If you operate your medical practice as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there's some good news: Minutes can also be used to document the practice's intentions for transactions that have major tax significance. Such matters include (but are not limited to) the following:
In the News
Thursday, January 16, 2020
The manager of a busy medical practice used to spend lots of time listening to patients complain about being left on hold when calling for an appointment or waiting several days to be seen for a minor ailment.
Friday, January 3, 2020
You may have heard about the Vermont doctor who was fed up with way medicine is practiced today and opened an office she calls "Simply Medicine.'' The sole practitioner doesn't accept insurance. Her fee is listed on a board in the waiting room: $2 a minute for labor, plus the cost of supplies.
Thursday, December 19, 2019
Nursing homes are potentially one of the most dangerous workplaces in the country. Nursing assistants in long-term care facilities have the highest incidence of assaults of all American workers, with one study showing that 27 percent of all workplace violence occurs in nursing homes.
Thursday, December 5, 2019
Internal fraud can be devastating for a medical practice and it can be easier than you might think to steal in some offices. Fraud schemes may be prevented if the following steps had been implemented:
Thursday, November 21, 2019
Medical malpractice insurance isn't just a requirement -- it's also a major practice expense. Selecting the terms of coverage is a complex, critical task, as is evaluating insurance carriers. In fact, the future of the practice and the reputation of physicians may rest in the balance.
Thursday, November 7, 2019
The cost of medical malpractice continues to rise, according to the Aon/American Society for Healthcare Risk Management (ASHRM) Hospital and Physician Professional Liability 2013 Benchmark Analysis. This annual study helps health care providers better understand trends related to medical malpractice risks. It also provides benchmarks for hospitals and physicians to compare to their own claims histories.
Thursday, October 24, 2019
In the wake of health care reform, you might find your practice inundated with new patients. With the extra workload, you might want to hire one or more physicians to help out.
Thursday, October 10, 2019
Improved contact between physicians and their patients — known as "etiquette-based communications" — would improve the "inpatient experience" and could help a patient recover more quickly, a randomized trial found.
Thursday, September 26, 2019
When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same federal income tax rules as other employers. A partnership retirement plan can potentially cover both partners of the practice and eligible firm employees.