A. As providers, most of you carry the same brands of equipment. Most of you have business models that include a mix of insurance and cash sales. Most of you have some combination of clinical, sales, operational, inventory and billing departments.
A. One of the benefits of owning your own business is the option of how you are established for tax purposes. As examples, you can be a partnership, sole proprietorship, LLC, Sub S, or Sub C.
A. Passing over ICD-10 for ICD-11 will effectively result in keeping the current diagnostic coding system for at least the next seven to 10 years. ICD-11 has not been ratified by any government or world health organization. In fact, when ICD-10 was mandated by the U.S.
A. Sales employees have a direct and measurable impact on the company’s bottom line profit; thus, pay structures for sales employees are typically represented in the form of total target compensation rather than a fixed salary.
A. For a business to have a comfortable amount of cash on hand, the business cannot be experiencing a tremendous growth or a comparable downturn in business.
A. Since ICD-10 codes will have an expanded character set, the change from ICD-9 will be a disrupter. With a higher level of detail, diagnosis codes will become more clinical in nature, and while HCPCS codes will not change, diagnosis connections will.
A. National competitive bidding (NCB) is on everyone’s mind. It seems like whether you bid or not, these are the type of regulatory changes that will touch every provider.
A. In a word: budget. Every business should be working with 12 budgets which represent the next 12 months. The monthly budget is your prediction of what that month’s income statement is going to look like. Row by row, you are estimating what the numbers will be.