Physician Administer Thyself
You know what? I think I’m on to something here. I know it’s not terribly fashionable or even conventionally wise these days to have specific little tidbits of your Sunday School teachings gurgle back up into your consciousness, but I find that sometimes I am rewarded by these. The phrase “Physician, heal thyself” is just […]
Why the Medicare Physician Fee Schedule is Deplorable
Do you ever feel like the inflation adjustments for Medicare reimbursement don’t keep up with inflation? You are not alone. And you are certainly not crazy. This has been going on for years, decades even, and it’s not only so obvious but so terrible that it’s difficult to understand how it’s possible. The phrase “usual, […]
First Quarter Financials
Congratulations, medical practice owners…you made it through the first quarter. Just for fun I dug into the origins of April Fool’s Day, and the reason it became a day of pranks and practical jokes, and the results are inconclusive. No joke. Several hundred years ago the year actually began on March 25th with a holiday […]
2 Reasons Why Private Medical Practices Fail to Thrive
You’re beginning to live the healthcare service dream. You’re booking appointments. Seeing patients. Making lives better. Saving lives. Everything should just fall into place naturally, right? We think so. But like it or not, if you’re in private practice you are two different people. You are a professional clinician, but of equal importance, you are […]
The Key to Understanding Margins in Private Medical Practice
Doctors who own their own practices have a unique set of concerns compared to physicians employed by hospitals or larger healthcare organizations. These worries stem from the dual responsibilities of providing quality patient care and managing a successful business. In the healthcare industry, where the quality of patient care and business sustainability must be balanced, […]
Married with Children and Taxes
Physician, you have arrived. Your practice is beginning to make more money than it spends, and you can afford your student loan payments with money left over to live on. At this point, you have possibly already started a family, or else are in the process of doing so. Life is good, made all the […]
How to Do Tax Season the Right Way
First of all, happy Monday everyone! This week marks a new milestone for us, because we are making the shift from the weekly Sunday blog we have been bringing to you for the past few years to Mondays. I’ll remember this day easily because of a dumb joke my mother used to have when I […]
The Business Scoreboard
One of the most important things I’ve learned over the past seven years helping others to maximize their business wealth is knowing the score. I feel very lucky because I had a happy confluence of circumstances back when I was educating myself in this field further. At about the same time I was learning the […]
President’s Day and Taxes
I am proposing an idea here. We always know that President’s Day is going to be the third Monday in February. This is a given, and has been for over 50 years. Another given: by the second half of February, even in a bad year, the IRS is going to be well underway accepting e-filed […]
Making the Most of Business Deductions, Part Two
Aloha, everyone! As you’re reading this my wife/vice-president and I are clearing the mental decks before the big tax season push on the horizon with a week’s stay on the island of Maui in our 50th State, Hawaii. The one state in the Union that it is absolutely senseless to observe daylight savings time. That’s […]