There has been a flurry of legislative activity since the beginning of the pandemic one year ago. One item that might have flown beneath your radar is the federal Employee Retention Credit (ERC). If your practice was shut down by government order and/or suffered a 50% or more decline in revenue in 2020, then you may be eligible for a $5,000 per employee tax credit. The credit is calculated as 50% of the first $10,000 in wages paid to each employee during the shutdown/revenue decline period. This credit is captured by amending … [Read More...] about Employee Retention Credits
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Optimizing Clinic Flow: We Need Margins
The Effects of Stress We are stressed as individual physicians and individual staff members. Our patients are under multiple … [Read More...] about Optimizing Clinic Flow: We Need Margins
Patient Engagement With Your Patient Portal
Having a Portal Is Only a Start Patient engagement with your patient portal is an important part of growing your medical practice. Most … [Read More...] about Patient Engagement With Your Patient Portal
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Health Care User Experience
We all know the health care system is broken, and that every aspect of the patient journey needs to be overhauled, optimized, and made tolerable … [Read More...] about Health Care User Experience
Case Study: The New Practice Administrator
PM has been with a practice for 18 months. He has great credentials and can handle the finances, regulatory requirements, and computer issues. The … [Read More...] about Case Study: The New Practice Administrator
From Residency to Managing and Growing Your Medical Practice
Starting Out After years of studying, testing, and running on very little sleep, your body is adjusting from the intensive 80-hour work week of … [Read More...] about From Residency to Managing and Growing Your Medical Practice
Great Leaders: Consensus Makers or Dictators?
Got an issue that needs to be dealt with in the office? Everyone does—that’s why we created SBGM. Great leadership requires effective management … [Read More...] about Great Leaders: Consensus Makers or Dictators?
Choosing an Accountant
“Why should I choose you?” is a question I hear often from physicians who are contemplating a change. My typical response is that I am not saying you … [Read More...] about Choosing an Accountant
Appointment Reminders
Almost every office and hospital use patient appointment reminders. Some are poor, others mediocre, and some do a relatively good job. In the present … [Read More...] about Appointment Reminders
Medical Practice Retirement Plan Fiduciary Responsibilities
What is a Fiduciary? A fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a … [Read More...] about Medical Practice Retirement Plan Fiduciary Responsibilities
Do Physicians Know How to Analyze Financial Statements?
Effective Analysis of Your Practice Financials—Think Big, Then Small A typical profit and loss statement may contain 30 or more different expenses … [Read More...] about Do Physicians Know How to Analyze Financial Statements?
Fixed Vs Variable Expenses
If you want to improve your financial performance, the first step is understanding what your practice financial statements are telling you. Your … [Read More...] about Fixed Vs Variable Expenses