By now you know plenty of acronyms. When it comes to information technology alone, there's EHR, EMR, PMS, EDI and EFT. If a new report on the state of physician office technology is any indication, get ready to learn two more: ICE and DRT.

You need to actively monitor key performance data and respond accordingly - if you want to do more than just scrape through the economic hurricane, experts say. Most practices know when they're losing money, but there's more to running a business than just knowing when you're in the red, says Larry Gold, a practice management expert with DecisionHealth Consulting Services. "Doctors tend to make emotional decisions," Gold says. "But you need to look at the data on a weekly basis, then ask yourself dispassionately, ‘what's changed and what do I about it?'" 

Meaningful use of electronic health records (EHRs) is one obstacle that will stand between you and up to $44,000 per provider in incentives for adopting health information technology (HIT) at your practice (PBN 2/23/09). This year's stimulus bill, the American Recovery and Reinvestment Act, gives you some idea of what "meaningful use" is, but the full definition has yet to be articulated by CMS - the agency likely to administer the HIT incentive program beginning in 2011.

CMS will use the most favorable outcome of two calculations for providers reporting the Physician Quality Reporting Initiative (PQRI) fluoroscopic measure that erroneously contains 22 CPT codes for non-fluoroscopic procedures (PBN 3/30/09). 

Physicians and non-physician practitioners (NPPs) are exempt from purchasing surety bonds in order to provide durable medical equipment, prosthetics, orthotics and supplies (DMEPOS), CMS says.

A three-year pilot program launched in 2006 helped CMS start taking a much closer look at Medicare claims, processes, and errors relating to them. The Recovery Audit Contractor (RAC) program, initially performed in only a few states, is now being introduced nationwide.

In many ways, a physician practice merger is like courtship and marriage, with the same joys and perilous pitfalls. You meet Doctor Right in the physicians’ lounge or maybe through a colleague. You discover that you have much in common—the same friends, interests, education, income, and malpractice insurance. The talk turns to a union. You move in together, working side by side and sharing expertise, while saving money on rent, staff, parking, and other overhead. Smitten, you rush into what seems like a perfect match.

The healthcare market is more competitive than ever, and physician practices have a growing number of strategic options—from traditional ancillary services to retail service lines—to increase revenue and remain competitive. Choosing the right service line or project can greatly enhance a practice’s financial stability, but the choice isn’t always easy because each option comes with direct and indirect risks and rewards.

Despite many physicians’ misconceptions, marketing yourself or your practice does not mean turning yourself into a used-car dealer and your practice into a dealership. Quite the opposite of lowering yourself and your standards to that of tacky commercials and flashy slogans, successful marketing simply involves a little dedication and planning to ensure that your practice maintains a high-quality, patient-friendly atmosphere while also working to obtain name recognition within your community.

The fallout from the market downturn in the last quarter of 2008 will have far-reaching effects this year, making 2009 a year of economic challenges. Practices must take appropriate measures to ensure continued success and growth while dealing with changes that are soon to come their way.