Target your billing practices before Medicare does.
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Years of lax oversight let providers get sloppy about billing Medicare. Now the feds are paying close attention, and may hospitals are finding themselves faced with federal fraud charges. The authors, Philadelphia-based health lawyers, propose ways to stay on the straight and narrow.
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The nation's Top 100 hospitals combine razor's edge management with an ability to take a marketplace punch and maintain their balance sheet. And more often than not, they're found in markets highly influenced by managed care and for-profit healthcare companies.
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Physician group practices can limit their vulnerability to employee theft by taking steps to detect theft when it occurs and to deter future occurrences. Steps for detecting theft include being wary of an employee's refusal to take earned time off, conducting periodic credit checks on employees, rotating employees' duties, and conducting impromptu reviews of the practice's finances. Steps for detering theft include routing the practice's checks to a lock box; reviewing cash reports; reconciling check with deposit statements; separating employees' duties; reviewing bank, credit card, and ATM statements; setting the tone for prudent financial management; and reporting cases of theft when they occur.
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An important principle of accounting is that asset inventory needs to be correctly valued to ensure that the financial statements of the institution are accurate. Errors is recording the value of ending inventory in one fiscal year result in errors to published financial statements for that year as well as the subsequent fiscal year. Therefore, it is important that accurate physical counts be periodically taken. It is equally important that any system being used to generate inventory valuation, reordering or management reports be based on consistently accurate on-hand balances. At the foundation of conducting an accurate physical count of an inventory is a comprehensive understanding of the process coupled with a written plan. This article presents a guideline of the physical count processes involved in a traditional double-count approach.
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Managed care plans are driven to meet consumer quality of care demands. But, plans that meet these consumer demands do not necessarily meet provider expectations for quality business partnerships. Therefore, providers need to develop not only clinical performance indicators but also indicators that will help them evaluate managed care plans as business partners. Performance indicators should be developed to measure managed care plans' medical loss ratio, compensation cost/benefit, payment promptness, authorization convenience and promptness, insurance verification convenience and promptness, payment accuracy, medical management, provider relations responsiveness, member education effectiveness, recorded complaints, risk transfer, contract terms, and contract equity.
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