Business Intelligence – Using Your Data to Manage Your Practice [Podcast]

Play

Episode 011

Doctors Business Management Show

Focus

In this episode, Mike DeVries & his guest, Nate Moore, discuss Using Business Intelligence. Using data from your Medical Practice to Manage Your Business Better. The YouTube Video below is a video recording of the show in which you can see the example reports that were discussed during the show.

If you Like the Show, Encourage Us with Your Support

Review Your Interest Rates

4 things to check if you refinance your adjustable rate loan

Interest rates have been low over the past many years, which has been most advantageous for utilizing adjustable rate loans. Experts say that interest rates will be on the rise this year – an easy prediction given where rates are currently; how can you go wrong? A better prediction would encompass how quickly the interest rates will they rise? I figure why take a chance; why wait?

Interest Rates

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

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

Embezzlement and Fraud in the Doctors Office? [Podcast]

Play
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]

Play
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 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