ePrescribing 2011: 10 by 6/30; 25 by 12/31
To avoid penalties of 1% of on Medicare Part B Fee-for-Service revenue in 2012, physicians must ePrescribe on at least 10 unique Medicare encounters by June 30, 2011. The G8553 ePrescribing procedure code must be submitted on all associated claims.
To qualify for a 1% bonus on Medicare revenue in 2011 under MIPAA (Medicare Improvement for Patients and Providers Act) and avoid a 1.5% penalty in 2013, physicians must ePrescribe on a total of at least 25 unique Medicare encounters by the end of 2011. I would recommend, setting the bar a little higher to be on the safe side and guard against claims filed under the wrong primary.
Please note that eligible physicians aiming to achieve Stage 1 Meaningful Use in 2011 and collect electronic health record (EHR) incentive money under ARRA (American Recovery and Reinvestment Act) cannot collect ePrescribing incentive dollars under MIPPA during the same reporting period. This may lead some to elect 2012 as their first EHR incentive payment year.
MBA HealthGroup Client: North Shore Long Island Jewish Receives Recognition
One of MBA HealthGroup’s largest Allscripts partnered implementation clients, NorthShore Long Island Jewish(NSLIJ), receives recognition for building a connected community of health in the state of New York. MBA HealthGroup has been working with NSLIJ, the nation’s second-largest, non-profit, secular health system and thousands of their community affiliated physicians to roll out and support Allscripts Enterprise EHR and PM across Long Island.
2011 MA Governor’s Conference
Hi! We enjoyed meeting you at the 2011 Governor’s Conference
Last week marked another successful event for MBA HealthGroup at the 2011 Governor’s Conference on Healthcare IT, in Worchester, MA. The topic direction of the conference was for Massachusetts to remain a leader in Healthcare Information Technology and set meaningful use standards for the entire nation, and to remove the fear we all witness in practices and hospitals of doing things differently. As an approved Implementation Optimization Organization (IOO) by the Massachusetts Regional Extension Center, we promoted our outstanding EHR consultative services for the Allscripts Enterprise, Professional and MyWay software.
Vendors don’t ask for much from conference planners (free breakfast is always nice!), but one thing that’s absolutely important is position. I was really happy to see that the organizers of this show did the vendors justice, by having featured speakers, attendees’, exhibitors and most important food, all in the same area! It opened the potential for us to see our existing clients and even better, shake hands with potential new clients. Again, I want to thank all the people who stopped by our booth to say Hi! We hope to hear from you soon!
How to get a Loan for a New Medical Practice
For some, going to a bank to obtain a loan for a new practice may seem daunting but it’s really a straight forward process. These simple points will help you obtain a good loan.
Get a low rate
Naturally, you will want the lowest interest rate you can get. Consider using the prime rate as your basis for making this judgment. A great loan would be 2 points above prime. Currently prime is 3.25%, so a loan at 5.25% would be very good. Most lenders will charge 2-3 points above prime. You can determine what the prime rate is by going to http://www.bankrate.com/rates/interest-rates/wall-street-prime-rate.aspx There is a relationship between the term of the loan and the interest rate charged for the loan. Shorter term loans have lower interest rates. The standard business loan for a practice startup has a term of 5 to 10 years. Rates on ten year loans will be higher because there is more risk associated them. There is a longer period in which the business owner could default, and there’s the rate risk the bank assumes. Rate risk is higher for longer term loans. The sweet spot is a 7 year term. With a seven year term you will get a competitive rate and also have a payment that doesn’t jeopardize your new medical practice.
Know your worth
You will need to fill out a Personal Financial Statement (download the Word Document) All banks will require this form and it’s easy to fill out. This will help banks decide what type of a credit risk you are. The form will ask you to list assets such as your home and stocks you own along with liabilities you have such as mortgages and student loans. You will subtract you assets from your liabilities to determine your net worth. The more assets you have above your liabilities the better a credit risk you are. If you are better credit risk you will get a better interest rate.
Use your loan wisely
When you make your loan payments, a portion goes to pay the interest and the rest goes towards the principle. It is wise to ask for a period of interest only payments because when you start your medical practice you will be in what’s called a ramp-up period. You will gradually build up your patient panel. The payments you receive for seeing patients will grow as your patient volume increases. You will also not be paid from insurers right away. There will be a 30 to 90 day lag. During the first year it best to pay just the interest on the loan. You will have enough other operational expenses to cover. You should be fully ramped up at the end of the first year and at that point you can begin paying principle as well as interest.
Shop around
Go to multiple banks simultaneously. There are a few reasons for this. You are shopping for a loan just like you would shop for other big ticket items like an automobile. You need to compare multiple offers to be certain you are getting the best deal. You also don’t want to waste time. If you go to just one bank and spend 4-6 weeks with them only to find out that they won’t offer you a loan or the loan offer isn’t acceptable to you, you now have to start this process all over again with another lender. Meanwhile, a few months has gone buy. Go to three banks simultaneously and get the best loan offer you can.
Always ask for a loan that doesn’t have prepayment penalties. Physician practice startups are good business risks. Chances are you will be able to pay your loan off early. Don’t take a loan that penalizes you for doing this.
Obtaining financing is easy, just go in prepared and you will get a better loan!
Massachusetts e-Health Institute Certifies MBA HealthGroup
The Massachusetts e-Health Institute, a Regional Extension Center (REC), Certifies MBA HealthGroup to Help Increase Physician Adoption of Electronic Medical Records
MBA HealthGroup, in collaboration with the Massachusetts e-Health Institute, will assist primary care physicians with electronic medical record implementations.
Boston, MA, September 7, 2010
MBA HealthGroup, a leading provider of electronic medical record implementation and healthcare consulting services in New England, has been selected by the Massachusetts e-Health Institute, a division of the Massachusetts Technology Collaborative, as a Certified Implementation Optimization Organization to assist with increasing adoption of electronic medical records statewide. The services provided by MBA HealthGroup will provide primary care physicians with the guidance they need to implement an electronic medical record (EMR) and to prove “Meaningful Use” in order to qualify for up to $63,750 per physician in additional reimbursements from Medicare and Medicaid.
The Massachusetts e-Health Institute was awarded $13.4 million in federal stimulus funding to assist physicians in taking the necessary steps to an EMR. This includes a federal subsidy of up to $4,500 per priority primary care provider to implement EMRs.
“We are pleased to have MBA HealthGroup join our select list of certified health IT companies that will help thousands of health care providers across Massachusetts successfully transition to electronic health records,” said Rick Shoup, Ph.D., Director of the Massachusetts e-Health Institute. “Widespread deployment of electronic health records leads to better quality care for patients, reduces health care costs and spurs new jobs in the health care industry.”
“MBA HealthGroup is focused on helping physicians break down the barriers to EMR implementation and clearly defining the necessary steps towards achieving ‘Meaningful Use’. With such a large number of physicians in Massachusetts practicing in small physician groups, it is important to empower them with the knowledge to make the right decisions for their patients and their practice,” said Ethan Bechtel, Chief Operating Officer of MBA HealthGroup.
About Massachusetts eHealth Institute
The Massachusetts e-Health Institute (MeHI), a division of the Massachusetts Technology Collaborative, is the state-designated entity for health care innovation, technology and competitiveness. Established by Governor Patrick and the Massachusetts Legislature in Chapter 305 of the Acts of 2008, MeHI is responsible for advancing the dissemination of health information across the Commonwealth, including the deployment of EHR systems in all healthcare provider settings that are networked through a statewide HIE. For more information on MeHI, go towww.maehi.org.
About MBA HealthGroup
MBA HealthGroup is a leading health information technology and consulting services company with clients across the country ranging from single physician practices to large health systems. The company has worked with thousands of physicians transitioning to electronic health records. MBA HealthGroup also offers EHR implementation and support, healthcare consulting, EHR/PM hosting, revenue cycle management and billing services. For more information on MBA HealthGroup, go to http://www.mbahealthgroup.com
Hi! It was great to meet you at ACE 2010!
The Allscripts Client Experience in Las Vegas from August 5th-7th, 2010 was a huge success for MBA HealthGroup. If you stopped by our booth to say “Hi!”, we’d like to thank you for giving us a chance to tell you a little about how we can help your organization. If you remember, our booth also said “Every great partnership starts with an introduction”, so we’re looking forward to creating some great partnerships in 2010 and into 2011!
If you’re an Allscripts client that talked to us at ACE, click here for a summary of what we can do for you.
See you at ACE 2010 in Las Vegas!
We’re packing our stuff up and moving out to Las Vegas for our favorite healthcare conference of the year, the Allscripts Client Experience, 2010! Stop by our booth and pick up a button. Each button has a number on it, some are lucky numbers, some aren’t so lucky. The lucky numbers will have a chance to win an iPad, a gift card or two, and a bunch of other MBA HealthGroup giveaways.
We’re looking forward to our first time exhibiting at ACE! Hopefully we see you there!
9 Steps to Successfully Starting a Medical Practice
Starting a Medical Practice: 9 Steps to Success
Step 1: Financial Proforma
In order to ensure success, you must understand the financials. It’s important that when you approach the bank for a loan, you know exactly what you’ll need to get you off the ground. It’s equally important to understand that starting a new practice is financially feasible.
How we can help…
MBA HealthGroup has the ability to create authentic and reliable financial projections to guide your organization or practice in the early stages. Our industry knowledge and relationships allow us to create uniquely authentic pro forma statements that are derived from front-line information such as state-specific third party payor fees, realistic provider schedules, market rate wages and benefits, and facility equipment, supplies and furnishings costs.
MBA HealthGroup will create realistic and accurate projections for revenue, capital requirements and operating cash flows of the practices. The format will provide easily accessed multiple levels of detail as well as a logical rollup of the projections. Key simulation variables and assumptions will be detailed and integrated into the statement. A triple range of “best”, “worst” and “steady state” will be used in the projections.
Step 2: Market Research
In order to be successful, there must be a demand for your services. Whether you know where you plan to open a medical practice, or you want to go where the business is, a market analysis is key to understanding how many patients you’ll be treating.
How we can help…
Our healthcare consultants can conduct market research of an area as part of your practice set-up. The methods of gathering this information will entail researching national trends, the local market, and competition. Data is gathered from various sources including the health department, discussions with physicians, and if possible, healthcare facilities or hospitals.
Research will be done to gain a true understanding of the market in the identified location. We will identify the current and future trends in healthcare and what makes it unique in the marketplace. We will validate the healthcare needs in the community, by researching both state and county statistics.
Step 3: Credentialing and Enrollment
Long before you open the doors to your practice, you need to research and plan for contracting with insurance carriers. It is important to complete the credentialing process long before you start seeing patients, or you risk working for free. Don’t under-estimate the complexity of this process. While it may seem simple, one mistake can cost you months of insurance payments.
How we can help…
MBA HealthGroup will determine the current credentialing requirements of the practice location and credential the providers using on-line access and standardized forms (such as CAQH) whenever possible in order to maintain an optimal level of speed, efficiency and organization. We will demonstrate the process for applying for and obtaining National Provider Identification (NPI) Number assigned by Centers for Medicare/Medicaid Services (CMS). The credentialing process will operate using a customized web-based project management tool. We will follow up on all corrections and re-submissions with our rapid response protocol that includes a goal of 24 hour turnaround time. MBA HealthGroup will also keep provider data accurate through periodic electronic updates.
Step 4: Workspace and Clinical Workflow Design
The number of total clinicians and staff as well as any plans for growth must be factored into the office design. In order to create an efficient office workflow, make sure you have a grasp on all the equipment you’ll need in
your practice so you can plan accordingly. If the office is designed to facilitate easy flow, your patients and staff will benefit. Think about the timeline of a patient visit and work through the needs of each staff member that sees that patient throughout the course of their visit.
How we can help…
Many architects can design great buildings and workspaces. Our experience in private practice operations gives us a unique advantage; we can work in concert with design and construction professionals and integrate our knowledge of how a medical practice operates most effectively.
MBA HealthGroup can assess the functions of your practice workspace and help configure the layout for the best possible patient, staff and information flow. This can often result in significant time and expense savings in the design process. We can also help determine the appropriate space, so that it is neither too small nor too large for your practice today or in the future.
Not only can we help design your office and workflow, but we will make sure you know everything to order for your office from the magazines in the waiting room to the equipment in your surgical suite. From phone systems to alarm systems to sound systems, we can help design exactly the office you’ve envisioned.
Step 5: Electronic Health Record and Revenue Cycle Management
When deciding how to conduct billing operations, you really have two options. You can create your own billing staff to facilitate all billing functions, or you can outsource your billing and revenue cycle management to a billing service. The important thing to consider is how you’ll be moving forward with an electronic health record (EHR). If you’re looking at doing all your own billing, you’ll start with software selection for Practice Management and EHR, and because billing is always challenging, so it’s key to have a knowledgeable billing person to keep your revenue on track.
How we can help…
Whether you’re looking to perform all billing functions in-house, or outsource your billing, we have services that fit your needs. We can design billing procedures and protocol for your practice as well as help you find the perfect billing employee. We can help you find the right billing software, work with your staff to implement billing protocol, and set your fees. We can also help you find an electronic health record that fits your clinical needs. Our extensive knowledge of over 400 EHR vendors allows us to easily narrow down the possibilities for you.
MBA HealthGroup’s complete billing and revenue cycle management and EHR system is also a possibility for your practice. If you aren’t interested in dealing with the complexities of billing within your office, we can take all of those responsibilities and guarantee that you get paid quickly without any of the hassle. With our web-based system, you have access to a complete scheduling system, as well as the practice management functions required within your practice. You’ll have access to an almost unlimited number of reports to see where your money is at all times. And the best part is that there aren’t any servers required on your side. Since it is 100% web-based, you only need a high-speed internet connection and a computer.
Step 6: A Practice Website
Patients these days shop around for their health care. Finding a web designer that specializes in medical web sites is key because they will understand what patients look for on the web. With a good website, patients can request appointments, pay their balance, or maybe just find out the hours of operation. Also, as electronic health records become more commonplace, integrating your website into your EHR allows patients to fill out their history forms before they even leave their home.
How we can help…
We’ll work with you to create a website that works for you…literally. All from your website, your patients will be able to request medication renewals, pay their bill, pre-register and so much more. It’s a simple process that we take care of for you to make your practice a 21st century practice from the day you open your doors.
All part of the website design:
- Your own domain, e.g. www.drjones.com
- Location information including services, hours and map links to Google
- Your choice of over 600 graphical designs from our interactive design center
- The ability to build unlimited pages in the following categories: Services, News & Events, Links, Insurances, Frequently Asked Questions, Job Postings, Patient Education
Step 7: Human Resources
Hiring the right people is critical to starting a successful practice. Write down what you’re looking for in an employee, and look for that perfect billing person, nurse, or front desk person. They should share your perspective on patient care as well as your overall vision for the practice.
How we can help…
We will help you identify your staffing needs for your new practice, and also help wiith the hiring and training of your staff. Whether you need to hire front desk or billing staff, or even a nurse or practice manager, we can manage the entire hiring process. Our healthcare consultants can even put together job descriptions, salary structures, and benefits packages.
Another Human Resource service that MBA can provide is HIPAA & OSHA compliance for your new practice, which will ensure that your new practice is in compliance.
Step 8: Marketing
Marketing is crucial for new practices to attract new patients. Determining the most effective medium for advertisements, planning an open house, and networking with local physicians are all important components of a successful startup practice.
How we can help…
Our team will start by looking at your services, and the demand for those services locally. We can help you brand your practice with a logo, business cards, brochures, and any other materials you need to get started. We can analyze and prepare print advertisements, web advertisements, and even setup an open house to get your name out in the community.
Step 9: Talk to one of our consultants for free. Call 1.800.300.8782 or contact us here
You can tell us about what you’d like to do, and we can tell you when you need to start planning, how much you should budget, and what your next steps should be.
