TIPS FOR YOUR MEDICAL OR HEALTHCARE PRACTICE
Spending some time on mid-year planning will make 2022 smoother and more successful! Doctors, dentists, surgeons, and other practitioners should take a hard look at the last 6 months and see how close they are to their operational and financial goals. It may be time to reassess and focus on which goals are still reasonably achievable, and which areas of their strategic plan are at risk. Summer is a good time to begin reflecting on concerns or issues throughout the first half of the year and how improvements can be made to put the practice (and practitioners) in better shape at the end of the tax year.
Do not handle expired documents and agreements. Parties may actually apply compensation formulas or other parameters that don’t match what’s in place, which could result in an unexpected wage claim or legal dispute.
Ensure that practice activities are in compliance with state and federal health laws (eg, Stark and anti-kickbacks). Almost every possible arrangement involving a healthcare provider involves some state and federal law.
Do a financial audit. Medical and healthcare practitioners benefit greatly when they spend time with their Foucault accountant reviewing the practice’s financial performance, costs, budgets, projections, and checking your debt-to-income ratio. How is each provider performing? What additional lines of business or product should the practice explore to increase revenue? Can it afford to bring in a new mid-level provider? Like any business, a practice needs to be mindful of reviewing its books and strategically planning for growth and profitability.
- Pass through tax discounts (beware of phase-out thresholds)
- Depreciation on real estate if you own the building/office
- Excludes mileage and food expenses
- Health savings account and IRA contributions
- Student loan payment deduction
- Continuing education expenses
- Self-employment tax deduction
There may be an additional tax credits for:
- Professional Dues and Memberships
- Investment losses
- Professional fees greater than 2 percent of your AGI
- Home mortgage interest
- Malpractice insurance costs
- Scrubs and other workwear
TIPS FOR YOUR MEDICAL