LGT's Profit Sense

At a time when reimbursement rates are being squeezed, what you don’t need is someone surreptitiously removing money from your practice. Yet, that’s exactly what some staff members are doing to the practices that employ them.

Topics: Healthcare, fraud prevention, Internal Controls

The changes in revenue recognition present two major issues. In this month's article, Maria will address the first issue. Next month she will complete this two part series.

Topics: Healthcare, medical, Revenue Recognition

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.

Topics: Healthcare, consulting, medical, practice, How to, dental

Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing, endoscopy, pain management and physical therapy. (For more examples, see “12 ancillary services to consider.”)

Topics: Healthcare, accounting

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.

Topics: Accounting Tips, Healthcare, Financial, consulting, doctors, accounting

Management expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So what should your medical practice measure?

Topics: Accounting Tips, Healthcare, medical, practice

Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction

Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction

Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction, consulting

Is it time to bring on an associate or partner? There are many reasons you might consider it. For example, your practice might have become so busy that you have little time with your patients. Perhaps your practice volume has grown so much that you need help managing it, or maybe retirement is around the corner and you’re thinking about eventually selling.

Topics: Accounting Tips, Healthcare, Financial