We are pleased to announce that Jack Daly, Provider Web Capital’s Chief Revenue Officer, was selected to be a contributing columnist for HomeCare magazine. With nearly four decades of publications under its belt, HomeCare magazine has established itself as a place where home health business owners go not only for industry news but for industry-leading content that is focused solely on helping business owners succeed. When HomeCare magazine invited us to spotlight our unique financial expertise for small healthcare businesses to its 20,000 + monthly subscribers, Mr. Daly was more than happy to oblige!
Most home health providers are well aware that quality reporting measures will be required to be submitted starting January 1, 2017 as part of the Medicare Post-Acute Care Transformation Act (IMPACT). Previously performance quality has been a fragmented process using a variety of reporting methods which themselves have varying scoring methodologies making it difficult for patients to compare care providers. In preparation of the IMPACT Act, a panel of home health professionals reviewed the current star rating system and recommended changes that align with value-based care guidelines and standardize scoring and reporting.
Keeping your metrics balanced is a vital step that DME managers that are serious about keeping their records clean and current are not willing to skip. However, metrics are just one determining factor that let you know whether or not your DME management plan needs tweaking. This particular article was written with those who feel like their metrics may be a bit too far gone for DME management alone.
In 2016 alone, an estimated 3-million baby-boomer adults will retire to their homes. While this seems like good news that may benefit the home health care field, it may not. What many people don’t know is that caregivers are leaving their posts due to underpayment and extreme levels of stress to deliver quality care with less than fair wages and compensation.
As the years go on reimbursements get slimmer and slimmer. Options for medical reimbursement are becoming a thing of the past. Let’s face the music—reimbursement options are getting worse for people in the homecare field.
Now that tax season is upon us, managing your firm’s cash flow becomes an even more pressing issue. Having the tools to combat these problems will reduce business owners’ worries and strengthen the confidence of the employees in the firms operations. This is no easy task, particularly for healthcare providers. Tax laws and regulations are quite stringent, and your time is much better spent focusing on growing the business. Follow these key strategies and you’ll find that your headaches during this tax season will substantially decline:
Effectively Use Equipment Deductions
Recognizing depreciation on equipment and writing off mileage expenses can significantly reduce a company’s tax burden. IRS Section 179 highlights deductions that business owners can take related to various fixed assets, as well as real property. Maximum deductions under this section go up to $500,000 beginning in 2015. Other equipment that is considered “qualifying equipment” includes software, computers, and office furniture, all of which your firm can use as deductions. Likewise, as of the 2016 tax season, mileage expense rates are 54 cents per mile for standard businesses. However, if your firm specializes in medical mobility (i.e. a non-emergency transport company), you will only be able to deduct 19 cents per mile.
ICD-10 expanded the list of possible codes for medical professionals to over 70,000 items. Provider Web Capital’s Top Ten list is below. Some of these are too strange to be true:
Managing your working capital is crucial to running a successful small business. However, with payroll, operating expenses, and general business overhead, many business owners find themselves stretched thin. There are a number of strategies a business can follow to best optimize their working capital.
In the world of business, money means more than just having something to fall back on. It means having the ability to offer your consumers more goods and services. It means having the option to offer more to your employees in the form of benefits and incentives and most of all it makes growing and flourishing as a business much easier. The fact of the matter is, more money never hurt anyone— which is exactly why we want to teach you how to maximize your finances to get the most out of your hard-earned dollar.