PRACTICE FINANCE: NEW YEAR’S RESOLUTIONS
The festivities are over and it’s back to reality with a thud. Just how on earth you are supposed to have a happy new year when you’re still paying for last year – and then some – is one of life’s greatest mysteries. Luckily for you, Practice Loan Company is on hand to get your year – and practice – off to a cracking start.
Budget
Always important, but no more so than at the start of the year, when an objective view of your finances can be the difference between a thriving practice and one that struggles throughout. Highlight the areas where you can minimise your expenses and make the most of maximising your savings. According to research conducted by Aviva, almost two thirds of us are concerned that about not having enough money to last us throughout retirement. So let’s do something about it – while we can!
Protect
What better way to kick off the new year than by ensuring all your insurance policies are still in place and checking to see if you could be getting a better deal elsewhere?
Ask for help
There is absolutely no shame in turning to the experts if you feel you could have a better handle on your finances. Not to mention
Seek advice
Discussing your financial needs with an expert can make managing your finances simpler.
We can help you establish a financial plan that’s designed around your specific needs, make sure it stays on track, and provide ongoing advice that will help you achieve your goals.
After some much needed rest and relaxation with family and friends, these first weeks of 2018 offer a great opportunity to get your practice off on the right foot! Much as you would make personal New Year’s resolutions, there are a few practice resolutions that can help start your office off on the right track and keep it running smoothly into the rest of the year.
Resolution #1: Close out your 2017
Take the time as you start 2018 to make sure that 2017 has been wrapped up properly in your system. Work your claims queue, make sure all transactions and payments are posted and your accounts are reconciled, and run your end-of-term reports to make sure everything is balanced appropriately. With the book properly closed, no leftover financial data can cause problems with your new year’s transactions.
Resolution #2: Updates!
Whether it’s on an annual, semi-annual, bimonthly, monthly, or even weekly cadence, many pieces of your practice management and/or electronic health record software – including the software itself – require updates. Follow your vendors’ protocols for checking for new updates and make sure you are keeping your software and its data on the latest version. CMS released its 2018 GCPIs last month. If you haven’t yet, check it out and make sure to get your fee schedules updated in your system as well. With the latest data, software, patches, and/or bug fixes, you can make sure that your technology is ready for 2018.
Resolution #3: Quality Reporting
A new year means new steps in quality reporting for any of the programs in which you are participating. Whether you are just starting to capture data or readying yourself to attest, make sure to begin the year by reviewing the requirements and processes your program(s) will require of you in order to properly qualify, report, and receive your payment. Yearly adjustments are common, so pay close attention to changes in process or data capture between 2017 and 2018 and adjust accordingly.
To all of you from us, we hope you had a happy holiday season, and here is to a fantastic 2018!