Last month during the 2017 Yankee Dental Conference in Boston, I was interviewed on the topic of Minimizing Practice Overhead to Maximize Profits. While this interview was geared specifically towards dental practice owners, much of the information discussed applies to all healthcare practice owners. I hope you are able to use some of this information… Continue reading Minimize Practice Overhead To Maximize Profit
Category: Practice Management
New “EMV” Standards for Accepting Credit Cards Effective October 1st
By guest writer Phil Kluge, Transaction Resources, Inc. Big changes are here for businesses that accept credit card payments. Essentially, an EMV liability shift takes place October 1, 2015 that could cost your business a lot of money if you end up processing fraudulent transactions. EMV is an acronym for Europay, MasterCard, and Visa. EMVCo is… Continue reading New “EMV” Standards for Accepting Credit Cards Effective October 1st
October is Cyber Liability Awareness Month
By Marc Slafsky, Salem Five Insurance Services; Content provided by Travelers Insurance, ISU Network, and Philadelphia Insurance Co. October is Cyber Liability Awareness Month. Did you know: Data breaches have increased 42% in the last year. 31% of the breaches have occurred in companies with less than 100 employees. All Industries are vulnerable. The average cost… Continue reading October is Cyber Liability Awareness Month
Why open a Retirement Plan for Your Practice?
Let’s start by discussing some of the benefits of setting up and maintaining a Retirement Plan for your practice. The first benefit is that contributions you make into the retirement plan are generally tax deductible, and then those contributions grow tax deferred. Remember, contributing to a retirement plan is one of the best tax shelters… Continue reading Why open a Retirement Plan for Your Practice?
“Million Dollar Metrics” for General Dentists
Managing a practice requires that you look at "the numbers" on a regular basis. If you're like most practicing Doctors, you probably try to glance at the production and collections figures at least monthly. Did you know that there are a lot of other performance metrics that can help you gauge how your practice is… Continue reading “Million Dollar Metrics” for General Dentists
Tax Tips if You’re Starting a Business
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started: 1. Type of Business. Early on, you will need to decide the type of business you… Continue reading Tax Tips if You’re Starting a Business
Implement SIBS – YouTube link
Here's our 6 minute YouTube presentation of how to implement SIBS ( a Simple Incentive Bonus System) for your practice so you can increase revenue and profits: https://www.youtube.com/watch?v=urSP2jAz6ag
Chose the Best Entity Type for your Pratice – Part 3
By Andrew Schwartz, CPA In the first two parts of this series, we covered the basic types of entity choices you have when setting up a practice and the benefits and pitfalls of S-Corporations. Let's wrap up by looking at deducting losses, other considerations you should have, and a final scorecard. Deducting Losses It’s not uncommon… Continue reading Chose the Best Entity Type for your Pratice – Part 3
Chose the Best Type of Entity for your Practice – Part 2
By Andrew D. Schwartz, CPA To read Part 1 of this series, click here. In my previous article, we covered the basics of the most popular entity selections. Let's dig deeper into the benefits and pitfalls of S-Corps. Remember: S-Corporations have the requirement of filing a separate tax return each year and are separate legal… Continue reading Chose the Best Type of Entity for your Practice – Part 2
Series: Choose the Best Entity Type for your Pratice – Part 1
By Andrew D. Schwartz, CPA For doctors in practice, making a lot of decisions every day is just part of the deal. While some practice management issues come with only one obvious solution, most require that you spend time researching a variety of options only to learn that there is more than one correct answer. … Continue reading Series: Choose the Best Entity Type for your Pratice – Part 1
ENTITY SELECTION FOR YOUR PRACTICE – Part 2
To read Part 1 of this aticle, click here So what are the comparative advantages of a Sole Proprietor vs an LLC vs an S Corporation? Let’s start with a sole proprietor. A sole proprietor is not a separate legal entity and is not a separate taxable entity. Basically, it’s you, and you report the… Continue reading ENTITY SELECTION FOR YOUR PRACTICE – Part 2