The CARES Act was passed on March 27, 2020 to provide economic stimulus and relief related to the COVID-19 pandemic. As a result, our typical monthly tax tips have changed remarkably, least of all that the 2020 filing deadline for individuals and deadline for paying first quarter 2020 estimated taxes have both moved to July 15, 2020. The rollout of other relief … [Read more...] about How Will the CARES Act Affect You?
Growing the Practice
Bugs in the Spreadsheet?
Once you have seen your patients and managed your money, you’re then faced with the monthly meeting. For most practices, this includes a review of the financials. Unless you have an accounting degree, the spreadsheets often provide little truly actionable information. We must change this! Sadly, most of us spend a great deal of time reviewing productivity reports. When the … [Read more...] about Bugs in the Spreadsheet?
Medical Practice Cash Management
How to Manage the Cash in Your Practice Managing cash in your medical practice is a bit like driving on the interstate. Yes, there are certain rules designed to keep you safe—don’t drive 100 mph, don’t weave in and out of traffic— but assuming you aren’t being reckless, there is a broad range of acceptable practices that really are just dependent on what you are comfortable … [Read more...] about Medical Practice Cash Management
Case Study: Unnecessary Overtime
VT is a biller for a small practice. She has been with the practice for just 2 years but has worked in healthcare billing for over 20 years. She initially worked traditional hours and was doing good work. However, when her mother became ill, she requested to work some nontraditional hours so she could take her mother to appointments and still get her work done. VT was issued a … [Read more...] about Case Study: Unnecessary Overtime
Case Study: Personal Use of Office Supplies
ZA and MN work in a large healthcare practice. They do different jobs but have become close friends. They take lunch breaks together and have started doing things outside of work together. They talk about everything, including what the make, performance evaluations, and when they do or don’t get raises. They are solid employees. They enjoy their jobs for the most part, but both … [Read more...] about Case Study: Personal Use of Office Supplies