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Valuations: Look at five year projected cash flow

Q. How do I calculate a fair market value and reasonable purchase price for a contracted supplier?
 - 
08/23/2013

 A. If you are purchasing the entire company, of which the bid contracts are part and parcel, then you will need to value both the existing business and the incremental cash flows the business will generate as a result of having won a bid contract(s).  

Collections: Gather true AR picture

Q. How do I determine whether outsourcing patient collections is right for my company?
 - 
08/23/2013

A. To determine if this is a true need, the provider must become familiar with patient balances at that moment to include accounts receivable buckets in detail and know the acceptable percentage in each.

Legal: Don't run afoul of supplier standards

Q. What are some of the rules subcontractors must follow?
 - 
08/23/2013

A. For the past several months, DME suppliers have been calling me with questions concerning the interplay between contractors and subcontractors in Round 2 of the competitive bidding program (CBP).

Audits: Audit-proof your files

Q. How can I prepare my team for audits before we get them?
 - 
08/23/2013

A. The Centers for Medicare & Medicaid Services (CMS) continues to implement new audit contracts and the timeline for responding to the audits seems to get shorter and shorter.

Valuations: Use cost approach

Q. How do I structure outside contract arrangements and determine the fair market value payments for those services?
 - 
08/23/2013

A.

Collections: Set the standard

Q. How do I eliminate or deter the assumption that I won’t send patients to collections?
 - 
08/23/2013

A. What really is a good patient/customer for your business? One who continues to purchase and rent products but never pays or one who pays or at least makes an attempt? You are losing the balance due, inventory cost and administrative time.

Legal: Pass the test for paying employees

Q. How do I pay commission-based employees under the Fair Labor Standards Act?
 - 
08/23/2013

A.

Audits: Provide auditor with perfect package

Q. What is the best way to organize documentation and respond to an audit?
 - 
08/23/2013

A. The quality of your audit response packet is imperative. The objective is to put your company in the best possible light with the auditor, and provide them with organized and relevant documentation.

Contracting: Stay on top of contracts

Q. How can contract management benefit and lengthen the relationship?
 - 
06/21/2013

A. Being able to provide information quickly and efficiently to your customer as far as trends and outcomes is critical to maintaining long-term contracts.

Billing: Follow new rules for diabetes test supplies

Q. What do I need to know about furnishing diabetes testing supplies starting July 1?
 - 
06/21/2013

A. The national mail-order competition includes all ZIP codes in all parts of the United States, as well as the District of Columbia, Puerto Rico, US Virgin Islands, Guam and American Samoa.

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