Your biggest risk and greatest exposure as a physician is in the area of professional services. But liability also can arise when it comes to the business side of a medical practice, however, and it is in this area where other types of coverage become highly important.
With the addition of EHRs and patient portals, many practices today are better positioned to incorporate modern processes and procedures to manage their accounts receivables more effectively, particularly by improving collections from patients.
Using current technology brings efficiency, reduces some of the control risks related to cash and checks, and helps keep the patient responsibility portion of your accounts receivable in check. Consider these three functions in your practice.
Early retirement planning and open communication can help you find a buyer for your practice, ease your transition to retirement, ensures your practice thrives and provides effective care coordination for your patients.
Protecting against embezzlement comes down to eliminating opportunity. You cannot do much, if anything, to control another person’s motive or rationalization. However, motive and rationalization are the places where you look for a problem.