Physicians who are managing medical practices and clinics have unique challenges.
The Jones & Roth Healthcare Team works with medical practices and clinics across Oregon & Southwest Washington providing a comprehensive suite of services including practice management, advisory services, retirement plan administration and tax & accounting services.
Our services are designed to ease the business-related pressure of practice operations and ownership:
- Practice assessment
- Key performance indicators
- Income Allocation
- Physician compensation
- Business plan development
- Establish procedures and policies
- Coding and documentation
- Contract review and negotiations
- Billing and collections reviews
- Employee recruiting, evaluation and development
- Retirement Plans
- Computer systems evaluation and implementation
- Interim practice administration
- Practice appraisals
- Financial advisory services
- Tax, audit and accounting services
- Payroll services
- Coding and documentation
“Medical practice management has become increasingly challenging. Our goal is to provide a level of guidance and service that results in superior financial management that facilitates excellence in patient care”
— Jeremy Prickel, CPA & Medical Practice Advisor
Jeremy Prickel, CPA
Nicole McOmber, CPA
Brian Newton, CPA
Mathew Hamlin, CPA
Elliott Tracy, CPA
There are no upcoming events at this time.
This excellent post is from Pacific Northwest Healthcare Practice Consultant Lonnie Hirsch of Hirsch Healthcare Consulting.
Lonnie has identified top 10 challenges that face physician-owned independent practices. The list includes financial and profitability challenges, the emotional states of being overwhelmed and confused, time and resource constraints, physiological barriers to success, and more.
For each example, Mr. Hirsch includes solutions for the challenges that are plaguing independent practices. This post is an engaging and insightful look at problem/solution for physicians, practice managers and staff working in clinics that are fighting to stay independent.
Read the full blog post: https://hirschhealthconsulting.com/top-10-reasons-physicians-struggle-remain-independent/
Tax reform, commonly referred to as the Tax Cut and Jobs Act, has many new provisions that became effective for tax years beginning January 1st, 2018. One provision in particular created a deduction up to 20% of “qualified business income” earned from pass-thru entities and sole proprietors. The deduction will be claimed on individual owners’ tax return Form 1040 and is commonly being referred to as the Section 199A deduction (referencing the Internal Revenue Code), or the 20% qualified business income deduction (QBID).
Business income is eligible if the company is structured as a Sole proprietorship, a Partnership, or an S-corporation. C corporations are not eligible to take this deduction. Personal taxable income must be less than $315,000 for a married filer or $157,500 for a single filer to avoid the deduction being phased out. The deduction is fully phased out at taxable income of $415,000 for a married filer and $207,500 for a single filer.
The deduction is subject to a host of qualifications and limitations. Taking advantage of this new tax savings opportunity requires careful strategic tax planning. We have listed our top 5 strategies to be considered for healthcare practice owners.
1. Increased Retirement Plan Contributions
Increasing retirement plan contributions can reduce taxable income. Consider increasing contributions to an existing plan and consider if establishing a cash balance plan might be an additional vehicle for increasing contributions.
2. Employing Children in Your Practice
You may have an opportunity to employ your children and pay them the highest reasonable rate for their work. Now each child can earn up to $12,000 per year free of federal income tax.
3. Review Personal & Business Expenses
Consider whether some expenses can be captured as business expenses such as meals, phone, health insurance, travel, auto, etc.
4. Take Advantage of Depreciation
Review all depreciation schedules and opportunities to keep income under the deduction thresholds.
5. Health Savings Account
Establish and fund a Health Savings Account (HSA). Coverage under an HSA can provide tax-deductible contributions of up to $6,900 for a family and an additional $1,000 for each spouse age 55 or older.
Though tax reform is complex with lots of qualifiers and limitations careful tax planning can produce significant tax savings.
Healthcare is in a state of volatility and it is important that your practice is optimizing cash flow. Learn the things that the most successful practices are doing to optimize their cash flow, and what you could do to improve your revenue cycle management.
Breakout Session 1C:
“Optimizing Your Revenue Cycle & Cash Flow”
Thursday, Sept. 20th
11:15 a.m. – 12:30pm
Attendees who participate in this session will:
• Learn the best practices to increase collections
• Understand which factors impact your revenue cycle
• Calculate, benchmark, and analyze key revenue cycle performance indicators
The annual OMGMA Fall Conference is a highly anticipated event by healthcare executives throughout Oregon. The conference is of the highest educational quality, featuring nationally distinguished keynote speakers and experts in the field for each and every session. In a professional but fun environment, this conference provides timely education for management of your practice and professional development. The conference offers plenty of face-to-face interaction with OMGMA members and Partners to strengthen your business relationships and build your network in Oregon.