July 2007 -
Protecting your assets
by Susan J. Guenther

We have all continued to experience the increasing complexity of healthcare.  This edition of our Newsletter is focused on the topic of protecting your assets because they represent a very large investment you have made in your livelihood.

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Protecting your best asset- Yourself
You are your most important asset.  Are you sure you are leveraging your value?   

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Cash Collection is driven by Insurance Verification and setting expectations with your patients
Though offices may have had the policy to collect co-pays with their patients, the new world of payor rules has created an entirely different situation.      You no longer have a set renewal  timeframe, no common “rules” for co-pays or deductibles.

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Cash Management and Controls
Now that you have collected the cash, you must have good management and controls to ensure that all of the payments are posted to the correct account and deposited in the your bank  account

So what cash management tools should you focus on?  

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Security of Patient Information
The new patient privacy act known as HIPPA (Health Insurance Portability and Accountability Act of 1996) was enacted to, among other things, provide federal privacy standards to protect patients’ medical records and other health information.  In addition to ensuring the confidentially of the patient information, this Act also calls on physicians offices to be more accountable in determining that the patient is who they say they are and that the insurance information is in fact their own.

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Operations Security    
By, Charles Stoia, Operations Manager

We live in a world of data interconnection.  Everyone is sharing data via the Internet and through virtual private networks to accomplish business in our tech driven economy.  

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