By Catherine Lightfoot, CPA, CHBC, EEPB “I am open to money coming to me from new ways that I’ve never imagined.” This is a quote from a popular affirmation on daily calendars and the like.  What if this was more than a quote on a calendar? What if this could be the new reality in your office? Additional profit need not come from extended clinic hours, contract negotiations, or adding new ancillaries. Additional profit can...

By Larry Burnett, Advisory Principal, KPMG, Health & Government Solutions and Ketan Patel, Advisory Principal, KPMG, Healthcare Fragmentation and a lack of coordination among healthcare providers can lead to inappropriate care and higher costs. While technology, including artificial intelligence, can be a help to overcome gaps in care and improve diagnostic capabilities, some executives and clinicians have legitimate concerns. When KPMG surveyed 150 healthcare executives about their ethical concerns with artificial intelligence, 75% cited threats...

By Catherine Lightfoot, CPA, CHBC, EEPB Signed into law on December 20, 2020, the federal government spending bill did more than avoid a government shutdown. The Further Consolidated Appropriations Act, 2020, repealed certain health care taxes, makes many changes to retirement plan rules, extends several expired tax provisions, and more. Health care taxes Previously extended many times and mostly forgotten, the three taxes that were originally enacted to fund health care reform have now been...

By Ketan Patel, Advisory Principal, KPMG Healthcare   Blockchain, cloud computing, advanced analytics, and remote monitoring are just some of the technologies presenting businesses worldwide with both challenges and opportunities.  At this moment, they are especially resonating as opportunities with healthcare industry executives because – when brought together in various combinations – these technologies can offer powerful and detailed operational insights, especially relative to quality and cost of care.   The ability of healthcare providers,...

By Reed Tinsley   A lot can change in a practice over the course of a few years—the group’s culture can shift, its financial standing may improve or decline, it may lose or gain physicians—and a practice may be setting itself up for financial or legal troubles if it doesn’t keep its buy-sell agreement up-to-date to reflect these changes.   Buy-sell agreements are the cornerstone of most private physician practices because they establish a process...

By Reed Tinsley   As the year winds to a close, it’s time to start thinking of any last-minute strategies that might benefit you. While there was no new tax legislation of note this year, the ramifications of the Tax Cuts and Jobs Act of 2017 (TCJA) are still around and will be for years, absent any new legislation to unwind its provisions. Probably one of the most important areas of year-end tax planning is...

By Reed Tinsley   It’s easy to blame your staff for unproductive meetings, but the reality is that your leadership role makes you accountable for using your meeting time wisely. If you don’t capture the attention of your staff during the first 10 minutes of a meeting, they’ll lose interest or become disengaged, and you’ll accomplish little. Anyone who manages people needs to understand that meetings are critical to any organization. A bad meeting, in...

BY Reed Tinsley   You’ve run the analysis and know that not only do you need to hire a physician (or specialist, staff member, etc.), but you have the resources to support the addition. You’ve presented your findings to your partners, and they’re all on board. You’ve done your prep work, and you’re ready to dive into the recruiting process.   The following is a sampling of the recruitment tools my clients have used in...

By Reed Tinsley   It’s hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, we discover tax planning opportunities that could put more cash in your pocket. Some of these opportunities may apply to you, some to family members, and others to your...

By Reed Tinsley, CPA, CVA, CFP, CHBC   Tax reform has had a significant impact on the tax deductions you can now claim for business entertainment and meals.  The new tax law also eliminated business deductions for entertainment. As a result, no deduction is allowed with respect to: (1) an activity generally considered to be entertainment, amusement or recreation; (2) membership dues with respect to any club organized for business, pleasure, recreation or other social purposes; or...