MLR

Category: Healthcare

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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When physicians in the same practice disagree about how to handle job responsibilities, administrative issues or other matters, they can sow discord that can make the problems even worse. This article notes that it’s important to foresee this possibility and have strategies in place for resolving issues before the practice becomes completely dysfunctional.

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Qualified and engaged staffing brings their knowledge to help support the profitability and value-based services for medical practices. This article lists several principles that can help practices elevate their human resources management.

If a partner decides to leave a medical practice, it’s important to have a tax allocation approach in place and ready to be implemented. In nearly all cases, there are three different methods you can use. Of course, before making any concrete decisions about the best method for your situation, it’s always wise to speak with a certified accountant so you can be sure you’re making the right choice.

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It takes years to build up a successful medical practice that is respected and valued by the community.

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If you operate your medical practice as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there’s some good news: Minutes can also be used to document the practice’s intentions for transactions that have major tax significance.

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When unused flexible spending account (FSA) balances are forfeited back to employers under the “use-it-or-lose-it” rule, employers have several options for what they can do with the money.

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When it’s time to negotiate or renegotiate a physician’s employment contract, there are critical issues that must be understood and settled.

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Unfortunately, many physician partnerships compare more to a boxing match than, well, a partnership.

Payments made by a medical practice to buy out a retiring partner’s entire ownership interest are generally subject to self-employment tax. Careful planning can change that.

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Medical malpractice insurance isn’t just a requirement — it’s also a major practice expense. Selecting the terms of coverage is a complex, critical task, as is evaluating insurance carriers.