News & Tech Tips

The importance of collecting and analyzing patient data

In today’s healthcare landscape, data is king. Data is crucial to keeping track of the business aspects of practice and plays a role in improved patient care. By collecting and analyzing data, healthcare providers can gain valuable insights into their practices, improve patient care, and make better decisions about resource allocation.

Here are three reasons why collecting and analyzing patient data is essential:

  1. Improved patient care: By collecting and analyzing patient data, healthcare providers can identify trends and patterns in offering care at their offices. Auditing treatment plans improve patient care plans and ensure patients receive the proper treatment.Audits can assist providers in identifying diagnosis and treatment coding errors. Audits may reveal codes that insurance payers routinely refuse. It is common for providers to diagnose and plan treatments essential to the patient’s well-being; however, patients may inquire about insurance coverage and find they will have to pay for the proposed treatment themselves. This discovery may cause patients to avoid necessary treatment. Data analysis will uncover these discrepancies and help practitioners develop communication skills targeted at counseling patients.
  2. Better decision-making: By analyzing data, healthcare providers can make better decisions about resource allocation and identify areas where resources are needed most. It is not uncommon for technology to advance in medicine. Changes in technology can drive changes in personnel and materials. Watching for opportunities to utilize technology to assist in patient care will assist providers in prioritizing cash allocations in the office. In dentistry, for example, scanners have changed how providers take impressions, which changes the need for impression materials, shipping costs, personnel use, and turn-around time for lab work. Many offices realized cost savings when scanners were purchased. Additionally, providers can run audits on specific codes to determine that fees align with service costs and make appropriate changes.
  3. Increased efficiency: By collecting and analyzing patient data, healthcare providers can streamline their operations and increase efficiency. This information can identify faulty processes and help eliminate waste. Reduced waste helps improve the entire healthcare system.

The importance of collecting and analyzing patient data is evident. By using data to improve patient care, make better decisions, and reduce costs, healthcare providers can improve the overall health of their patients and introduce oversight in the healthcare system by managing their offices more efficiently.

Collecting and analyzing patient data is a powerful tool that can improve healthcare. By using data wisely, healthcare providers can make a real difference in the lives of their patients.

Best practices for managing patient appointments and scheduling

Patient appointment scheduling is an essential part of any healthcare practice. It can be a daunting task, but it is crucial to get it right.

Here are five best practices for managing patient appointments and scheduling:

  1. Use patient scheduling software: Patient scheduling software can help you automate the scheduling process. Software products that let people choose from available time slots can help relieve the stress of finding appointment times. These products give the front staff time to think about appointment requests in terms of the overall schedule and ask providers about the appointment timing if there are scheduling conflicts. Self-serve scheduling helps patients feel like they have some autonomy about the appointment instead of feeling pushed into a time slot that is not best for their schedules.
  2. Set clear appointment policies: Ensure your patients know what to expect when they schedule an appointment. Be sure any communication includes the types of appointments you offer, the length, and the cancellation policy. Providers should enforce strict policies that prevent front staff from providing medical advice or quoting fees. Take time to work out wording that redirects the patient to what they can expect, the excellent service they will receive, and the benefits of being a patient at the office.
  3. Be flexible: Sometimes, patients need to reschedule their appointments. Be flexible and work with your patients to find a time that works for them. With this in mind, remember that broken appointments are costly, and the front staff should strategically schedule and look for ways to fill gaps created by no-shows. One creative solution for redeeming broken appointments is to offer patients already in for treatment some additional time to finish other treatments without rescheduling. If a patient is already numb in one quadrant, they may appreciate the doctor being willing to restore a tooth next door if extra time is available. Also, keep a list of people who are able and willing to come for treatment on short notice. Many retirees are flexible, and some patients who live close to the office or work from home may be able to fill in gaps quickly.
  4. Communicate with patients: Keep your patients informed about their appointments. Send them reminders and confirm their appointments.
  5. Track your appointment data: Track your appointment data to see how well your scheduling works. Tracking data will help you to identify areas where you can improve.

Following these best practices can improve your patient appointment scheduling and provide a better patient experience.

 

 

 

The benefits of having a well-trained front office team

The front office team is the first point of contact for your customers. They are responsible for making a good first impression, providing excellent customer service, and resolving issues. A well-trained front office team can make a big difference in the success of your business.

Here are some of the benefits of having a well-trained front-office team:

  • Increased customer satisfaction: A well-trained front office team can provide excellent customer service. They can answer questions, resolve issues, and ensure customers are satisfied with their experience. Most importantly, the front office team is a part of the patient triage because they help patients discern the type of appointment they need and what services will likely be part of the treatment. It is essential to set office guidelines regarding the questions to ask patients when they call in so that the clinical team can have the best information available to them to improve treatment.
  • Increased case acceptance: A well-trained front office team can help to improve treatment plan acceptance. Team members should be trained to help patients understand the flow of treatment, it’s timing, and costs and should be able to answer questions about expected outcomes. The front office staff is often instrumental in helping patients become more comfortable with their proposed treatment plans by perceiving hesitancies and involving the clinical team to answer lingering doubts.
  • Improved efficiency: A well-trained front office team can help to improve efficiency. They will be able to handle customer inquiries and requests quickly and efficiently, freeing up your time to focus on other tasks.
  • Reduced costs: A well-trained front office team can help to reduce costs. They can prevent insurance coding mistakes, identify patient data errors,  and address payment issues. These services are critical to the health of any practice.

If you want to improve the success of your business, it is vital to invest in training your front office team. Many resources are available to help you prepare your team, such as online courses, books, and seminars. By investing in training, you can ensure your front office team is ready to provide excellent customer service and help you achieve your business goals.

Here are some tips for training your front office team:

  • Start with the basics: Make sure that your team members understand the basics of customer service, such as how to greet customers, how to answer questions, and how to resolve issues. The team leader, often the office manager, should be able to implement the provider’s vision for the practice. These leaders should have some input into decision-making regarding office policy. They should dedicate themselves to overseeing that the team performs collaboratively to meet the stated goals of the office.
  • Provide ongoing training: Don’t just train your team once and then neglect further training. Provide ongoing training so your team members can stay up-to-date on the latest customer service techniques. Ensure that the training program extends to all new hires and that the seasoned personnel are up-to-date on all office policies or procedural changes.
  • Set clear expectations: Ensure your team members know your expectations. Set clear goals and expectations for customer service, and provide feedback so your team members can improve their performance. Remember, to be unclear is to be unkind. Many people are anxious to perform well in their roles. Stated expectations are the standards by which performance is judged, so clear communication of the expectations can improve employee job satisfaction.
  • Reward good performance: When your team members do a good job, reward them. Approval will help to motivate them to continue providing excellent customer service in the future. A reward does not always have to take a monetary form. All people enjoy hearing they are valued team members. Recognizing a job well done will help with employee compliance and satisfaction.

By following these tips, you can train your front office team to be their best. A well-trained front office team can make a big difference in your business’s success and your enjoyment of your practice. Contact Us to get more tips.

 

 

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require you to make decisions that may affect your tax picture this year and for years to come.

Unemployment and severance pay

Unemployment compensation is taxable, as are payments for any accumulated vacation or sick time. Although severance pay is also taxable and subject to federal income tax withholding, some elements of a severance package may be specially treated. For example:

  • If you sell stock acquired by way of an incentive stock option (ISO), part or all of your gain may be taxed at lower long-term capital gain rates rather than at ordinary income tax rates, depending on whether you meet a special dual holding period.
  • If you received — or will receive — what’s commonly referred to as a “golden parachute payment,” you may be subject to an excise tax equal to 20% of the portion of the payment that’s treated as an “excess parachute payment” under very complex rules, along with the excess parachute payment also being subject to ordinary income tax.
  • The value of job placement assistance you receive from your former employer usually is tax-free. However, the assistance is taxable if you had a choice between receiving cash or outplacement help.
Health insurance

Also, be aware that under the COBRA rules, most employers that offer group health coverage must provide continuation coverage to most terminated employees and their families. While the cost of COBRA coverage may be expensive, the cost of any premium you pay for insurance that covers medical care is a medical expense, which is deductible if you itemize deductions and if your total medical expenses exceed 7.5% of your adjusted gross income.

If your ex-employer pays for some of your medical coverage for a period of time following termination, you won’t be taxed on the value of this benefit. And if you lost your job as a result of a foreign-trade-related circumstance, you may qualify for a refundable credit for 72.5% of your qualifying health insurance costs.

Retirement plans

Employees whose employment is terminated may also need tax planning help to determine the best option for amounts they’ve accumulated in retirement plans sponsored by former employers. For most, a tax-free rollover to an IRA is the best move, if the terms of the plan allow a pre-retirement payout.

If the distribution from the retirement plan includes employer securities in a lump sum, the distribution is taxed under the lump-sum rules except that “net unrealized appreciation” in the value of the stock isn’t taxed until the securities are sold or otherwise disposed of in a later transaction. If you’re under age 59½, and must make withdrawals from your company plan or IRA to supplement your income, there may be an additional 10% penalty tax to pay unless you qualify for an exception.

Further, any loans you’ve taken out from your employer’s retirement plan, such as a 401(k)-plan loan, may be required to be repaid immediately, or within a specified period. If they aren’t, they may be treated as if the loan is in default. If the balance of the loan isn’t repaid within the required period, it will typically be treated as a taxable deemed distribution.

Contact us so that we can chart the best tax course for you during this transition period.

© 2022

Unemployed last year? Buying health insurance this year? You may benefit from favorable new changes

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19.

Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return is due on May 17, 2021 (because the IRS extended many due dates from the usual April 15 this year). If you can’t file by that date, you can request an extra five months to file your 2020 tax return by October 15, 2021. Your 2021 return will be due in April of 2022.

1.Some unemployment compensation from last year is tax free. 

Many people lost their jobs last year due to pandemic shutdowns. Generally, unemployment compensation is included in gross income for federal tax purposes. But thanks to the American Rescue Plan Act (ARPA), enacted on March 11, 2021, up to $10,200 of unemployment compensation can be excluded from federal gross income on 2020 federal returns for taxpayers with an adjusted gross income (AGI) under $150,000. In the case of a joint return, the first $10,200 per spouse isn’t included in gross income. That means if both spouses lost their jobs and collected unemployment last year, they’re eligible for up to a $20,400 exclusion.

However, keep in mind that some states tax unemployment compensation that is exempt from federal income tax under the ARPA.

The IRS has announced that taxpayers who already filed their 2020 individual tax returns without taking advantage of the 2020 unemployment benefit exclusion, don’t need to file an amended return to take advantage of it. Any resulting overpayment of tax will be either refunded or applied to other outstanding taxes owed.

The IRS will take steps in the spring and summer to make the appropriate change to the returns, which may result in a refund. The first refunds are expected to be made in May and will continue into the summer.

2.More taxpayers may qualify for a tax credit for buying health insurance. 

The premium tax credit (PTC) is a refundable credit that assists individuals and families in paying for health insurance obtained through a Marketplace established under the Affordable Care Act. The ARPA made several significant enhancements to this credit.

For example, under pre-ARPA law, individuals with household income above 400% of the federal poverty line (FPL) weren’t eligible for the PTC. But under the new law, for 2021 and 2022, the premium tax credit is available to taxpayers with household incomes that exceed 400% of the FPL. This change increases the number of people who are eligible for the credit.

Let’s say a 45-year-old unmarried man has income of $58,000 (450% of FPL) in 2021. He wouldn’t have been eligible for the PTC before ARPA was enacted. But under the ARPA, he’s eligible for a premium tax credit of about $1,250.

Other favorable changes were also made to the premium tax credit.

Many more changes

The 2020 unemployment benefit exclusion and the enhanced premium tax credit are just two of the many recent tax changes that may be beneficial to you. Contact us if you have questions about your situation.