 HARDING, SHYMANSKI & COMPANY
Certified Public Accountants and Consultants
November 2010 |
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| HEALTH CARE INDUSTRY EXPERTS | |
At Harding, Shymanski & Company, P.S.C., we are committed to providing exceptional service - every time. We take our roles as Health Care industry leaders seriously, staying abreast of relevant issues and trends through research, national seminar attendance, and more. We work hard to help you enhance your day-to-day operations, increase cash flow, and improve your bottom line.
Our Health Care professionals actively participate in industry-related organizations. As a result, our services are based on the latest industry knowledge gained through active participation in these organizations.
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| PRACTICE MANAGEMENT | |
Revenue Check List for Physician's Office
The AMA's recent findings in a survey among the top payers show one in five claims are processed incorrectly. Listed below are some suggestions for decreasing the number of denials:
- Confirm any pre-authorizations and know which payers require a procedure to be pre-authorized prior to the patient arriving.
- Check your diagnosis codes to confirm medical necessity and code to the highest level of specificity and submit with the appropriate CPT code.
- If attaching a modifier, use the correct modifier.
In addition to the claim denials, other means to assist your office in collecting the revenue due your providers should include the following:
- Reconcile patient receivables and collections daily.
- Develop a checklist before referring an account to a collection agency. Collect each balance possible and always verify Medicaid eligibility prior to releasing to your agency.
- Search your Payer Fee Schedule Update at least annually to ensure you are using the most current fee schedule and not leaving reimbursements behind.
- Screen your Managed Care Contracts carefully to avoid participating in "silent PPO" situations that may result in reduced reimbursement without your knowledge until payment is received.
- Visit the AMA's website for the 2010 National Health Insurer Report Card to investigate any Payer's history of claims denials.
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| TAX NEWS FOR YOU |
Tax Planning is Not Just About This Year
Undoubtedly there will be a great deal of change to the tax laws in 2011, all of which are not necessarily final at this time. Many of the changes are based on President Obama's proposed budget. Below is a non-inclusive list of items that could have an impact on you. Being aware of these possible changes could help you make better planning decisions for you and your family.
Energy-Saving Credits Going Away - The 2010 credit for energy saving improvements to a principal residence home including windows, insulations, doors, HVAC, water heaters and other improvements will expire as of 12/31/2010. This credit allows up to 30% back on these improvements with a maximum limit of $1,500.
Death Tax - Estate Tax, commonly referred to as the "Death Tax," is expected to return. Unless Congress changes their decision, estate tax is expected to return at 55% for homes valued over $1,000,000. President Obama's plan calls for this to be 45%.
Capital Dividends and Gains Seeing an Increase - Starting in 2011 the rate for long-term capital gains will return to 20%; currently the rate is 15%. Currently, individuals in the lower 15% income tax bracket have a 0% capital gain rate; this will rise to 10% in 2011. Dividends, not including mutual fund capital gain distributions, will no longer be taxed at 15%, but rather they will be taxed as income at the individual's tax rate. President Obama is proposing that the dividend rate simply be increased to 20%, but nothing has been decided on this as of now.
Bookkeeping Strategies
The end of the year is approaching quickly which means tax planning, tax planning, tax planning. Things to remember:
Monetary and gift cards given as Christmas/ Thanksgiving/ yearend bonuses should be added to employees' payroll as wages.
Payments received from an Indiana 529 plan by 12/31/2010 can result in a 20% credit on the first $5,000 of contributions. |
| LAST BUT NOT LEAST |
Data Loss is Expensive
Too many times we have been with a client discussing backups and data loss. Often, we discover that clients do not perform a backup, or they have one from the end of last year, or they do one and it is sitting right next to the computer in their office. For example, if you have computer issues and need to restore from a backup and it is November and your last backup is last December there will be a lot of work, time, and expense to getting the data caught up. If there is a fire and your backup is next to the computer, well it probably won't be very useful either.
The average cost to recreate just 20MB of lost sales/marketing data is $17K and and can take up to 19 days to recover, and 20MB of accounting data recovery averages around $19K and can take up to 21 days to recover.
Why backup online:
Online backups are the easiest and surest way to protect your data. Backing up to an offsite Data Center ensures that you can recover your data even in the event of a physical disaster, theft or loss.
Online backups eliminate many of the error prone steps associated with traditional backup methods like tape. Users can restore 'point in time' versions of files without loading tapes one after that other. The importance of data backup is not always top of mind. A local solution to consider is Sitco Business Solutions. They can be reached at (812) 473-3600. |
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Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
We are committed to quality. Adding value to the services we provide is our most important goal. Our unwavering dedication and commitment to quality resonate throughout every aspect of our work.
Call us today! (800) 880-7800 in Evansville and (502) 584-4142 in Louisville |
| Disclaimer |
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax, or accounting advice. | |
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