Tax season is here again and even for those who file quarterly for business expenses and liabilities, there are still plenty of changes afoot that have likely already impacted your personal and family taxes and deductions and those of your employees, vendors and other associates.
“Bundling 101” explained
What is bundling? Simply put, bundling (also known variously as value-based, episode-based payment, evidence-based case rate and several other names) is reimbursement for health care services by hospitals or providers “on the basis of expected costs for clinically-defined episodes of care.” Bundling is thought of as a “middle-ground” between the longstanding practice of fee-for-service, where providers are paid for each individual service given, and capitation, which normally pays a lump sum per patient regardless of the number of services that patient receives.
The biggest goal for your medical practice is providing the best care to your young patients. However, you can’t afford to let the business operation side of your practice slide, or you’ll soon be out of business. While offering the best care for patients should be your first goal, it’s also essential to keep an eye on how well your practice is performing financially. How efficiently is your practice running? Looking at Key Performance Indicators (KPIs) monthly, quarterly, and yearly can help you see trends in how well your practice is meeting different business and financial goals.
Many medical practices are having a tough time sustaining and improving their performance and practice revenue as the healthcare environment continues to involve. Trying to juggle decreasing resources with increased provider and patient demands makes it difficult to keep practices growing financially. While aligning with hospitals and health systems through affiliate or employment arrangements can be financially beneficial to some medical practices, but it doesn’t ensure optimal performance, growth, or improved practice revenue.
Physicians have been trying for years to persuade the CMS to revise evaluation and management (E&M) documentation requirements as being excessively burdensome, especially for those primary care providers treating very sick patients. CMS has finally listened, and with input from the AMA and more than 170 other patient and physician advocacy groups, developed a list of proposals – some of which were welcomed as needed changes while some others were opposed by physicians and patient advocacy groups.
