“Life moves pretty fast.” So observed Ferris Bueller back in the summer of 1986 — and that pace has only accelerated in the 30+ years since. Yet many not-for-profits continue to take an old-school approach to strategic planning, spending months or even years to develop formal written plans that lay out specific goals for set periods of time.
According to the Centers for Disease Control and Prevention (CDC), about 130 people die every day in the United States from opioid overdoses. As these numbers continue to rise, the misuse of and addiction to opioids has become a national crisis.
Let’s face it — most business and medical practices don’t have the problem of being too efficient in their operations. On the contrary, many medical practices suffer from a range of bottlenecks and redundancies that waste time and energy. These broadly fall into several practice areas, including the front office, the back office and the physicians. Here are eight areas to home in on to improve procedures and reduce waste.
As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated business income (UBI). If you engage in “unrelated business” — and even if you don’t — you could find that your unrelated business income tax (UBIT) liability increases under the new law.
Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges arise whenever Medicare and Medicaid policy, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some ideas for solving them before they become overwhelming.