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HOW CAN A REVOCABLE TRUST HELP PROTECT YOU AND YOUR FAMILY?

Physician’s routinely see that an illness or incapacity can wreak havoc on a family. Just as you have insurance to help you and your loved ones in the event of a disability, a revocable trust can also help protect your family. A revocable trust is a powerful estate planning tool that can serve many important purposes in your overall financial ...

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DATA PROTECTION LAWS ARE GLOBAL AND ENFORCED

Every one of us in the payment space knows that data protection and regulation is central to all we do. There is no one in the industry that is not familiar with the PCI DSS at this point. Whether you are in favor of this or not, whether you believe in it or not, the simple truth is that data ...

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THE TRUE COST OF A HIPAA BREACH

Another week, another data breach. On September 10th, healthcare behemothKaiser Permanente sent out a letter to 670 patients, notifying them that their PHI had been impermissibly emailed out of network. But in light of all these recent data breaches and security failures, one might ask, “who cares?” If fixing the issue is as simple as writing an apology letter like ...

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BREACHES AND THE HIPAA/HITECH OMNIBUS DEADLINE

90 days. That’s all the time healthcare organizations have between now and the September 23 HIPAA Omnibus compliance date. Understandably, most healthcare compliance officers are focusing on the major changes spelled out in the regulations: obtaining business associate agreements, updating notices of privacy practices, and training staff members on the changes to the law. While healthcare facility managers must make ...

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FRAUD AUDITS: IS THE FEAR OF A FRAUD AUDIT KEEPING YOU UP AT NIGHT?

Physicians face many challenges in juggling all of the moving pieces of a productive and profitable practice. In addition to overseeing the entire health of the business, doctors are now faced with increased scrutiny with regards to chart note documentation, coding and billing practices. Fraud and abuse audits are on the rise and more physicians find themselves facing fines, penalties ...

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RACS: STAYING OFF THEIR RADAR THROUGH PROPER COMPLIANCE PROCEDURES.

RACs are Revenue Contract Auditors the government has deployed for the sole purpose of combating fraud and abuse. They are paid a direct percentage of any fraudulent or incorrect claim successfully fined. According to their respective agency, every medical office should be prepared to be audited at least once by October 1, 2014, otherwise known as the ICD-10 transition. thew ...

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DEMYSTIFYING INTERNAL MANAGEMENT AGREEMENTS

There are two sides to a medical-practice; there is the business side and there is the active physician/patient side. Both sides must be consistently maintained and actively managed in order for the medical-practice to be a success. Unfortunately the business side of the medical practice is often dismissed as secondary or is otherwise not well crafted. This can result in ...

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THE ELEPHANT IN THE ROOM: 10 RECOMMENDATIONS PROPERLY LETTING GO OF A MEDICAL PRACTICE EMPLOYEE

Firing any employee can be a difficult undertaking for many employers, and requires skill to do it right. Physicians and office managers are often too talkative, belligerent, or even apologetic when telling an employee that he or she is being “let go.” Other times they simply “cave in” if the employee becomes too emotional or threatening, and decide to capitulate ...

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BECOMING AN EXPERT WITNESS

Experts are needed to evaluate the merit of complaints, write letters of opinion, act as witnesses, and testify in court cases. These experts are needed by both prosecutors and defense attorneys. Although most people think that experts are used only in medical malpractice cases, there is a need for experts in countless areas of knowledge. Experts in forensics, construction, medicine, ...

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THE FABLED ESOP

The Angina Dialogues Discussing Issues that Give Physicians Chest Pains… Chapter 3: The Fabled ESOP For many physicians, the value of their practice is the single largest retirement asset in their portfolio. When it is monetized—most often at retirement—a myriad of tax, diversification and control issues accompany the liquidity event. As a result, careful planning is crucial to maximizing the ...

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