The Department of Health and Human Services Office of Internal General (OIG) recently published this video on their website after entering into a Corporate Integrity Agreement with eClinicalWorks for $155 million dollars.  The OIG is showcasing this settlement as an example to other Electronic Health Record (EHR) vendors.  eClinicalWorks, on the other hand, is moving forward as dominant player in the EHR space and admitting no wrong.

What is the take away for physicians? Be certain that you have business procedures and compliance training in place to protect your business.

  • The matter of healthcare fraud is being taken seriously.  In addition to fulfilling their duty to protect the public, the work of the OIG offers a large source of revenue for the government.  Take time to Review the OIG’s workplan each year.  Here is the OIG’s 2017 Workplan.
  • Be sure that all your employees (including you) are up to date on the required annual compliance training and mandate that employees notify you of any known activities that may be considered out of compliance.
  • Your EHR or other Practice Management Software vendors are at risk of Fraud and Abuse audits.  Even if they aren’t found guilty of actual fraudulent activities, the cost to defend such a case can be financially harmful and impact the ability to support your business.  So, know your healthcare software partners well.  Look to the purchase agreement to protect your business on the front-end of a purchase by making certain that you are able to get your data if you need to make a switch in vendors.

Mike DeVries is a CERTIFIED FINANCIAL PLANNER ™, Enrolled Agent,  and a Certified Healthcare Business Consultant focusing on helping healthcare professionals. If you would like to learn more about becoming a client, contact Mike at www.vmde.com.

I’m attending the 2015 NSCHBC Annual Conference this week. This year Dr. Zubin Damania will be a featured keynote speaker – listen to his TedMed Talk above.

Dr. Damania is an insightful healthcare leader and entertaining.  He struck my funny bone – Michael L. DeVries, CFP®, CHBC, EA

Here are other presentations and discussion topics that will be presented at the conference.

  • 6 Crucial Behaviors for Patient-Facing Employees
  • Can Independent Practices Survive the Storm
  • Building Sustainable Customized Reports in Your Practices
  • What it will take for Diagnostic Imaging Providers to survive and thrive in the Healthcare Integration & Consolidation Feeding Frenzy
  • Healthcare: Remixed with Zubin Damania, M.D., ZDoggMD LLC
  • Medical Track: Medical Employed Physician Contracts and Compensation: Current Trends, Stacking Arrangements, and Determination of FMV”
  • Dental Track: Ensuring Practice Success with the Marketing Trifecta

Mike DeVries is a CERTIFIED FINANCIAL PLANNER ™, Enrolled Agent,  and a Certified Healthcare Business Consultant focusing on helping healthcare professionals. If you would like to learn more about becoming a client, contact Mike at www.vmde.com.

Event: 2015 National Society of Certified Healthcare Business Consultants Conference

Creating or modifying a compensation plan for doctors takes effort on many fronts. The main objective to achieving success, in my opinion, is that the final outcome has each doctor equally dissatisfied. – Michael L. DeVries, CFP®, CHBC, EA

 

Hava Java with Us!

We’ll Stop Counting Beans… And, have a Coffee Break with You!

Sign Up Here to Join Us

On Friday, March 13th from 9am to 10am we will be hosting a Mid-Tax Season Coffee Break with Mr. Ron Hartley from Solutionreach.  Please join us for conversation, coffee, and a discussion focused on keeping patients loyal and active – even when distance, insurance, or cost barriers are put into play.

Solutionreach is based out of Lehi, Utah and has developed an innovative cloud based technology to assist you with patient online management.  The program is intended to enhance a practice’s online presence and by monitoring and regulating feedback received from social media outlets (Yelp, Yahoo, Google, Facebook, etc.).

Either RSVP by signing in here or contact Karen Boonstra at (616) 949-9030 x0 by Tuesday, March 10th.
Date: March 13, 2015
Time: 09:00-10:00 a.m.
Event: Coffee Break
Sponsor: Solutionreach
Venue: At the office of VanderLugt, Mulder, DeVries & Elders
616-949-9030
Location: 2900 28th Street, SW
Grandville, MI 49418
Public: Private

Mouthing Off on the Economy

Why do you think that patients are not scheduling their dental appointments?

A – They are Fretting over their Finances

B – They are Too Busy Working and Earning Money to Care

C – Their Employer Dropped the Company Dental Insurance Plan

D – Other (Please give us your thoughts)

Mike DeVries is a CERTIFIED FINANCIAL PLANNER ™, Enrolled Agent,  and a Certified Healthcare Business Consultant focusing on helping healthcare professionals. If you would like to learn more about becoming a client, contact Mike at www.vmde.com.

New Increases for 2015

The Social Security Administration announced on October 22, 2014 that the wage base for computing the Social Security tax in 2015 will increase to $118,500 from $117,000, which is the current wage base for 2014.

What impact does this have on doctors? Assuming you make at least this much as a wage, you will pay an extra $93 of Social Security Tax to meet the new maximum amount o $7,347.00 per individual.  Your employer will also match this amount or you will if you are the employer – so,  the total additional tax amount for 2015 will be $186.

The IRS also announced many retirement plan dollar limits for 2015.  Here are those that have an impact on the doctors with whom we work:

  • Catch Up contributions for 401(k) and SIMPLE plans (for those age 50 and over) – increased from $5,500 to $6,000
  • Defined Contribution Plans – the limit on the annual additions to a participant’s account increases from $52,000 to $53,000
  • Elective deferrals for 401(k) plans – increases from $17,500 to $18,000
  • Annual Compensation Limit – the maximum amount of annual compensation that be considered for purposes of a qualified plan will move from $260,000 to $265,000
  • Elective deferrals for a SIMPLE plan – increases from $12,000 to $12,5000
  • Simplified Employee Pensions (SEP’s) – the compensation limit for keeping employees from participating in the plan increases from $550 to $600

The IRA contribution limits remain unchanged at $5,500 per year.