January 2010

The Red Flags Rule and Your Practice
If it hasn't already, your practice should take steps to comply with the Red Flags Rule. The rule is a measure under federal regulations to curtail identity theft. In practical terms, your practice needs to develop and implement a written program that allows your staff to reasonably identify and respond to attempts to use stolen personal information. Read more...

Consult Codes
There has been a lot of confusion over secondary claim coding related to consult visits when Medicare no longer accepts consult codes but commercial payers do. We, along with Joy Newby of Newby Consulting, Inc., wanted to provide some clarification on this issue and consulted with most of the major commercial payers. Read more on our blog...

Giving Gifts of Property to Charity
Despite recent changes requiring stricter substantiation of monetary gifts to charity, the tax rules are pretty straightforward when you write out a check or charge a donation by credit card. In general, you can deduct the full amount of your charitable donation in the year in which you make the gift. However, the rules are considerably more complex if you give appreciated property to charity. Fortunately, you can realize significant tax savings with some careful planning. Read more...

What Can You Do to Reduce Employee Absences?
Every time one of your employees takes an unscheduled day off, your other staffers may need to adjust their workloads accordingly. Apart from their disruptive impact, unscheduled absences can also create resentment in the workplace, affecting employee morale and productivity. If such absences are becoming an issue at your practice, you may be able to reduce their frequency by asking--and answering--a few simple questions. Read more...

Somerset Health Care Team News

Somerset Health Care Roundtable - March 25, 2010
Our next Health Care Roundtable will be Thursday, March 25 beginning at 11:30 a.m. Eastern. Cathy Weaver of Somerset will present "Co-Management Agreements: What They Are and How They Work." You can attend either in-person or via webinar--be sure to register now.

Get Financially Fit in 2010 - A new year is here and it's time to get your financial goals on track! As part of your 2010 financial planning, take action by completing the Somerset Financial Fitness Survey. Your response will be reviewed by Somerset wealth management professionals, and they will contact you to help you meet your goals, build wealth and achieve personal financial success. If you complete the survey by February 28, you will be entered to win a $250 Visa gift card. Take the Somerset Financial Fitness Survey now.
 

Somerset Turns 50 in 2010 - We are proud to be celebrating our 50th anniversary in 2010! Somerset’s roots began in 1960 with the founding of Whipple & Company, a certified public accounting firm. Read more...

Tell Us How We Are Doing and You May Win Pacers Tickets - If you are a Somerset client, please take our survey concerning the services we have provided to you by February 15, you will be entered into our drawing for a pair of tickets to the Pacers vs. Chicago on Saturday, February 27, 2010. Take survey now.

Somerset is a proud supporter of the Susan G. Komen Race for the Cure and will be participating in the Komen Indianapolis Race for the Cure on April 17. Click here for event information.

Health Care Commentaries is provided by Somerset’s Health Care Team for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact a member of our Health Care Team. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.