Business Insights

eNews for Healthcare Professionals

Winter 2018

Stay on top of the latest in the healthcare industry with our free educational Business Insights e-newsletter and web seminars designed exclusively for medical, dental and veterinary practices. The focus of these educational tools are relevant topics to help you effectively managing your practice.

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In This Issue:

PRACTICE MANAGEMENT

7 Best Practices for Patient Payments

Payment systems can help your practice improve tracking of who owes what and when.

Collecting and tracking payments can challenge any business, but medical practices face added and unique hurdles.

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INDUSTRY FOCUS

Tips to Help Spot Email Fraud

Fraud schemes can compromise your practice. To mitigate risks, take these actions.

While the basics of good online security are well-known — different passwords for each account, changed regularly — online fraud should remain a concern for medical practices, given their responsibility for patient privacy.

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OPPORTUNITIES

Opportunity Abounds for New Practices in Rural America

Grants and special loans can make country locations financially appealing.

The countryside is a peaceful place of open spaces and a land of opportunity.

Read More »

Resources for Healthcare Professionals

Healthcare Memo

Planning for Your Own Long-Term Healthcare Expenses

Wherever you choose to establish your medical practice, you also will want to plan for the healthcare needs of you and your staff, including having a plan for long-term healthcare. Unfortunately, this type of coverage is expensive no matter where you live.

In 2012, total spending (public, out-of-pocket and other private spending) for long-term care was $219.9 billion, or 9.3% of U.S. personal healthcare spending. This is projected to increase to $346 billion by 2040.[1]

Many practitioners know about this looming expense. According to an AMA Insurance survey on financial preparedness, the ability to pay for long-term healthcare was among the top three worries for practitioners in their 50s and 60s.[2] Experts advise that you factor this cost into your retirement and overall financial planning.

Here are some things to keep in mind as you plan:

  • Long-term healthcare isn’t just for older people. The Family Caregiver Alliance estimates that 37% of the 12 million Americans receiving long-term care services are ages 18 to 64.[3]
  • One in four people 45 and older are “not at all prepared” financially if they suddenly require long-term care for an indefinite period, according to AARP.[4]
  • Purchasing long-term care insurance isn’t your only option for financing long-term care, though younger medical professionals may want to consult with a financial advisor about purchasing insurance now, when their premiums will be lower.[5]

Talking with a financial planning professional about how you can prepare for the long-term care needs of you and your staff can help you make informed choices.

PNC Point of View

Resources, Perspectives and Insights from PNC
Find out more about PNC’s experts, values and priorities through interesting stories on timely and relevant topics such as finance and the economy, community involvement and banking innovation.

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How Long Should You Keep Financial Records?

with commentary by Jim Benedict

Here’s a guide to help you think through how to keep and store your most important documents, but also know what you can shred.

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Student Loan Debt Doesn’t Have to Control Your Checkbook

featuring Naimesh Patel and Ardell Montgomery

Student loan debt doesn’t have to be overwhelming and expensive. Consider a variety of tools to help manage it.

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Cash Flow Challenges

Cash Flow Challenges is a weekly blog that gives you insights on the top cash flow challenges business owners are facing today.

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Productivity Hacks that Drive Business Success

Mark Henricks

It's impossible to tell whether you are getting anywhere unless you describe the goal specifically.

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How to Exit a Vendor Relationship Gracefully

Rebecca Lake

If you're thinking about cutting ties with a vendor, make sure you formulate a game plan first.

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Important Information and Disclosures

  1. https://www.caregiver.org/selected-long-term-care-statistics

  2. https://www.amainsure.com/reports/2016-financial-preparedness-practicing-physicians/index.html?page=10
  3. https://www.caregiver.org/selected-long-term-care-statistics

  4. https://assets.aarp.org/rgcenter/il/bulletin_ltc_09.pdf

  5. time.com/money/3826931/long-term-care-insurance-do-i-need

The third-party trademarks referenced in these articles are owned by and are the registered trademarks of their respective third-party owners. There is no affiliation, sponsorship or endorsement relationship between PNC or its affiliates and any such third party.

 PNC is a registered mark of The PNC Financial Services Group, Inc. (‘‘PNC’’)

Business Insights for Dental Professionals/Business Insights for Healthcare Professionals is prepared for general information purposes by Manifest, LLC and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, including with respect to any securities of PNC, and do not purport to be comprehensive. Under no circumstances should any information contained in the presentation, the webinar or the materials presented be used or considered as an offer or a commitment, or a solicitation of an offer or a commitment, to participate in any particular transaction or strategy, nor should it be considered legal advice. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation.

Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission. The opinions expressed in these materials or videos are not necessarily the opinions of PNC Bank or any of its affiliates, directors, officers or employees. Banking and lending products and services, bank deposit products, and Treasury Management products and services for healthcare providers and payers are provided by PNC Bank, National Association, a wholly owned subsidiary of PNC and Member FDIC.

Lending and leasing products and services, including card services and merchant services, as well as certain other banking products and services, may require credit approval.