Thinking about joining a medical practice? You obviously need to perform a due diligence investigation to help obtain basic financial information. It's important to understand the data and assess your compatibility with the practice. Here are some key items that need to be examined:
In the News
Thursday, July 18, 2019
If you are starting a new medical practice, you may incur several different types of "pre-opening expenses." By pre-opening expenses, we mean those that are incurred during the period before the new practice is actually up and running and earning revenue. Special federal income tax rules apply to such pre-opening costs. This article summarizes how to handle them under the current rules, which were altered in recent years by legislation and regulations.
Wednesday, July 3, 2019
The IRS has a massive effort, launched in coordination with the U.S. Department of Justice, to identify and prosecute tax evaders from the medical profession
Thursday, June 20, 2019
Patients depend on physicians and assume they're empathetic. But when it comes to paying for services, a few patients expect that empathy to include letting your fee go if they ignore the bill.
Thursday, June 6, 2019
These days, doctors find that many patients come into appointments having already diagnosed themselves based on information they found on the Internet. Given the unregulated nature of the Web, patients often present misleading or distorted information as the basis for self-evaluations when they meet with their physicians.
Friday, May 24, 2019
Studies show that only a handful of adults are visiting and using information from websites that rate physicians. For example, more than 80 percent of California-based adults say they use the Internet for health-related information, such as medical symptoms and diagnoses, according to a Harris Interactive poll commissioned by the California HealthCare Foundation. But less than 25 percent of those surveyed say they have visited physician ratings sites, and only 2 percent of those actually made a physician change based on the information they found. Even fewer, less than 1 percent, say they made a hospital or health plan switch based on online ratings.
Thursday, May 9, 2019
Let's say a partner in your medical practice exits partway through the firm's tax year. How are partnership tax items for that year allocated between the departing partner and the remaining partners? There is more than one way to handle this situation. In general, three methods are allowed for making such allocations.
Thursday, April 25, 2019
If there's one thing that can harm the success of a medical practice, it's having patients spending too much time in the waiting room. Appointment scheduling is a critical function of a doctor's office, yet many practices schedule in a seemingly haphazard fashion. Often, the practice's scheduling strategy, if you want to call it that, is to fill an appointment into any slot available with little regard for the reasons patients are being seen.
Thursday, April 11, 2019
Nursing homes and personal-care facilities present many health and safety risks for their employees. In fact, combined with patient violence against employees, the situation has become so serious that the Occupational Safety and Health Administration (OSHA) has made nursing homes a top priority for safety inspections.
Friday, March 29, 2019
When it's time to negotiate or renegotiate a physician's employment contract, there are critical issues that must be understood and settled. The fulfillment and career potential of the physician and the success of the practice depend on it.