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YEAR-END TAX PLANNING FOR YOUR PRACTICE
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There's never a bad time to review your current tax situation. But year-end can be an especially good time to plan and implement tax-saving strategies. Time Year-end Payments If your practice uses the cash method of accounting, it may be a good idea to review the timing of year-end payments so that you can more effectively coordinate the tax impact. For example, you can increase your 2014 deductions by paying certain expenses in December instead of January. Expenses paid by credit card in 2014 are deductible in 2014 even if you don't pay the bill until 2015. The same holds true for an expense paid by check in 2014, since the amount is generally deductible in 2014 even if the check does not clear the bank until 2015. Buy Medical Equipment If you have thought about buying new medical or office equipment for your practice, now may be a good time to take the plunge. The Section 179 expensing election allows you to take an immediate deduction for the cost of most kinds of depreciable assets in the year they are acquired and placed in service (within tax law limits) instead of claiming depreciation deductions over a multiyear period. The dollar limit on asset purchases eligible for Section 179 expensing is $25,000 for the 2014 tax year. The $25,000 deduction maximum is reduced dollar for dollar to the extent that the cost of qualifying property placed in service during the taxable year is greater than $200,000. Identify Credit-eligible ExpensesAs opposed to a tax deduction, which lowers taxable income, a tax credit directly offsets tax liability. Two credits that may be of interest: - A disabled access credit for expenses paid or incurred to modify or acquire equipment or devices for disabled individuals, or to improve an older building to make it accessible to the disabled.
- An energy credit for the installation of solar or certain other energy-efficient property in your medical office building.
Various limitations and requirements apply. Please email Michele Graham, CPA with questions. |
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MAKING MIDLEVEL PROVIDERS PART OF YOUR PRACTICE
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If your practice is busy and has patients experiencing long waits to see a doctor, you may be thinking about adding another physician. However, it may be easier -- and less expensive -- to hire a midlevel provider, such as a physician assistant (PA) or nurse practitioner (NP). The addition of a skilled and hardworking midlevel provider can boost revenues and help reduce patient backlogs. To successfully integrate midlevel providers into your practice, you need to: Treat Them as Team MembersMidlevel providers should be encouraged to share their input and should be shown respect for their professional judgment and skill. If they feel valued, they will be more likely to contribute to the overall professional and financial success of your practice. Coordinate with Support StaffCoordinate with your support staff so that a new non-physician provider has the resources, equipment, and space to function successfully. Train front office staff to offer patients the option of seeing a PA or an NP as opposed to waiting to see a physician. Typically, patients with minor aches and pains will choose a midlevel provider if they are assured they will be adequately cared for and it will mean a more timely appointment. Explain Their Roles to PatientsContact your patients to inform them that you are adding a new midlevel provider. Include a brief biography of the new hire in your communication and an explanation of what a non-physician provider does. Include details on how he or she will be supervised, how your practice plans to use the midlevel provider, and how the addition means overall better patient service, especially shorter wait times for patients. Let patients know that they may still request to see a physician, but a PA or an NP can responsibly handle most cases. "The addition of a skilled and hardworking midlevel provider can boost revenues and help reduce patient backlogs." Please email Michele Graham, CPA with questions.
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  Whether your practice has outgrown its original location or you're planning to open an additional office, you'll need to carefully review your options before you sign a lease for a new space. Your search for a new location should focus on properties capable of handling the special needs of a medical practice. Here are some of the factors to weigh in your office space search. Intended UseIdeally, the space you lease should have been constructed as a medical facility. Otherwise, you will have to make sure the building can accommodate the specific requirements of a medical office. For instance, can the building handle ambulance services? Can it accommodate emergency care or outpatient surgery? Is it large enough to house large, specialty medical equipment? Check that the facility has backup power generators, a must if your practice includes outpatient surgery. A non-medical facility may require extensive modifications to meet the needs of your practice. Make sure the lease clarifies who pays for these changes. ADA ComplianceThe Americans with Disabilities Act (ADA) mandates that all public accommodations and commercial facilities are accessible to individuals with disabilities. To comply with ADA, your medical facility must have ramps, parking spaces, and doorways that facilitate access and egress for disabled individuals. Twenty-four Hour AccessUrgent care clinics are open 24/7. Many medical practices operate beyond traditional hours to accommodate patients. Your lease agreement should state clearly any rules or changes that come with operating your medical office after regular hours. Storage and Disposal of Medical Waste Medical offices generate contaminated waste, such as used hypodermic needles and swabs. Check that your lease covers the requirements for proper storage and disposal of such waste material. Compliance with Anti-kickback LawsBe aware that there are very specific anti-kickback laws that relate to leases between medical tenants and facilities that are owned by a hospital or physicians group. Your legal professional should work with you to ensure that you are in compliance with these laws. Please email Michele Graham, CPA or Micah Prellwitz, CPA with questions. |
The average patient wait time for an appointment at a primary care practice was 19.5 days, according to Merritt Hawkins' 2014 survey of physician wait times in 15 metropolitan areas.
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ABOUT HSC MEDICAL BILLING & CONSULTING, LLC
Our personable billing team will partner with you as an extension of your office. Our experience and expertise with coding and insurance guidelines will produce optimal results while allowing you to focus on your practice. |
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Harding, Shymanski & Company, P.S.C.
800.880.7800
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SEE WHAT OUR CLIENTS ARE SAYING...
"Harding Shymanski has always provided a top level of service to our group, is accessible for any questions or problems, and has proven to be a reliable partner for EAA."
-Dr. Thomas Kimmel, Evansville Anesthesiology Associates, LLC
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