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Medicine & Business

Empowering patients as financial advocates

By working with your patients through education and supportive customer service, and by communicating financial expectations and outcomes, your practice can redirect their loyalty, strengthen the patient-doctor relationship and create additional financial advocates for your practice.

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Would a practice merger make sense for you?

Skyrocketing costs, increasing governmental regulations and legislation, managed care and other third party payors, and increased competition are all important factors which contribute to the drive towards larger medical groups. Innovative thinking and good business planning are necessary to meet the future challenges, and one strong option is for practitioners to become larger through merger.

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Using HIPAA technology upgrades to advantage

In planning for HIPAA, physicians and practice managers should consider acquiring a computer system that will go beyond basic compliance. Instead, take advantage of the new standardization and mass exchange of electronic data and acquire a combination of computer systems that can provide new financial management capabilities and opportunities.

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New performance standards for MD billing

Significant differences exist in the billing performance of physician group practices. Some practices are struggling to maintain a basic level of billing effectiveness while others have made significant improvements in their billing operations--improvements evident in rock bottom accounts receivable, a higher collection ratio and decreased billing errors.

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