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LOCAL
OPERATING OFFICES
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EMAIL
KemperCPA@charter.net
WEBSITE
kempercpa.com
ADDRESS
Kemper CPA Group LLP
Administrative Services
521 N. 6th St.
P.O. Box 297
Vincennes, IN 47591
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Review Your Homeowners Insurance
With recent hurricanes pummeling the Atlantic and Gulf Coasts, now's a good time to take a look at your homeowners insurance, even if you aren't within hurricane-striking distance.
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Because the costs of labor and building materials are keeping up to speed with inflation, it will cost you more this year to rebuild your house than it would have last year. And if you've increased the value of your home through renovations or additions, you'll need to re-evaluate your insurance policy. Double-checking your insurance coverage each year will be time well
spent, should disaster strike.
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When you re-evaluate your homeowners insurance needs, keep the following in mind:
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Insurance policies are usually based upon what it would cost to rebuild the house from scratch, using today's materials. So, if your house is older, and you value its antique characteristics, you'll have to pay a higher premium if you would like your insurance company to pay to restore it.
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Not all natural disasters are covered by standard homeowners insurance. Flood and earthquake damage, for example, require you to find a more specific or supplementary insurance.
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If you have valuables like art or jewelry, you may need to buy a floater policy to cover their value.
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If your policy allows you to choose between insuring your belongings for cash or replacement value, choose replacement value.
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Insurance policies typically cover liability claims to an extent. You may want to purchase extra liability insurance, depending on your net worth.
If you would like more information about purchasing homeowners insurance, visit the Insurance Information Institute web site.
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Keeping Medical Charts up to Par
Running a profitable medical practice is no easy task. The demands of keeping up with the latest medical breakthroughs, when combined with the complexities of practice management, can be daunting.
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Even more frightening is the liability surrounding correct reporting of Evaluation and Management Codes – each error brings with it the potential for a $10,000 fine! |
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| It is for that reason that medical practices should conduct internal chart audits on a regular basis. Doing so helps ensure that reporting methods adhere to compliance plans, that services are being reported accurately, and that procedures performed are both reasonable and necessary. Additionally, the United States
Department of Health and Human Services, Office of Inspector General suggests that auditing and monitoring is the first step a practice can take to begin the implementation of a compliance program. |
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Individual physician use of Evaluation and Management Codes should be inspected on a quarterly basis after being compared against national averages. Chart auditing can help eliminate the problems of under- and over-coding and can help you protect yourself from substantial fines.
Kemper CPA Group LLP offers a wealth of Medical Practice Management services, including chart auditing and fee schedule analysis. Our Certified Public Accountants can help you with reimbursement enhancement, physician recruitment and retention, medical billing, operational systems, human resources, business
planning, technology consulting, and personal financial planning. For more information about what our Medical Practice Management services can do for your practice, contact us today! |
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Credit Card Scams
It's that time of year, when your mailbox literally overflows with solicitations for new credit cards. And while many of those are from legitimate institutions, be wary of the offers of "immediate credit", or "no credit check required". There are a number of credit card scams operating at any one time, and some of the following "features" in their offers include:
- Requiring a call to a "900" number to apply for the card–telephone numbers with a "900" prefix are not free; rather, they are toll calls, and usually the person calling this number never receives a credit card. The scammers, however, receive money from the '900' call charges.
- Stating that no credit check is necessary–those companies offering you a legitimate credit card will review your credit report to see if you meet minimum criteria prior to sending the offer for a card.
 "Advance Fee Loan Scams"–this type of scam can involve loans as well as credit cards; with loans, the victim sends in an "application fee" in advance–a loan is promised with the application fee supposedly being
"applied" to the loan repayment. However, the loan funds are never delivered, and the victim never receives a refund of the application fee; worse, they may find that they are the victim of identity theft due to the sensitive data on the loan application being stolen. With credit cards, an application fee is required up-front, and a credit card is
then promised. However, no credit card is ever delivered, and again, no refund of the application fee is ever received.- Offers to "Clean up your credit" for a fee–this one involves offers to repair a person's credit history for a fee, sometimes promising perfect credit records and that any past problems or discrepancies will simply disappear from the record. Correcting errors or outdated information on your credit record may be done for free,
by simply calling the credit bureau yourself. And no one can promise you a spotless credit record; only time, and making payments consistently and on-time, will improve a credit rating.
Remember, legitimate credit card offers do exist, and if you do some research and read the fine print carefully, you can obtain a credit card with a reasonable interest rate and payment terms that will fit your budget. Using credit wisely, and paying your balance in full every month, will allow you to build a strong credit rating and can be
a very helpful and safe method of payment for services and goods.
If you suspect that you may be the victim of a credit card scam, notify the Division of Consumer Protection in your state; the Federal Citizen Information Center, at consumeraction.gov/, can help you find the correct agency to contact in your state.
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Wise Moves for Young Families
 Once you have children, a new sense of responsibility takes over. With a small person depending on you, you want to do what's best for your young family. Here are a few wise moves to consider.
Begin with a Budget
To get your budget started, find out where your money is going. Keep track of every dollar you spend. You might be surprised at how fast miscellaneous expenses add up. Then, look for places to cut back to free up some extra cash for saving and trimming debts.
Deep Six the Debt
Mortgages, car loans, school loans, and credit card debt can add up fast. Having too much debt can make it hard to get ahead. Your financial professional can help you evaluate your situation.
Save for College and Retirement
If one of your goals is to help finance college for your kids, it's best to start saving while your children are young. But don't let saving for college take the place of saving for retirement. You're likely to need a lot of money for a comfortable retirement. If possible, set aside money each month for both goals.
Get Life and Disability Insurance
Make sure your family will be taken care of if you die or are unable to work. If your employer provides disability and/or life insurance coverage, make sure it's adequate. You may want to purchase supplemental policies. Your financial professional can help you determine if you have enough insurance.
Establish an Emergency Fund
Work on putting three to six months' worth of income into a savings account. Then you'll have a cushion should something unexpected happen.
For more financial advice, click here to view the September/October 2004 issue of Kemper Capital Management's online newsletter "Loose Change"! The friendly professionals at Kemper Capital Management can help you
manage your investing needs.
Investment advisory services offered by KCPAG Financial Advisors LLC, a registered investment advisor. Securities offered through CapPro Brokerage Services, Inc., member NASD & SIPC. Insurance services offered through KCPAG Insurance Services LLC.
Inflation vs. Your Retirement Savings
Make no mistake: Inflation is an enemy of your retirement savings. Over time, even relatively low inflation will erode the purchasing power of your savings. However, there are ways to combat inflation's effects.
Understanding Your Opponent
Inflation increases the amount of money you will need just to maintain your pre-retirement standard of living. Even if you expect to cut back on spending after you retire, inflation could continually increase the amount of income you'll need each year. If your investments do not keep ahead of inflation, you may not have enough money for a comfortable retirement.
Planning for Battle
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Since the average life span continues to increase, it's wise to plan for a retirement that may last 20 years or longer. Be sure to factor in any extra expenses you anticipate having. Medical expenses may consume more of your income. And if you want to travel, you need to plan for those expenses, too. |
Keep in mind that some expenses may increase faster than the inflation rate. For example, health-care costs have been increasing at record rates. Since many employers no longer provide retirees with health insurance, this could be an important factor in your planning.
Combating Inflation
One way to offset the effects of inflation is to increase the amount you're saving for retirement. Contributing more to your retirement plan each year will help your account keep pace with inflation. A good time to increase your contribution is when you receive a pay raise.
Another strategy you can use to protect your retirement account from inflation is to become a more aggressive investor. Consider increasing the amount of money you have invested in assets, such as stocks, that have the potential to grow faster than the inflation rate. Increasing the amount you save each year and investing more aggressively could help you win the
battle against
inflation.
For more financial advice, click here to view the September/October 2004 issue of Kemper Capital Management's online newsletter "Loose Change"! The friendly professionals at Kemper Capital Management can help you
manage your investing needs.
Investment advisory services offered by KCPAG Financial Advisors LLC, a registered investment advisor. Securities offered through CapPro Brokerage Services, Inc., member NASD & SIPC. Insurance services offered through KCPAG Insurance Services LLC.
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FDIC Targeted by E-mail Scam
The Federal Deposit Insurance Corporation, or FDIC, has become the target of an e-mail scam.
 The message certainly appears official; however, it is not from the FDIC, the claims made in the message are false, and its purpose is malicious. The message requests that recipients access an Internet site and update their personal information, such as credit card or bank account numbers, PINs or social security numbers, due to the recipient having an "inactive
account". Failure to provide the updated information, the message warns, will result in the closure of the recipient's bank accounts. The Internet site, accessed by a link in the e-mail message, has been designed to look just like the FDIC's actual site; however, it is in no way attached to the FDIC, and any data that is entered on the site is not being collected
by a bank or the FDIC. Data entered on the fraudulent site could be used for illegal purposes such as identity theft. Deleting the message will not result in the closure of any bank accounts.
The message could also harbor computer viruses, and thus should not be opened under any circumstances.
The FDIC and your bank will not require that you update such sensitive information via the Internet; remember, every effort should be made to keep your social security number, bank account and credit card numbers, and the personal identification number (PIN) for your ATM card in a safe place. If you are ever uncertain about the origin or purpose of an e-mail
message that appears to be from your bank, contact your bank directly via phone. Stay informed–don't be a victim–and protect your vital personal information.
Kemper Technology Consulting |
Robinson, IL |
(618) 546-5633 |
kempertc.com |
Evansville, IN Indianapolis, IN Paducah, KY |
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