February 2012 

URGENT – Indiana Medicare's Transition to New Accounting System Will Affect Payments and Cash Flow

All Indiana Part B providers and suppliers need to be financially prepared to withstand 2 to 4 weeks without Medicare payments due to Indiana Medicare's transition to a new financial accounting system. Read more...

Handling a HIPAA Audit

The U.S. Department of Health and Human Services has announced that it plans to carry out random audits for Health Insurance Portability and Accountability Act (HIPAA) compliance throughout 2012. Physicians may be subject to a HIPAA audit randomly or in response to a specific complaint. The cost of violating HIPAA is high. Read more...

Congress Approves Measure Averting 27% Physician Cut Through 2012

A House-Senate Conference Committee tasked with identifying a compromise to avoid the pending 27.4 percent Medicare physician payment cut reached a 10-month deal that would maintain current physician payment rates through the end of the year. Read more... 

Smarter Accounts Receivable Management

Unpaid claims are a fact of life for many medical practices. Unfortunately, the longer patient bills remain uncollected, the less valuable the receivable becomes to the practice. Keeping the percentage of unpaid patient bills to a minimum should be a priority for all physicians. Your practice can take a variety of steps toward greater profitability, including speeding up collections and minimizing the denial of claims. It should also focus on cleaning up and writing off old claims. Read more...

Executing On Your Strategic Plan Webinar Recording

If you missed our Health Care Team's recent webinar on the topic of strategic planning, you can get the recording now. It's a discussion with Mike McCaslin and Jeff Boomershine that is moderated by Kara Wieckowski. Go to recording…

House Ways & Means Summary of Medicare Fix

Congress is paying for some of the costs of maintaining the Medicare Physician Fee Schedule by cutting payments to "Providers" - that is, hospital reimbursement – specifically funding for bad debt and "disproportionate share" hospitals. Read more...

The Work Opportunity Tax Credit: An Employer-Friendly Benefit for Hiring Veterans Most in Need of Employment

Does your company hire veterans? The Work Opportunity Tax Credit (WOTC) could save you a lot of tax dollars. In this article, we have summarized the filing requirements related to the WOTC credit. Any employer that may hire veterans in targeted groups may qualify for the credit. Read more...

Tax Day Ahead

As April 15 approaches and filing your 1040 reaches the top of your to-do list, consider hiring a Somerset tax professional this year. The tax law is complex, and our Tax Team is current on the ever-changing tax laws and IRS regulations. The right tax strategies can significantly improve your bottom line-- This e-mail address is being protected from spambots. You need JavaScript enabled to view it. to schedule an appointment to review your tax situation. We also welcome and appreciate your referrals.

Somerset Health Care Team News

Synergy Medical Group Project Featured in Delaware Business Blog. Delaware Business Blog recently posted, "State-of-the-Art Medical Center Coming to Greenville – Hockessin Corridor." It reads: This week, Synergy Medical Group announced the public phase of its campaign to attract doctors, specialists and healthcare providers as tenants and tenant-owners of the Synergy Medical Center. Opening in the summer of 2013, this new medical facility will bring 75,000-140,000 square feet of state-of-the-art medical care for patients together on a comprehensive medical campus. Read more…

Seeking Victory Field Suite Partner for 2012. Somerset is looking for a suite partner for the 2012 Indianapolis Indians season at Victory Field. Ours is a 15-person suite, and it's a great way to host business or family gatherings. There are 72 home games, and first one is Friday, April 13. More details...

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