What is your number? It is the amount you need to save by the time you would like to retire or to slow down your practice. A certified financial planner (CFP) can derive this number for you by...
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Refinance your investment portfolio
Most people understand the benefits of refinancing their home loan or student loan. By lowering the annual interest rate, the owner of the home is able to reduce the loan payments and achieve greater...
View ArticleTips for physicians to shore up their financial portfolio
Traditionally, a diversified, or balanced, portfolio is invested in stocks for growth and bonds for preservation of principal. This somewhat simple strategy has helped balance risk and reward investors...
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