Understanding Participating and Non-participating provider status for NPs
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
3d ago
On the surface, it sounds like having non-participating provider status with Medicare is a good thing. But for NPs, is it really? Medicare requires NPs enrolled with Medicare as a provider to accept assignment. That the rule had always taught me that NPs could not opt for “non-participating” provider status. Recently though, I’ve heard from several who are enrolled with a “non-participating” status. But is this a good thing for NPs? That’s why I sat down with Don Self to review the whole issue and discover what advantages there are for Nurse Practitioners who opt for non-participating status ..read more
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The Benefits of Purchasing Used Medical Equipment
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
3d ago
When it comes to medical equipment, the cost is a major factor to consider. Used medical equipment can be an excellent option for nurse practitioners just getting started in their own practice as well as established practice owners. The upside to purchasing used equipment is that you can save money without sacrificing quality. Used medical equipment can be a great way to save money, for both NP just starting their practices as well as established practice owners.  Depending on the type of equipment, used devices can cost up to 50-80% less than their brand-new counterparts. Additionally ..read more
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An update to California’s AB-890
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
3d ago
California passed a law, AB-890, effective January 1, 2023, giving NPs in their state more autonomy than they previously enjoyed. It’s being implemented in a stepwise fashion. And like many laws, it’s rather confusing for everyone involved. On January 12, 2022, NPBO was lucky enough to host a webinar with Melanie Balestra who is a nurse practitioner and an attorney in California, where she spent nearly 2 hours answering questions. Full Practice Authority (FPA) for Nurse Practitioners is something that all states are striving for. Since there is a lot of confusion as to just what true FPA is ..read more
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3 Things to Consider Before You Start a Practice or Business
Nurse Practitioners Business Owner
by Johanna Hofmann, MBA
2M ago
The last couple of years have seen a steep uptick in business startups in the US… we’re talking millions on new businesses! There’s been a renewed interest in going out on one’s own, working for oneself, and waving “goodbye” to the boss. And that includes Nurse Practitioners. We’ve observed a growing interest in how to start a private practice within the Nurse Practitioner community. Now how do people decide what kind of practice or business to start? And how do they prepare for starting one? Well, it’s not surprising that everyone goes about it in their own way. After all, there are no two p ..read more
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What you need to understand about Medicare cuts
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
3M ago
Hearing about Medicare cuts causes a provider’s blood to run cold. Let’s look deeper – are they really cuts? Will you really lose money by seeing Medicare patients? I am constantly asked “Should I opt out of Medicare?” and/or “Should I start or switch to a cash-only practice?” by NPs who are new to business and those who have been in practice for years. Don’t get me wrong, they are good questions. And many have strong opinions on this. But before you think of not accepting Medicare in your practice, it’s wise to look deeper, especially in light of all the talk about the upcoming Medicare cuts ..read more
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Let’s Talk Self Publishing
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
5M ago
Not our usual topic of discussion, but an important one never-the-less – self-publishing. Why? I’ve been advised for years that having your own book was something that all business owners should do, that it helps establish you as an expert in your field, and this idea is just as true for clinicians as it is with other types of business owners. Since this is not my area of expertise, allow me to introduce you to my guest Brandy Agerbeck. Brandy is a visual thinking pioneer who demystified drawing so you can shush your inner critic, think and communicate clearly, and erase overwhelm. In this po ..read more
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FAQs of Opting Out of Medicare
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
6M ago
Opting out of Medicare has caused a lot of confusion for NPs and other providers. Not understanding what it means can lead to problems & fines. In this episode of the NP Business Matters Podcast (Episode #65) I address: The Social Security Act and how that impacts providers. When you can bill Medicare and when you don’t have to. What it means by opting out of Medicare. Can you just refuse to see Medicare recipients? Can I just have them sign something that says they understand I don’t bill Medicare? I’ve never had a Medicare provider number, can I just not credential with them? Topic R ..read more
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3 Steps to Protect your Practice
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
8M ago
Is it a recession? A slow down? Something else? Regardless, NPs need to understand how to protect their practices and even thrive. The news is quite unsettling these days on many fronts and there is a lot of talk in healthcare about the economy and if, when, and how it will impact healthcare and healthcare practices. It’s hard to be anywhere today and not hear about the problems of our world, and more especially, the problems our economy faces. Every day, we hear about prices going up, and more and more recently, I hear about NPs not being able to source supplies they use in their practices ..read more
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Why You Can’t Bootstrap without the Boots
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
8M ago
It’s not uncommon that NPs approach business with the idea that they can bootstrap their business. Indeed, if you do an internet search, you’ll find tons of articles on how to bootstrap your business. Indeed, there are many companies that did their startup this way. However, it just means they did not go after investors. They still have some startup capital. In episode #62 of the NP Business Matters podcast, we talk about the idea of bootstrapping and what it really means. We’ll also take a look at a minimal practice startup from the perspective of a mobile practice of seeing patients in thei ..read more
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What Type of Insurances Do You Need for Your Practice
Nurse Practitioners Business Owner
by Barbara C. Phillips, NP
8M ago
There are several different kinds of policies and areas of coverage when it comes to business insurance. For practice owners, this can get a bit confusing. In this episode #62 of the NP Business Matters Podcast, I’m talking about the different kinds of insurance, why you might want to have them, and where to find them. I’ll also talk briefly about professional liability insurance. Types of Business Insurance General Liability – protects from lawsuits for bodily injury and property damage. This is also known as the slip and fall policy. It most often covers fires and other sorts of damage. If ..read more
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