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ICD-10: Learn a new language

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03/26/2012

A. The International Classification of Diseases, 10th Edition (ICD-10) developed by the World Health Organization will replace the ICD-9 coding system, which, among other issues, did not allow enough characters to classify new diagnoses.

Finance: Hire an accountant to make money

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03/26/2012

The accountant has two jobs: helping you pay as little as legally possible and pushing the tax liability into the future as far as possible. Having explained the job, selecting the accountant should be a lot like hiring an employee.

Marketing: Put your information out there

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03/26/2012

We often incorrectly assume that the HME target audience isn't online; however, as the Internet becomes less of a novelty and more of an everyday tool, it's no surprise that our aging population is becoming tech savvy.

Collections: Use available resources to get paid

 - 
02/24/2012

A. Ah yes, the dreaded DSO (days sales outstanding). Let us start by stating this: You are not alone. Providers constantly struggle to keep their DSO low. It's important to first evaluate how individual providers are computing DSO.

Mergers & Acquisitions: Surround yourself with strong players

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02/24/2012

The ideal team will include both inside and outside players, each bringing a unique experience and know-how. The type and number of team members will vary greatly from deal to deal. Nonetheless, there are some strategic members that should be a part of each team.

Business Assets: Assess your company culture

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02/24/2012

A. Company culture is perhaps the most difficult success indicator to place a value on; however, it is the most important value to cultivate a thriving business.

Legal: Review your HIPAA policies

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02/24/2012

A. The Department of Health and Human Services (HHS) announced in November 2011 that they would be undertaking a HIPAA Privacy and Security audit program in which the agency would be reviewing HIPAA compliance of up to 150 entities. With this in mind, it is a particularly good time to review your company's HIPAA policies.

Legal: Request reviews thoughtfully

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01/22/2012

A. If you want to continue to pursue your appeal after an unfavorable ALJ decision, you can request review of that decision by the Medicare Appeals Council (MAC). The MAC, which is a part of the Departmental Appeals Board of the Department of Health and Human Services, is the next level of the Medicare appeals process after ALJ review. It is independent from the ALJs and conducts a "de novo" review, meaning it does not have to defer to the decisions issued in your appeal at previous levels.

Business assets: Maximize sales per customer

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01/22/2012

A. In most retail venues revenue models are built off of traffic. Traditionally, DME retail DME retail has been focused on physician or prescription driven business. A casual counter effect of this model is that customer service and loyalty never really seemed to be a focus. Customer relationships were often sacrificed by lack of sales training, product driven sales associates and information platforms required to maintain a profit producing retail model. Even today most DME retail venues focus first on insurance coverage and physician requests versus customer service and patient care. In turn, the intangible value to service many mediums of care, i.e. product sales, for each customer is often lost.

Collections: Reward employees for job well-done

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01/22/2012

A. Last month we talked about encouraging your patients to pay their bills. What about encouraging your employees to collect on those bills? Do you have an incentive program in place for motivating your billing staff? Many DME providers have implemented incentive programs with great results. This is something to seriously consider as a little stimulation can motivate your staff to go the extra distance in helping collect those balances.

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