Before any tax planning can be properly performed, physicians must have a good understanding of the year-to-date net income for both their medical practice and their personal taxes. This requires having timely financial statements for the medical practice and knowing the estimated taxable income and projected tax liability for their personal situation.
The pace and complexity of managing modern finances may leave some people unprepared to achieve a successful financial future. If you’re feeling less than confident about your future, having a well-prepared financial plan can help put you in control.
In today’s evolving healthcare environment, physicians are seeking to broaden their services to increase revenue and improve the quality of care. This idea of expansion into ancillary services within the healthcare industry is sought as practices are seeing a decline in patient reimbursements and a rise in everyday operational costs.
San Antonio has always been known as a big city with a small-town, friendly atmosphere.
While the summer months are typically synonymous with vacations, this is also the halfway point of the calendar year, and by now, most practices should have a decent feel for how the year is going financially. An up-to-date profit and loss statement with a balance sheet and cash flow...
We hear a lot of discussion about physicians not being able to maintain their independent medical practices because of greatly increased administrative burdens, higher expenses and especially the current trend of lower reimbursements. That same discussion points out that physicians leaving residency will not open new practices, opting instead to join hospital systems.
Dina Petrutsas, CPA
Many physicians may recall years ago when commercial insurance payers paid a percentage above the CMS Allowable, and Medicare was one of their lowest payers. Today, for many small groups and solo physician offices, Medicare is their best payer. This change has caused...
As technology rapidly changes, you are more prone to fraud attacks, so it’s essential you know how to protect your accounts from fraud. Take the opportunity to review them often to reduce that risk.
Over the last few months, there has been a noticeable increase in articles in various medical magazines about how to make our physicians’ practices more profitable. The increase in expenses and stagnant-to-declining revenues continue to hit our medical practices hard. As a CPA who works with several medical practices, I read these articles with great interest.
In the medical practice setting, theft is often perpetrated by the same individuals who are typically given access to both financial assets and your trust: your own employees.
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