Why in the world would one want to get their chiropractic practice appraised?

I’m glad you asked!

Having your practice appraised is an investment in both you and your practice’s future. Even if you are not ready to sell your practice, having your practice appraised is important and sometimes required to fulfill legal obligations, for example in divorce, bankruptcy; estate settlements; and buy-ins or buy-outs. You may simply want financial peace of mind from having a valuation done.

What exactly goes into valuing a practice? Several components are used to create a comprehensive valuation and report. These components over a certain time period, say three years of data, include:

• Gross income
• Net income
• What type of insurance and/or payment is accepted (e.g., PPO, HMO, Medicare, and Medicaid insurance participation)
• Total number of active patients
• Number of new patients a month
• Techniques specializing in, and therapies utilized
• Patient and area demographics
• Accounts Receivables and Collections
• Market trends
• The practice’s goodwill

We do practice appraisals! Want to learn more?

Just Ask Lisa, 920-334-4561, lisa@pmaworks.com

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Lastly for today, *AN URGENT MESSAGE* I was not planning on including the below information regarding the recent AND significant cybersecurity attack to UHC Change Healthcare, but since this is significant and since the cyberattack may have impacted you or your practice, it is worth including an update. Below is a nice summary from Dr. Chris Anderson from Chiropractic Society of Wisconsin. The most recent full HHS article follows.

Summary of HHS article

• Cyberattack Impact on Change Healthcare: Change Healthcare, a unit of UnitedHealth Group, experienced a cyberattack in late February, affecting healthcare operations nationwide.
• HHS Coordination Efforts: The U.S. Department of Health and Human Services (HHS) prioritizes coordinating efforts to mitigate disruptions in healthcare services. It is in constant communication with UnitedHealth Group leadership, state partners, and external stakeholders to understand the impact and ensure an effective response.
• Immediate Steps by CMS: The Centers for Medicare & Medicaid Services (CMS) is taking immediate steps to assist providers in serving patients. This includes providing flexibilities such as expediting electronic data interchange enrollment, relaxing prior authorization requirements, and encouraging advance funding to affected providers.
• Encouragement for Other Payers: CMS urges other payers, including state Medicaid and CHIP agencies, to waive or expedite solutions for claims processing, and to consider offering advance funding to providers.
• Accelerated Payments and Paper Claims: Providers facing cash flow issues due to system outages can request accelerated payments from Medicare Administrative Contractors (MACs) and submit paper claims if necessary.
• Cybersecurity Resiliency: The incident underscores the need to strengthen cybersecurity across the healthcare sector. HHS released a concept paper outlining a cybersecurity strategy focusing on resilience, accountability, and coordination within the healthcare ecosystem.
• Continued Communication and Collaboration: HHS pledges to maintain communication with the healthcare sector, monitor response efforts, and work with industry stakeholders to address cybersecurity gaps. It emphasizes the importance of heightened cybersecurity measures for all stakeholders in the healthcare ecosystem.

Full article: https://www.hhs.gov/about/news/2024/03/05/hhs-statement-regarding-the-cyberattack-on-change-healthcare.html

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We have received questions from you regarding how to send claims in that won’t go. Consider pushing your claims to paper and either mailing or faxing them to the payer if you are not able to send them electronically, until a resolution is completed.

Please reach out to Lisa or Dave if you have follow-up questions.