Physician Practice Employee Success and Your Leadership When it comes to leadership, one can only expect to get back from their employees what they choose to invest in them. Leaders which remain locked away in their offices and rarely take the initiative to interact with their team create an environment filled with rankings and boundaries. On the other hand, leaders which choose to consider themselves equal to those they manage
Year-End Medical Plan Strategies For Physician Practices All physician practice owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should. Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees. Opportunities to Consider Here are six opportunities/strategies for you to consider: If you
November Edition of the Physician Advocate In our November newsletter we cover working the A/R, the dangers of cloned notes, and best practices over best efforts. Read the November Newsletter below or browse through the featured blogs. November Newsletter Featured Blogs: Physician Practice Process Improvement Simplified PPP Loan Forgiveness Form Released Hiring an Outside Consultant For Your Medical Practice Assessment Medical Practice Embezzlement and the Sleeping Watchdog Home Office – Extra
PPP Funded Expenses The IRS confirmed our fears and clarified that if expenses are funded with a PPP loan that hasn’t yet been forgiven, that doesn’t mean they can take the deductions this year. “If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses
Home Office With the COVID-19 pandemic still going on, you as a physician or practice manager may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific
Medical Practice Embezzlement Thirty – fifty years of age, married with a stable family situation, above average education, professional or managerial staff level … who does this describe? According to recent research, it describes the profile of most fraud perpetrators –those most likely to misappropriate assets from their employers or medical practices, also known as occupational fraud. White-collar crime appears to be the crime of choice of today’s workforce. According
Medical Practice Assessment Recently a medical practice administrator posted a question on the use and effectiveness of hiring an outside consultant to perform a medical practice assessment. Some responses actually discouraged using outside consultants because either consultants would try to sell more services or consultants should be used to do an assessment only after major changes have occurred or assessments should be performed internally. One response however expressed the positive
Simplified PPP Loan Forgiveness The Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) FAQs and issued a new interim final rule in conjunction with the issuance of new simplified loan forgiveness application, Form 3508S, for borrowers that received a PPP loan of $50,000 or less. The new form exempts borrowers from reductions in loan forgiveness amounts based on reductions in full-time equivalent employees or reductions in employee salaries
Physician Practice Process Improvement Similar to the mid to late 1990’s, medical practice management today has begun to be dominated by mergers, affiliations, and other external strategic initiatives aimed, ideally, at enhancing economic potential and performance within a rapidly-changing industry landscape. Preserving market share, improving contracting capabilities, seeking technological improvements and innovation, and obtaining cost efficiencies have been just some of the objectives sought, often leaving little time for much
October Edition of the Physician Advocate In our October newsletter we cover solid commandments for A/R management, and analyzing overhead, as well as a note from me, to you, my clients and friends! Read the October Newsletter below or browse through the featured blogs. October Newsletter Featured Blogs: Home Office Tax Deduction in the COVID Era Can a Physician Disability Claim be Denied? You Bet! CMS Expansion of Telehealth Services During COVID-19
Four Estate Planning Documents that a Physician Needs Katherine Dorval, an attorney at Bowditch & Dewey gives a great reminder that many people (especially physicians in my opinion), think they don’t need “estate planning” because they don’t have enough assets to generate an estate tax; however, there are four basic estate planning documents everyone should have regardless of net worth. 1. Durable Power of Attorney This document gives an agent complete
Medicare & Medicaid Telehealth Services The Centers for Medicare & Medicaid Services (CMS) expanded the list of telehealth services that Medicare Fee-For-Service will pay for during the coronavirus disease 2019 (COVID-19) Public Health Emergency (PHE). CMS is also providing additional support to state Medicaid and Children’s Health Insurance Program (CHIP) agencies in their efforts to expand access to telehealth. The actions reinforce President Trump’s Executive Order on Improving Rural Health