Is your Medical or Dental Practice ready for EMV?

Be ready by October 1, 2015

October 1, 2015, all businesses that accept in-person credit card payments must be able to accept new EMV-compliant credit and debit cards, or risk being responsible for card fraud losses.

EMV Credit Cards

Overtime Changes – Fair Labor Standards Act

3 Action Steps to Take Now

On July 6th, the Department of Labor announced a proposed rule that would extend overtime protections to nearly 5 million white-collar workers within the first year of its implementation. What impact might this have on a medical or dental practice?

Filling the weekly time sheet for payroll

Embezzlement and Fraud in the Doctors Office? [Podcast]

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a woman with handcuffs in her wrists

Cute bracelets! – Embezzlement & Fraud doesn’t Pay

Episode 010

Doctors Business Management Show

If you Like the Show, Encourage Us with Your Support

Focus

In this episode, Mike DeVries & his guest, Bryant Truitt, discuss Embezzlement and Fraud in the Doctors Office .

Questions that are answered and discussed during the show:

  1. What is the biggest threat to the doctor when it comes to embezzlement and fraud in their office?
  2. What is the profile of an embezzler?
  3. What are the reasons people steal from the practice?
  4. What are the warning signs that the doctor should be looking for?
  5. What are the types of fraud that occurs in the practice?
  6. What controls should be in place to help combat this from happening?
  7. What are some of the do’s and don’ts that doctors should be aware of when they discover fraud?

Guest Information:

Bryant Truitt, MBA, CCS, CFE

  • CEO Bryant Truitt leads the Brytan & Associates professional team of IT, HR, coding, legal, & investigative experts who work with owners of Private Pay, Medicaid, & Medicare dental & medical practices in the US and Canada. They assist those concerned about possible profitability problems due to fraud, embezzlement, waste & abuse. Those wanting to sell their practice will also benefit from this due diligence. Results in a clearer understanding of the current financial health of these businesses & concrete improvement steps that are in compliance with relevant regulations & requirements. Results: $8.90 Million to date.If you have questions for Bryant and would like to connect with him, you can do so here on LinkedIn

What is a Podcast and How to Subscribe for FREE

If you Like the Show, Encourage Us with Your Support

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Business Management Show”  This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free).  My show is not currently listed on Stitcher Radio. You can use the RSS feed and follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is http://feeds.feedburner.com/mikeldevries/xyjA

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.  You can see a listing of all shows here.

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.

4 Tax Planning Tips & Ways to Avoid Tax Scams [Podcast]

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Tax form operating budget and stopwatch in closeup

Don’t Wait – The Time to Start Tax Planning is Now

Episode 009

Doctors Business Management Show

If you Like the Show, Encourage Us with Your Support

Focus

In this episode, Mike DeVries & Co-Host, Ben Lane discuss 4 Tax Planning Tips that you can do now and through-out the year as well as Ways to Avoid Tax Scams.  The following are notes based upon our discussion.

4 Tax Planning Tips

  1. Don’t Wait – Start Organizing Now
    • Use a Simple Tax Folder to organize your information during the year
      (I purchased this one from Amazon – Tax Folder)
    • Track your financial activity with computer software
      • I use Quicken – Click Here – (I use an older Mac Version)
      • Ben likes Mint – Click Here
      • Or, simply use a spreadsheet program like Excel
      • Use a system, even if it is a manual system
  2. Prepare a Life Inventory
    • Click Here – for a copy of my “Life Inventory” Worksheet
  3. Prepare a Personal Financial Statement
  4. Schedule a Date with your Tax Preparer
    • Be proactive in reviewing your tax estimates through-out the year

Ways to Avoid Tax Scams

  1. Fraudulent Phone Calls
    • IRS will contact you by correspondence first
    • IRS will not ask you to use a credit card
    • IRS will not threaten you with an arrest by the local police department
    • Treasury Inspector General’s Hotline 1-800-366-4484 Website http://www.treasury.gov/tigta/
  2. Phishing Scams
    • Don’t click on suspicious links
    • Keep your passwords updated
  3. ID-Theft and Fraudulent Returns
Itunes

Here are some options for listening to this Podcast:

  1. Click on the Play Button above and listen now
  2. Click on the “Play in New Window” link above so that you can listen and continue to use your current web browser
  3. Click on the “Download” link above to download and store the mp3 file enabling you to listen to the content later
  4. Subscribe to the Podcast on iTunes so that future shows are automatically ready to listen to when they are published – Click Here to Subscribe

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.

Creating Excellence in Your Office

Aerial View of People and Excellence ConceptsIn his book, Hardwiring Excellence, Quint Studer indicated that 27% of employees leave their employer within the first 90 days because they give up on their healthcare employer. Turn over of personnel is expensive and should be avoided by maintaining a good recruiting and training process. Keeping your staff working as a team and cultivating loyalty is also important for maintaining a smooth running office. As a leader of your business, here are some ways to work with your team members to create excellence in your office.

  • Recognition – be sure to let your staff know you appreciate them. Address them by name and thank them.
  • Equip your team – provide them with the tools and equipment they need to do their job. Ask them, what could you use to do your job better? Or even, I want to make this a great place to work – what can I do for you?
  • Praise – Acknowledge employees’ achievements in front of their peers. I have had clients provide awards and dinners for special achievements. You can certainly establish a non-taxable employee awards program, but you don’t have to – a simple word of praise can go a long way.
  • Purpose – Communicate your vision for your practice and make sure employees see how their particular tasks affect the big picture.
  • Meaningful work –  Eliminate “busy work” and maximize your employees’ effectiveness. Sometimes this means that we need to look beyond the way things have always been done and do something that is hard for most everyone – change.
  • Decision autonomy –  Provide the training, skills and authority for employees to fix problems on their own.
  • Participation –  Encourage staff opinions at regular staff meetings. You will be surprised by the creativity and resourcefulness of your employees when you ask them what they like and don’t like about the way the office is run and what suggestions they have for improving it.
  • Flexibility   Consider creative scheduling and job sharing. For example, have a staff member come in at noon and stay later into the evening so that another member might be able to leave the office on time.
  • Diverse experience – Allow for and provide training so your staff members know what is expected of them and realize that their professional growth is important to you. Encourage cross training so they learn skills beyond their usual job description.
  • Measure progress – establish common goals or benchmarks that can be measured each month, quarter, or annually supports the alignment of behavior and recognized behavior is repeated. But don’t get too stuck on the numbers; rather than catching people meeting the criteria for recognition, work towards mobilizing the entire organization to recognize individuals that perform acts of excellence.

Team members that work in healthcare desire to feel a part of something worthwhile. As the leader of your team and business, you have the ability to foster and encourage this desire by growing as a leader and creating employee engagement, which will contribute to memorable patient kindness, profitability, sustainability and patients telling others about your office – an office of excellence.

What’s Your Internal Marketing Strategy? [Podcast]

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BMS 008 Image


Girl With Mobile Smart Phone

Episode 008

Doctors Business Management Show

If you Like the Show, Encourage Us with Your Support
Harvey Mackay wrote the following in the Forward of Ken Blanchard’s book, Raving Fans – “Successful organizations have one common central focus: customers. It doesn’t matter if it’s a business, a professional practice, a hospital, or a government agency, success comes to those, and only those, who are obsessed with the looking after customers.”

Focus

In this episode, Mike DeVries & Co-Host, Ben Lane, visit with Ron Hartley from Solutionreach to discuss the benefits of online marketing strategies for medical and dental practices.  An effective patient engagement platform will help a practice in several ways, including:

Just for Fun

Ben Lane had a great idea to surprise our Guest, Ron Hartley from Solutionreach, with a Martin Guitar  – an instrument Ron enjoys playing. This surprise resulted in Ron sharing his musical talent with us. Internal marketing can be fun! In fact, if you use the right tool, it can even be music to your patient’s ears.

BMS 008 Image

Check out Solutionreach over a Cup of Coffee

Itunes

Here are some options for listening to this Podcast:

  1. Click on the Play Button above and listen now
  2. Click on the “Play in New Window” link above so that you can listen and continue to use your current web browser
  3. Click on the “Download” link above to download and store the mp3 file enabling you to listen to the content later
  4. Subscribe to the Podcast on iTunes so that future shows are automatically ready to listen to when they are published – Click Here to Subscribe

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.

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

Thumbs Up or Down? Rules of Thumb Play a Meaningful Role in Business Valuations [Podcast]

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Thumbs Up

 

Episode 007

Doctors Business Management Show

The following is a guest post by Ben Lane, CPA, JD  my co-host on the Doctors Business Management Show and a member of the VMDE Healthcare Team. In episode 007 Ben and I discuss the use of and methods for computing the value of a healthcare business.

In the business valuation community, a rule of thumb is a clear, quick, and easy method of communicating value. It is an instrument of calculating a value without really analyzing data. It is a short-cut approach to valuing a business. For example, beer distributors are valued at $20 per case sold, dental practices are valued at 60% of collections.

Establish Benchmarks to Improve your Bottom Line

7 Measurements for your Healthcare Practice

Peter Drucker, who was known for his leadership in the development of management education, once said, “Work implies not only that somebody is supposed to do the job, but also accountability, a deadline and, finally, the measurement of results —that is, feedback from results on the work and on the planning process itself.”  If you wish to manage your business effectively, it is important to establish measurements or benchmarks for the purpose of creating accountability for your company and to determine if you are meeting the overall objectives of your business strategic planning.  The measurements you define will also help  your employees more clearly identify with your goals as well as provide you with an assessment tool for evaluating performance of your team.

Performance Level Conceptual Meter