Negotiating payer contracts for your practice without the proper tools is like fishing without a pole-challenging and usually not fruitful. But using a value plan can help you take control of this situation, create improved new contracts, and get better rates for existing contracts.

Staying on top of third-party payer contracts is essential to maintaining a viable practice. Keep in mind some recent initiatives when negotiating new and renewal contracts with your payers.

Increased revenue is an important goal for every billing and office manager, but no matter how skilled you are at getting reimbursed, there’s always more to learn. Unfortunately, many practices don’t have the funds (or the spare time) to send staff for additional training. But there is an alternative solution, and a free one at that: creating a peer group of billers and office managers with your neighboring practices.

Although malpractice suits conjure a slew of emotions, take a step back from these feelings and look at the situation with a clear mind. After all, you cannot let this matter destroy your professional confidence or office morale. Although you may feel like you have no control over this situation, you do have some. Selecting the right attorney by asking key questions will help empower you and hopefully move the process in a positive direction.

A defense attorney in a malpractice suit contacts you unexpectedly and asks whether you would testify as an expert for his client. He supplies a few facts, strikes a positive tone, and asks for your expert testimony.

You’ve probably thought about how much you’ll need to retire comfortably. But if you haven’t done the calculations, you’ll likely be shocked at the actual amount. Most physicians need $5 million-$6 million in investable, liquid (cash) assets to retire comfortably, based on a 3%-5% after-tax annual return.