Let’s be frank: Physicians often become so committed to their medical practices they don't take the time to think about retiring. And those who actually do some form of retirement planning tend to concentrate on the ability to retire and not necessarily on what they are going to do in retirement.

 Does your medical practice have a written compliance plan in place? If you do, the following are suggested components of a plan that are recommended by the OIG. Make sure your plan addresses them all. If you don’t have a plan in place, implementing one obviously is a good idea.

30 days? 45 days? More than that? Here is a worksheet you can use to quantify how quickly, on average, you are getting paid by third party payors. You can mix in multiple payors or just analyze a single payor. The benchmark is 30-45 days on average. If you are above 45 days, investigate your collection processes.

 Recent Posts at http://rtacpa.blogs.com/

·         Supreme Court Denies Certiorari to Doctors Challenging Denial of Business Deductions

·         Health Care Reform – The Tax Side

·         AMA Launches New Tool to Help Physicians Correct Unfair Managed Care Contracts Nationwide

·         Ensure payment for noncovered services

·         Charitable Contribution Denied – Medical Equipment

·         Incentive pitfalls in physician hospital employment agreements

·         Questions and Answers on Reporting Physician Consultation Services Released

·         Strengthen the collection process

·         Improving front desk collections - again