Protect Your Medical Practice
Do you know why healthcare regulatory attorneys exist..or malpractice attorneys to that end? Why do medical billing companies exist? Why do MACRA/MIPS consultants exist? Why healthcare has hundreds of industry-specific software programs exist just to run a medical practice? Why do thousands of plug-in programs exist? The list goes on.
Healthcare is a behemoth of an industry with WAY TOO MANY SUITS BETWEEN PROVIDERS AND PATIENTS (myself included sadly…but I mostly stick to my Vans, Lulu pants, and a jacket thank you very much…also if you’re laughing at my pant selection don’t knock ‘em til you try ‘em…say it with me now…eeeeelasssstic waaaaaist baaaaaand…no, the lockdown was not kind to me, thank you for asking). Check out this pretty little graphic from the Times…MD salary – 185K as compared to a CEO over half a mil…something doesn’t smell right.
So how the H, E, double hockey stix does a provider avoid the pitfalls and avoid spending unnecessary dollars paying for crossing one of the millions of lines set for them to stay between/behind/above/below, except when behind, then you have to be above, unless you’re also to the left of…you get my point.
We’ve got a few not-so-hot tricks here that are really more common sense than anything else…but hey it makes for a decent SEO article so here we go…
Malpractice Prevention
First rule of malpractice: get smart people who know their stuff. Guess what…malpractice is expensive. Always. Do you really want to skimp on the attorneys who might be defending you in court? Probably not.
Medical malpractice cases can quickly drain your finances and blow up your reputation (like not in a good way). So let’s not do that. We’re here to help you avoid medical malpractice lawsuits at all costs (pun intended).
Preventing malpractice requires attentive people who know the standards of care and ever-changing regulations. You can absolutely train your staff to do this. JK, no you can not. “Why,” you ask? Because law schools exist for a reason. You need help here…like it or not. Oh and your corporate attorney doesn’t cut the mustard…you need a healthcare attorney…who specializes in malpractice…not just regulatory.
Need to phone a friend? We got a gal. She knows her stuff, won’t sell you a line, and will talk you through it all.
* Reminder: We don’t take referral fees…we recommend because we love our contacts, not because we’re paid to.
Data Security
Yikes, these stats aren’t good: data breaches in healthcare increased 25% in 2020 and have doubled since 2014. Data security is considered medical malpractice, and trust us, you don’t want to neglect it.
Newsflash: Your break/fix IT solution isn’t doing the trick. If you think your server is more secure than a national company’s cloud servers…you’re wrong. Do you really want to be paying Dmitry in Bitcoin to get your medical records back so you didn’t have to pay that 1K/month for some real PREVENTATIVE IT? Reactive = fines…like 50K min per violation. Maybe its just me, but that number is scary enough to just do the right thing isn’t it?
So how do you defeat these dark web data thieves? Like so:
· Keep your software updated and use encryption whenever possible…better yet, hire an IT firm who will do it for you!
· Always follow HIPAA protocols. Hey you. Yes you. The doc that emails patient names and records to their staff and vendors. QUIT IT.
· Use quality security and firewalls. Know what that means? Me neither. I hired an expert squad. You should too.
· Train your staff so they know why it’s uber-not-so-good to ignore HIPAA regulations and network security protocols!
Financial Protection
Step 1 – Stay in the black. Whether you want to invest in new equipment, provide staff training, or simply know you’ve got a cushion in case of emergency, it’s important to have a positive cash flow. Duh. BUT…that doesn’t mean looking at your mobile banking app and seeing how much cash you have on hand. It means you have a done some cashflow planning. You have a budget. You monitor your P&L (like more than when your CPA puts it in front of you quarterly/annually prior to placing it in the recycling bin). Simply put, you have a plan.
Check these things off your list to build a positive cash flow:
· Make sure that your bookkeeping is effective and efficient. Visual earmuffs here all our CPA friends and partners…but you should NOT be paying $100+ hour for your CPA to charge you for some legwork their bookkeeper is doing at a $35/hr cost to them.
· Have a protocol for your financial operation team. Whoever enters the dollars in your practice management system shouldn’t be taking it to the bank. You know that saying “checks and balances?” Yeah do that.
· Consider reinvesting your profits into your business. It takes money to make money folks. And some bad news for you…you will not be paid an adequate figure for the blood/sweat/tears/time away from your family it took to build your practice. You will get a fraction. So stack assets. Have an exit strategy. This will involve building more than a lifestyle business.
· Look for ways to reduce costs. Hopefully ,your bookkeeper is doing more than plugging numbers into Quickbooks or Xero. Hopefully, they’re looking at what you’re paying and making sure it makes sense. Maybe you need a trained eye?
The Devil’s in the Details
If you want to be successful, pay attention to the details. There is no one-size-fits-all plan that leads your clinic to success—but there is help. We’ve got your back if you aren’t sure how your clinic can work more efficiently or how to improve your medical billing procedures. Ask us about efficient billing practices, clinic management, and/or financial security—it’s what we do.
You handle the patients. We’ll handle the business end of your business.
