Biden Signs New $1.9 Trillion COVID Relief Legislation into Law As you might imagine, $1.9 trillion covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you. Unemployment BenefitsIf you made less than $150,000 last year, the first $10,200 of unemployment benefits received is tax-exempt. If you have already filed your 2020 federal … [Read more...] about How the COVID Relief Legislation Impacts You
Medical Practice Finances
Employee Retention Credits
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 … [Read more...] about Employee Retention Credits
Case Study: What’s Up With All These Spreadsheets?
A large practice with10 providers feels like they are doing ok financially. After every business meeting, however, the partners leave with more financial questions than answers. They are presented numerous spreadsheets with data about their practice but do not understand the finances. Also, they do not have a sense of how they … [Read more...] about Case Study: What’s Up With All These Spreadsheets?
Financial Benchmarking: How Does Your Practice Compare to Others?
How Does Your Practice Stack Up? A helpful tool to check how you are doing financially is to compare your practice to your peers’ practices. The results can be eye-opening—you will often find you are doing well in areas where you thought you were struggling. On the other hand, if your practice is struggling in certain areas, financial benchmarks can provide … [Read more...] about Financial Benchmarking: How Does Your Practice Compare to Others?
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 residency to your new schedule. Your graduate and postgraduate diplomas are framed and on the wall of your new office. You have secured your first job in your medical profession. Getting settled into your new and differently paced … [Read more...] about From Residency to Managing and Growing Your Medical Practice