Healthcare
When Valuing Your Practice, Do Not Rely on the Rule-of-Thumb
For many dentists, their biggest asset is their practice. Still, many are unaware of its true worth when it comes time to sell the practice. This is the issue: many dentists believe the commonly used 0.8x or 0.6x rule-of-thumb method is the way practices are valued. The truth is that this method only provides a…
Read MoreMaking Long-Term Decisions About Working From Home
It can be a tough scenario to confront: First you sent your employees home to work remotely due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to work from home more than they have in the past? Or do you think “This just isn’t working” for one or…
Read MoreFederal Tax News
1. The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments for the first…
Read MoreDeadline Coming: Follow Up on Your PPP Loans
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite…
Read More7 Valuable Deductions for Self-Employed
Dentists and Dentists Filing as Single Member LLC’s If your dental office was forced to close due to the pandemic, you may be very busy and seeing an increase in patient visits and revenue. Many dental practices are familiar with the different employee classifications such as self-employed and single member LLC’s but may not be aware of the…
Read MoreEmployee vs. Independent Contractor – The Consequences of Misclassification
In the shadows of a global pandemic, the economy is beginning to recuperate and business owners are opening their doors up again. Dental practices may see an influx in patient visits and appointments as individuals get back into their regular routines. In the dental industry in general, and now in the workforce as a whole,…
Read MoreHHS Revised Notice of Reporting Requirements for Provider Relief Funds
The U.S. Department of Health and Human Services (HHS) recently issued revised reporting requirements for recipients of Provider Relief Funds. The Provider Relief Fund (PRF) is for any provider of health care, services, or support in a medical setting, at home, or in the community. Funds were distributed to qualified providers for healthcare-related expenses or…
Read MoreTelemedicine Is Here to Stay. What Can Your Practice Expect?
Although many physicians do not think of themselves as business owners, their practices are businesses that are as vulnerable to disruption as other areas of the economy. The pandemic and its affects on medical practices made this apparent to everyone in the healthcare field. As practices dealt with restrictions imposed during the worst of the…
Read MoreShould You Outsource Your Billing?
Deciding whether to handle billing in-house or hire an outside billing company is an important decision for any medical practice. While it’s true that not all physicians or their staffs have the experience, training and temperament to handle billing internally, it’s important to understand that a billing company typically takes 6% to 9% of the…
Read MoreIs Your Healthcare Practice Eligible for the Employee Retention Credit?
The Employee Retention Credit (ERC) was introduced by the CARES Act in 2020. The ERC was expanded under the Consolidated Appropriations Act of 2021 (CAA) and further extended under the American Rescue Plan Act of 2021 (ARPA). The ERC, which is intended to encourage employers to keep employees on the payroll even if they are not working during the…
Read More