September 2009

Compliance Standards for Consignment Closets and Stock and Bill Arrangements and More Blog Posts
As we posted on our blog earlier this month, providers now have some time to react to the changes to Stock and Bill DME. CMS issued Transmittal 300, dated September 1, 2009, that rescinds and replaces Transmittal 297, dated August 7, 2009. This changes the implementation date from September 8, 2009 to March 1, 2010. All other information remains the same, and we will keep you posted as more becomes available.

Also on our blog are several new posts, including "Family Health Premiums Increase 5 Percent in 2009" from Jeff Boomershine and "OIG’s Report on “Incident to” Services" from Cathy Weaver. Visit The Business of Medicine blog.

Diagnosis Codes
It is time to prepare to implement the diagnosis coding changes that take effect October 1, 2009. The new, revised and invalid codes are listed in our article. Read more...

It’s Time for Year-End Tax Planning
It’s never too early to examine and review your current tax planning strategies. Starting to plan and implement tax saving strategies now can help your practice and you benefit at tax filing time next year. If your practice uses the cash method of accounting, it may be a good idea to review the timing of year-end payments so you can more effectively coordinate their tax impact. For example, you can increase your 2009 deductions by paying expenses in December instead of January. Read more...

Somerset Health Care Team News

Join Us for Drinks in Denver! The Somerset Health Care Team invites you to a cocktail and hors d'oeuvres reception on October 12 during the 2009 MGMA Conference in Denver. Feel free to extend this invitation to others in your practice who are attending the conference. Details and registration...

HITECH—What Every Physician Practice Needs to Know - On September 1, Jim Hamilton presented this topic at the IMGMA Tech-Knowledgy 2009 Conference. If you missed the presentation, you may download a PDF of the slides. We also have created a HITECH Funding Readiness Barometer, which is an evaluation and assessment tool that can be completed by the leadership team or key staff within your practice--please contact us for a complimentary copy.

HDHPs and HSAs Article - High Deductible Health Plans and Health Savings Accounts have many patients and providers mutually-mystified. It is very important for providers and their staff to understand and manage these emerging products that are becoming more and more common. If the current growth rate of enrollment in these plans continues, 25% of your patients will be presenting with this coverage in less than 6 years. Mishandling these products can cause unnecessary cash flow issues, but a little pro-activity, education and training now will go a long way. Cathy Weaver's article, "Managing Patients with High-Deductible Health Plans and Health Savings Accounts," was published in the July/August issue of The Journal of Medical Practice Management. Contact Cathy if you would like to discuss this topic.

American Academy of Orthopedic Surgeons (AAOS) - From October 2 to 4, 2009, Mike McCaslin will be at the AAOS 4th Annual Practice Management Course in Albuquerque, New Mexico speaking on the topics of Ancillary Revenue Streams and Mergers & Acquisitions.

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 October 15, and you will be entered into our drawing for a pair of tickets to the Pacers vs. Miami on Friday, October 30. Take survey now.

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.