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5 Tips For Medical Health Care CFOs To Up Their Game In 2014

Presented ByAngo Mark, MedicalBillingStar

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• Federal mandates, financial constraints and heavy penalties for non–compliance is going to make 2014 a challenging, tumultuous year.

• It is time to up the game to ensure medical practices don’t crumble under pressure.

1.Time for healthcare CFO’s to step up their plate!

• Shares paid by the employee cannot exceed more than 9.5% of the employee’s annual household income.

• 40% excise tax imposed annually starting in 2018 on health plans have annual premiums greater than $10,200 for individuals or $27,500 for a family.

• The PPACA requires all healthcare organizations to review the wellness plans of all full time employees.

• Choosing a wellness plan that is highly deductible can be a major tax saver.

2.Focusing on wellness programs can help you save on taxes!

• It is essential that CFO’s implement systems and upgrades to report and measure clinical variations.

• Maintaining, longitudinal health records that are detailed and contain data across the care continuum, is important.

3.Systems to record the quality of care

• Review your revenue cycle and coordinate with coders.

• Ensure more accurate and updated clinical documentation.

4.Will your clinical documentation cut it?

• Reducing the number of full time employees can help you cut back on costs.

• But this is a move that has to be taken after weighing in the pros and cons.

5.Outsourcing can be a huge cost saver!

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