Dr. Foxworth:
Absolutely. That's it. Networks have never been a friend to chiropractic or any provider type. The model, when you own the company and you're able to hire the healthcare attorneys and write the contracts and get them approved through these state entities that regulate this. That's using network model in our favor, rather than it being used against us.
Dr. Hoffman:
Got you. What do you think the biggest risks that the providers are facing today? How will this actually help them get through it?
Dr. Foxworth:
Sure. Doc, if you would go ahead and pull up that first slide. You can probably see those now. In my training as a medical compliance specialist. I will share this with you. I don't encourage doctors to go get your medical compliance specialist degree because quite frankly after learning all the rules and regulations it will make you want to be a Walmart greeter sometimes. There's lots of rules out there. I think I've been able to be able to distill what I call the five most dangerous things that we really do face in practice. The things that are associated with fines and penalties and audits. They are dual fee schedule, Improper time of service discounts, any kickback and false claims, inducement violations, anti-kickback and false claims. I know we've all heard those terms. I want to make sure everybody knows what those are. I want to [crosstalk 00:12:55]. I want to add just one thing, sorry to interrupt you Ray. One of the bigger concerns is that these are all things that lead to licensing board complaints, investigations and action against a doctor's license. That's why this is so important. Stu, as I've talked to doctors across the nation and we have over 3,500 doctors that are part of our network. I'll tell you what I've learned from that. I'm absolutely convinced that one of the best tools that we have for the financial success our practice, is our financial policies. How we set our fees. How we explain fees to patients by doing a proper report of findings. Full disclosure and transparency, and how we make payment options available. I'm also convinced that our financial policies are absolutely one of our greatest areas of risk. Why is that? Because quite frankly we use our DC degree as a doctor of creativity in this profession. We just make stuff up. We find out what other people are doing. We just come up with ... We're entrepreneurs, that's not a bad thing, that's a good thing. When you're in healthcare, that's a very regulated entity, you've just got to do it the right way. These things, the dual fee schedule, that is my Miss Jones story. Charging more to insurance than you do to cash. Improper time of service discounts. You can offer a time of service discount, but it needs to be reflective of your bookkeeping savings. If it costs me 15 to 20% to do my books, I shouldn't be giving 30 and 40 and 50% discounts and calling it time of service because it's not it's a dual fee schedule. The inducements anti-kickback involves claims you can bundle all together. It basically says, "You can't give something away to a patient to make them come into your office or to induce them to come into
Dr. Hoffman:
Dr. Foxworth:
Made with FlippingBook - professional solution for displaying marketing and sales documents online