 HARDING, SHYMANSKI & COMPANY
Certified Public Accountants and Consultants
Our Goal: Your Success!
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 HSC MEDICAL BILLING & CONSULTING
Your Medical Billing Partner
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| HEALTH CARE INDUSTRY EXPERTS | |
At Harding, Shymanski & Company, P.S.C., we are committed to providing exceptional service - every time. We take our roles as Health Care industry leaders seriously, staying abreast of relevant issues and trends through research, national seminar attendance, and more. We work hard to help you enhance your day-to-day operations, increase cash flow, and improve your bottom line.
Our Health Care professionals actively participate in industry-related organizations. As a result, our services are based on the latest industry knowledge gained through active participation in these organizations.
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| PRACTICE MANAGEMENT | |
YEAR-END HOUSE CLEANING
Welcome Fall!
It is the time of year to start getting ready for year-end, preparing 2012's budget, updating software, and cleaning up the files.
Take the time to make sure your bank reconciliations are up-to-date. Review old outstanding checks to see why they have not cleared the bank. Review your financial statements and make any necessary reclassifications. Send a list of new asset purchases and sales of assets to your accountant so your depreciation schedule can be updated. Just getting a few of these items out of the way before the end of the year can really help.
Take your current financial statements and prepare a budget for 2012. Budgets are a great tool to help you stay focused. Plan for new equipment purchases or expensive repairs for 2012. Be in control of your cash flow needs. If you use QuickBooks, you can go ahead and setup next year's budget in QuickBooks.
If you are using an older software version, go ahead and update it before the end of the year.
Review your Chart of Accounts, Vendor lists, etc., and make inactive those list items you no longer need. Make these changes in your software so you can start 2012 with a cleaned up file.
All of these little things that can be now rather than later will allow your practice to be ready for 2012.
If you have any questions, contact Brenda Wallace, CPA, CMPE, or Peggy DeWig, CPA, at (800) 880-7800. |
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| TAX NEWS FOR YOU | |
It is almost that time of year again! Time to start gathering information for your 2011 individual income tax return preparation. As you gear up for the end of the year, keep these five important tax facts in mind.
- Standard Deductions & Personal Exemptions - For 2011, standard deductions vary based on your filing status as follows: Single or Married filing separate ($5,800); Married filing joint or Surviving spouse ($11,600); Head of household ($8,500). The exemption amount is $3,700 and the exemption phase-out for higher-income taxpayers does not apply.
- Mileage Rates - During 2011 there was a mileage rate increase effective July 1st. When gathering your tax information, remember to distinguish miles driven for each 6-month period. 2011 rates are as follows: Business ($0.51 for the first six months and $0.555 for the second six months in 2011); Medical or Moving ($0.19 for the first six months and $0.235 for the second sixth months in 2011); Charitable (remained at $0.14 all year).
- IRA Contribution Limits - If you have not reached the maximum contribution limits for 2011 consider funding your retirement accounts now. Contribution limits for 401(k), 403(b), and 457 accounts are $16,500 ($22,000 for those over 50 years of age). SIMPLE contributions are limited to $11,500 ($14,000 for those over 50 years of age). Contributions to traditional and ROTH IRAs are limited to $5,000 ($6,000 for those over 50 years of age).
- Indiana College Choice 529 Plans - And don't forget about your children, grandchildren, or even yourself...Contributions up to $5,000 that are made to an Indiana College Choice 529 plan are eligible for an Indiana credit of 20% of the current year contribution amount and is not limited based on income.
- Long-term Capital Gains and Qualified Dividends Rates - Eligible assets may be taxed at rates lower than ordinary income. For taxpayers in the 10-15% tax bracket, long-term capital gains and qualified dividends are taxed at 0%. Taxpayers above the 15% tax bracket will be taxed at 15% on this income.
If you have any questions about these or other tax matters, please contact Brenda Wallace, CPA, CPME, at (800) 880-7800 or bwallace@hsccpa.com. |
| LAST BUT NOT LEAST |
- ICD-10 - Start planning now. Do you have a plan in place for the new changes?
- Cigna - did you know that Cigna changed their in-network timely filing limit to 90 days effective August 1, 2011, and 180 days for out of network claims effective January 1, 2012?
- Be sure to review and update your ICD-9 code changes that will be effective October 1, 2011.
- If you have not already, contact your software and clearinghouse to make sure your computer system and claims will be ready to be in the 5010 format effective January 1, 2012. If you are not ready, you may experience loss in revenue.
- Effective January 1, 2012, UnitedHealthcare Medicare is changing the name of UnitedHealthcare's Medicare Solutions Medicare Advantage plans which includes products carrying the secureHorizons, AARP MedicareComplete from SecureHorizons, and Evercare names. The only thing happening is the name change and this will not affect patient benefits in 2011. Beginning in October you will notice this name change on ID cards as well as in future communications.
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Harding, Shymanski & Company, P.S.C. provides accounting, tax, and consulting services to clients from offices in Evansville, Indiana, and Louisville, Kentucky.
We are committed to quality. Adding value to the services we provide is our most important goal. Our unwavering dedication and commitment to quality resonate throughout every aspect of our work.
Call us today! (800) 880-7800 in Evansville and (502) 584-4142 in Louisville |
| Disclaimer |
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax, or accounting advice. | |
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