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Finance: Create budgets to predict outcome

Q. Visiting with the accountant, I don’t know what to expect as I look at the monthly financials. Isn’t there a way to eliminate the surprise?
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04/23/2012

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.

ICD-10: Take the guesswork out of code changes

Q. What intake processes will be affected with ICD-10 implementation?
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04/23/2012

A. Intake will become the critical link for claims accuracy. The risk of keying ICD codes incorrectly during intake will most likely increase with this changeover unless personnel have tools to improve efficiency and precision.

Employee Compensation: Balance expectations with goals

Q. What’s the best way to determine employee compensation?
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04/23/2012

A. Employee compensation can be a sensitive subject. Many human resource-related concerns need to be addressed, but equally important is understanding the financial aspects of employee compensation.

Employee Compensation: Consider the total package

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03/26/2012

A. When most of us hear the term "compensation," we typically think only of the money we receive in our paycheck each payday. However, "total compensation" goes beyond salary--it is the complete pay package for employees.

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.

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.

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