Practice Financials

COVID-19 Updates

Financial Assistance

• Some Federal Emergency Funds to be Taxed
• Emergency COVID-19 Funds Portal Now Open; Big Questions Remain
• Everything You Need to Make the Best Decisions for Your Practice’s Finances
• Some Emergency Business Loans Will Be Audit-Free, Feds Say
• Governor Announces New Small-Business Loans During Pandemic
• Physicians Receiving Emergency Federal Funds Tied to COVID-19
• Estimate How Much Financial Assistance Your Practice Might Need
• Use This Toolkit to Make Best Decisions for Your Practice’s Finances
• Your Financial Defense in the War Against COVID-19
• This Can Help Your Practice’s Revenue During COVID-19
• Federal Loans Available to Help Your Practice During Disaster
• Financing Options to Help Keep Your Practice Afloat
• Concerned About Your Practice’s Finances? TMA Has Answers
• Immediate Changes Needed for Physicians to Stay in Business During the Pandemic
• CPA Contact List
• Financial Toolkit (courtesy of Catalyst Health Network)
• SBA Lending Comparison (courtesy of Catalyst Health Network)
• COVID-19 Emergency Loan Guide & Checklist (U.S. Chamber of Commerce)
• CARES Act (AMA March 2020)
• SBA Resources in Response to COVID
• SBA PPP Loan Forgiveness FAQ
• Paycheck Protection Program (PPP) Application (SBA, March 31, 2020)
• Paycheck Protection Program (PPP) FAQs (SBA, March 31, 2020)
• Paycheck Protection Program (PPP) Overview (SBA, March 31, 2020)

Expenses

• Overview of Paycheck Protection Program (courtesy of Frost)
• Threats to Practice Solvency (Physicians Practice, March 10, 2020)
• Accelerated & Advanced Payment Program (courtesy of Catalyst Health Network)

Delayed Procedures

• Updated TMA White Paper Explains Non-Urgent Surgeries Rule
• ASC Services and Reporting Requirements in Response to COVID-19 (HHS, March 2020)
• How will other needed care be provided during the pandemic? (Medical Economics, March 24, 2020) 

Taxes

• Coronavirus Tax Relief (IRS, March 31, 2020) 
• Comptroller Postpones Taxing Medical Billing Services Until 2021

Practice Financials

Articles

• Can Proper Business Procedures Minimize Practice Risk?  
• Let TMA Help You Optimize Your Revenue Cycle   
• If Your Patient Doesn’t Pay and Moves to Minnetonka …  
• Penalties, Interest on Overdue Franchise Taxes to Be Waived   
• Six Forms of Employee Theft: It’s More Prevalent Than You Think  
• Twelve Ways Tax Law Changes Will Affect Your Practice  
• How to Increase Your Income by Thousands   
• Three Ways to Achieve Four Important Fee Schedule Traits   
• Don’t Overlook Credit Card Processing Fees  
• Monthly Financials Provide Needed Focus   
• Your Payer Contracts: Money Makers or Money Drains?  
• Five Bill-Collecting Tips for New (or Any) Practices   
• Don’t Hold Patient Credit Balances Too Long   
• What’s a Good Way to Measure Physician Productivity?
• 10 More Ways to Save Money in Your Practice   
• Business Management Help From TMA   
• When Should We Write Off Large Patient Balances?
• Top Three Reasons Embezzlement Occurs  
• Sixteen Ways to Save Money in Your Practice
• Credit and Debit Card Processing for Medical Practices
• Overhead Costs Too High?
• Establish Cost Controls in Your Practice
• What Do Your Production Numbers Tell You?
• Attention to This Detail May Increase Practice Revenue
• Assessing Your Billing and Collections  

Consulting

• Billing and Collections Assessment: A consultant will review your practice's business office operations, focusing on your complete billing and collections process.
• Billing and Collections Training: Your consultant will provide on-site training to assist you and your staff in developing policies and procedures for effective billing and collections processes.
• Embezzlement Risk Review:  An embezzlement risk review is a review of your cash handling procedures, inventory control procedures, staffing assignments, checks and balance systems, and a comparison of profit and loss statements to practice management reports.

Tools & Resources 

• TMA 30-Minute Billing Cure:  Under the sponsorship of county medical societies, TMA staff experts visit county society headquarters for one-to-two-day engagements, providing prescheduled, free half-hour sessions to TMA member physicians and their employees throughout the day. 
  A TMA expert will show you and your staff how to file claims correctly, thus reducing costly delays, resubmissions, and appeals - and possible audits. You can discuss your hassles with Medicare, Medicaid, private payers, and/or workers' compensation, and general payment-related coding and billing questions. To schedule a TMA 30-Minute Billing Cure in your community, contact your county medical society.  Free to TMA members.
• Financial Trend Tracker for medical practices: The TMA Financial Trend Tracker displays a practice’s key performance indicators in a user-friendly format through easy-to-read graphs and charts. 
• Billing Company Evaluation Tool
  Use this tool when evaluating billing vendors to determine which vendor best suits the needs of your practice.
  

TMA Endorsed and Group Discount Program Vendors 

Since 1938, IC System for Intelligent Collections has been helping clients achieve their accounts receivable management goals. 

 

TSYS® is a TMA-endorsed member benefit for payment processing. More than just credit card processing, TSYS® offers low-cost ACH capability, web payment tools, recurring billing, easy-to-read merchant statements, and more.