Telemedicine 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…

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Should 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…

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Is Your Healthcare Practice Eligible for the Employee Retention Credit?

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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…

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NJEDA Opens Pre-registration for Phase 4 of Small Business Relief

The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program on Wednesday, April 14, adding $85 million in funds from the CARES Act. Phase 4 will provide grants up to $20,000 to New Jersey small and medium sized businesses and non-profits that have been negatively impacted…

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Updates to the Employee Retention Tax Credit

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Below you will find a summary outlining the three Acts impacting the Employee Retention Credit (ERC), including the most recent changes implemented by the American Rescue Plan Act of 2021. The Coronavirus Aid, Relief, and Economic Security Act (CARES) enacted on March 27, 2020 provides an Employee Retention Credit to employers to keep their employees on payroll. An eligible…

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Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020

If you’re self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, the tax savings may be significant. Here are two important COVID-related tax breaks that every self-employed individual should consider before…

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Make the Most of Patient-Facing Technology

Patient-facing technologies — or a medical practice’s phone system, website and patient portal — offer new and current patients ways to access the practice’s services. The importance of these technologies shouldn’t be underestimated. This article looks at each technology category and explains how practices can ensure that these technologies provide the best possible experiences for…

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The American Rescue Plan Act Tax Implications

President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student loan debt forgiveness were changed by the Senate. Below…

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A Good Business Plan Can Help Your Practice Thrive

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For healthcare professionals who are obtaining loans to expand their practices — or simply to set up operations — generating a business plan makes sense. And with the current economic uncertainty brought about by COVID-19, it’s even more important. This article points out that a good business plan will enable physicians to operate a successful…

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7 Steps to Handle a Down Economy

Photo of cash with "COVID-19" written on top

One ramification of the COVID-19 pandemic has been a down economy that has affected many sectors of our society — including healthcare practices. Healthcare professionals have felt the effects as patients have lost jobs and health insurance, have been reluctant to visit doctors’ offices because of fear of infection and have shifted to saving instead…

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