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INCREASING PROFITS

Track these 5 metrics for practice profitability

By Mike Rigert “It was the best of times, it was the worst of times … , ” wrote author Charles Dickens in his classic novel, “A Tale of Two Cities.” While it’s certainly not the worst of times for most healthcare practices (that honor likely went to 2020-2021), things could always be better, right? You’re likely still dealing with the impacts of rampant inflation and ongoing short staffing, among other things. Despite these setbacks, there’s clear opportunities to move your practice forward to improve both production and productivity to help you reach your financial goals. It all goes back to numbers—the key performance indicators (KPIs) that determine whether your practice sinks or swims. Some metrics are more important and vital to the success of your practice than others. We’ve outlined five… . . . read more.

QPP

MIPS 2022 data submission period is now open

MIPS eligible clinicians can start submitting their 2022 data through March 31. The Centers for Medicare & Medicaid Services (CMS) has opened the data submission period for Merit-based Incentive Payment System (MIPS) eligible clinicians who participated in the 2022 performance year of the Quality Payment Program (QPP). Data can be submitted and updated until8 p.m. ET on March 31, 2023. How to submit your 2022 MIPS data Go to the Quality Payment Program sign in page. Sign in using your QPP access credentials (see below for directions). Submit your MIPS data for the 2022 performance year or review the data reported on your behalf by a third party. (You can’t correct errors with your data after the submission period, so it’s important to make sure the data submitted on your behalf is accurate). How… . . . read more.

HARASSMENT

Every bully has a weak spot

By Lynne Curry He’s smug, arrogant and has bullied you for months. Before you he bullied a string of good people, each who had the good sense to quit before he destroyed their work lives. You’ve thought about quitting but don’t want to. That leaves you one option. You need to know how you can take him down before he takes you out. Here’s what you need to know: Bullying rests on psychological power. Bullying causes psychological harm to the target and those who witness it but feel powerless to intervene. Those targeted feel their bully has all power and they have none. That isn’t true—every bully has an Achilles heel. For example, narcissist bullies can’t take criticism and when you criticize them, they lose their cool and react. Angry,… . . . read more.

TOOL

Sample policy on domestic abuse

Domestic abuse is a serious issue that affects individuals of all ages, genders, and backgrounds. It can take many forms, including physical, emotional, sexual, financial, and psychological abuse. Medical offices have a unique role in addressing and preventing domestic abuse, as patients may disclose abuse during a medical appointment or seek medical attention as a result of abuse. If a patient discloses domestic abuse to a medical professional, it is important for the medical office to have a clear policy in place for how to respond. This policy should prioritize the safety and well-being of the patient and provide them with the necessary support and resources. There are several steps that medical offices can take to address and prevent domestic abuse: Provide a safe and welcoming environment: Medical offices should… . . . read more.

COVID-19

Jan. 3 deadline for MIPS Extreme and Uncontrollable Circumstances application

The deadline to submit a MIPS EUC Exception application for the 2022 performance year is 8 p.m. ET on Jan. 3, 2023. If you believe you’ve been affected by an extreme and uncontrollable circumstance (such as the public health emergency triggered by the COVID-19 pandemic), you can apply whether reporting traditional MIPS or the APM Performance Pathway (APP). MIPS eligible clinicians, groups, and virtual groups may submit an application to reweight any or all MIPS performance categories if they’ve been affected by extreme and uncontrollable circumstances that impact these performance categories. Alternative Payment Model (APM) Entities may submit an application but are required to request reweighting for all performance categories. Beginning in the 2023 performance year, clinicians will also have the option to report via the MIPS Value Pathway (MVP)s framework instead of traditional MIPS. Learn more: CMS’s Current Emergencies Medicare IFC: Revisions in Response… . . . read more.

MOTIVATING YOUR STAFF

Praise is nice but a year-end bonus is better

A year-end bonus can be a powerful tool for reminding your staff their hard work and commitment and the company’s overall growth and success are closely intertwined. And according to a survey of employers, 50% of companies plan to award year-end bonuses in 2022. While this is down from 63% last year, it’s a sign that staff retention remains top of mind for many employers, says Robert Half, the specialized talent solutions and business consulting firm which conducted the survey. Presenting employees with a financial reward—whether it’s to acknowledge individual, departmental or companywide success—can help bolster retention and even help with recruitment efforts. It can also be a motivational tool for driving team productivity and engagement in the year ahead. A year-end bonus can help employees feel like they make a… . . . read more.

YOUR CAREER

Do you just open your mouth and let the words fly?

By Lynne Curry When you’re upset with another person, do you open your mouth and let your emotions erupt and words fly? If you want to resolve an interpersonal conflict, you can’t afford to blast the other person. While you may feel vindicated, you risk the other person attacking back, getting defensive or shutting down If you want things to become better and not worse between you and the other person, learn to tackle yourself first, open the conversational door to the other person, remain results-focused, word your thoughts so they can be heard, and admit your part in the problem. Tackle yourself before you slam the other person When you’re upset, adrenaline can hit you like a wave. Don’t let it swamp you and torpedo your chances of attaining… . . . read more.

TELECOMMUTING

Flexibility is the key to remote work practices

“The name of the game is flexibility,” says Carl Kutsmode, Senior Vice President at Talentrise, an executive search and talent management consulting firm, talking about the nature of remote work since the coronavirus pandemic. Kutsmode discusses how the pandemic has changed the workforce, likely for good. Additionally, his perspective provides tips to help employers adapt to new business and networking practices in a post-pandemic world. Pandemic’s push for career reevaluations The confinement of the pandemic enabled people to pause, reconnect with their families, and establish a work-life balance that had not existed to such an extent before 2020. As the world slowly moves away from the pandemic’s restrictions, employees are motivated by new, different factors than they once were and, as such, have different expectations of their employer. As the… . . . read more.

COMMUNICATION

Interpreters improve patient care

Do you have interpreters on staff or on call for your medical practice? Interpreters are essential for medical care when language is a barrier. Consider the results of a study reported in this article from Boston Children’s Hospital:  By Veronica Giarla Sharing medical concerns with clinicians can be hard for anyone—a challenge that’s amplified in patients when English isn’t their first language. The results are troubling: One recent study by Boston Children’s pediatric hospitalist and researcher Alisa Khan, MD, MPH, found that patients and families who have limited English proficiency are three to five times less likely to speak up and ask questions of their care team. “There are many ways patients who don’t speak English experience health care differently from those who do,” she says. It’s a challenge that Esterlina… . . . read more.

Remote patient monitoring on the rise

Is your medical practice making use of remote patient monitoring? It’s an emerging trend, judging by market growth. A press release from Allied Analytics LLP says the remote patient monitoring market was was valued at $1.9 billion in 2021, and is estimated to reach $8.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031. Surge in number of populations, limited availability of hospitality beds along with upsurge in infectious virus during the pandemic fuel the growth of the global remote patient monitoring market during the forecast period. Remote patient monitoring devices check patients’ body temperature, respiration rate, heart rate, and blood pressure without invasive treatments. Day-to-day monitoring equipment, such as glucometers for diabetic patients and heart or blood pressure monitors for cardiac patients, are examples of… . . . read more.


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