Inside NPBO™, A Sampler
Nurse Practitioners In Business
by Barbara C. Phillips, NP
9h ago
Nurse Practitioners (NPs) often need guidance in navigating the complex landscape of business ownership. This is where NPBO can help. Over the years, we’ve seen a significant growth in the number of Nurse Practitioners (NPs) who have chosen to open and operate their own clinical practices and businesses. However, they will tell you this is not something they’ve learned in school. Being a business owner is not for the faint of heart. It’s a lot of work, and the landscape of business ownership is complex andsometimes frustrating. In the latest episode of the NP Business Matters podcast, I answe ..read more
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Starting A Practice: Questions Every Nurse Practitioner Should Ask
Nurse Practitioners In Business
by Johanna Hofmann, MBA
1w ago
There was a time when we didn’t have the option to start an independent practice. Unfortunately, in almost half of US states, we still don’t. But times are changing, and I am confident the number of states with full practice will increase. While full practice is not required to start a practice, not having to secure a collaborator or deal with supervision certainly makes life easier. A New Challenge However, stepping into a new territory can be challenging, and starting a practice is no exception. You see, when you step out on your own, the world you know is about to change. When you were emp ..read more
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Specific Coding is good for patients and business
Nurse Practitioners In Business
by Barbara C. Phillips, NP
2w ago
Medical coding is more than the CPT code we submit for a patient visit. It also includes the ICD-10 codes. Nothing new there. But one of the things that may not be as clear is how specific your ICD-10 code needs to be, particularly when it comes to being able to document, code, and submit a claim for more complex patient visits. In this episode of the podcast, I speak with Alicia Scott, CPC, CPC-I, CRC about coding. I had intended to interview her on mistakes Nurse Practitioners make that can adversely affect their practices, and she shared so much more. Take a listen and share your thoughts ..read more
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5 Strategies to Shield Your Practice Against Violence and Threats
Nurse Practitioners In Business
by Johanna Hofmann, MBA
3w ago
No matter how different our political views are, we can’t dispute the increase in violence across the country in the past few years. Every day, we hear about gun violence, hate crimes, gang fights, violence in schools, and crimes in everyday life. While we may not be the victims today, violence affects us all, reaching even the smallest corners of the country. Violence does not discriminate. It shouldn’t come as a surprise that we’ve also seen an uptick in violence in healthcare settings. Violence in the workplace is found across all industries. However, healthcare and social services are aff ..read more
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Taxes and Legal Structures: What You Must Understand
Nurse Practitioners In Business
by Johanna Hofmann, MBA
1M ago
Recently, a tax-related question posted in the Nurse Practitioner in Business FB Group caught my eye. The question concerned FICA taxes and how they are paid. Taxes can be confusing, and since Tax Day is approaching fast, I thought it might be helpful to review taxes as they relate to different business structures. But before I continue, and for the record, what follows is not tax or legal advice. If necessary, please consult with the appropriate professional. As a Nurse Practitioner in private practice, the type of taxes you’re responsible for paying depends on the legal structure of your bu ..read more
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Cybersecurity Tips for NPs: Staying Safe Online
Nurse Practitioners In Business
by Johanna Hofmann, MBA
1M ago
Are you stuck between a rock and a hard place, scrambling to keep your Nurse Practitioner practice open? It’s one thing if you’re struggling for reasons under your control. However, if you’re fighting to keep your doors open for reasons outside your control, that’s a different story. An example is the fallout from the recent cyberattack against Change Healthcare. While outside their control, the attack affects all types of providers, including Nurse Practitioners. Unfortunately, many face running out of cash and potentially having to shut their doors before regular reimbursement resumes. One ..read more
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The 3 Common Mistakes NPs Make Starting Their Practice
Nurse Practitioners In Business
by Johanna Hofmann, MBA
2M ago
Maybe you are thinking about starting a practice or are in the process of starting one. Either way, there are countless things to do and consider before you can open your doors. And naturally, you want to do it in the shortest time possible without making mistakes. But unfortunately, it’s tough to avoid making mistakes when starting a practice. Mistakes can happen at any point and across all aspects of building the business. However, there are three mistakes NPs commonly make when starting a practice; they are in the areas of credentialing, finances, and marketing. 1. Not Understanding the Cr ..read more
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Google’s and Yahoo’s New Email Requirements
Nurse Practitioners In Business
by Johanna Hofmann, MBA
2M ago
What’s changing with email; what are the new rules and requirements? Google and Yahoo released new email rules, all in an effort to cut down on the number of spam and malicious content sent via email.   You probably don’t send spam to people on your email list. However, for all of us who don’t spam, plenty of others pick up “the slack.” According to Google: “Gmail’s AI-powered defenses stop more than 99.9% of spam, phishing and malware from reaching inboxes and block nearly 15 billion unwanted emails every day. But now, nearly 20 years after Gmail launched, the threat ..read more
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Nurse Practitioner Independent Practice: Start Your Own or Buy a Practice?
Nurse Practitioners In Business
by Johanna Hofmann, MBA
3M ago
Arriving at the decision to go into independent practice can be tough for Nurse Practitioners. It’s understandable because many things must be considered and explored; the possibilities are endless, and so are the unknowns. The decision is further complicated by choosing between buying an established practice vs starting one from the ground up. While most Nurse Practitioners start their own practices, some come across an opportunity to buy an established one. They could have been looking to purchase a practice or knew someone who wanted to sell. Frequently, the seller is ready to retire or ne ..read more
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Filing Your Beneficial Ownership Information
Nurse Practitioners In Business
by Barbara C. Phillips, NP
3M ago
Beginning Jan 1, 2024, business owners are required to file Beneficial Ownership Information. If you have a business that you created, and it does not meet the exemptions (which our businesses do not), then you need to file. This 10-minute video breaks it. I talk about: What is it? Who must report? What you need to report Who is a beneficial owner? Privacy How and where to file It really is easy to do. I’ll post the references below the video. References/Resources Financial Crimes Enforcement Network US Beneficial Ownership Information Now Accepting Report What every small business needs ..read more
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