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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Case Study: The Practice Manager’s Open Door
Pine Internal Medicine has great open lines of communication between all levels of the care team. The practice manager has a true “open-door … [Read More...] about Case Study: The Practice Manager’s Open Door
How the COVID Relief Legislation Impacts You
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 … [Read More...] about How the COVID Relief Legislation Impacts You
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The Physician Recruitment Visit
Determining what you need in a new physician for the practice is just the first challenge. After that comes making initial contacts, which can be a … [Read More...] about The Physician Recruitment Visit
Case Study: Dr. SR Has a Poor Visit to a Practice Recruiting Him
Dr. SR is interviewing with a midsize practice. He does not know the practice well on a personal level, he has family in the area and is optimistic … [Read More...] about Case Study: Dr. SR Has a Poor Visit to a Practice Recruiting Him
The Basics of Balance Sheet Analysis
The most well-understood financial statement is the profit and loss statement. Over a stated period of time—typically, a month, a quarter or a … [Read More...] about The Basics of Balance Sheet Analysis
Pedestals are for Statues Shared Respect Builds Relationships
Can a doctor be a hero? Definitely. What about a nurse? Absolutely! But, let's not forget everyone else who may perform heroic actions or in … [Read More...] about Pedestals are for Statues Shared Respect Builds Relationships
Prevent Embezzlement by Sweating the Small Stuff
There are more ways to separate you from your money than you can imagine. Novel embezzlement strategies occur but are likely rare. Much more … [Read More...] about Prevent Embezzlement by Sweating the Small Stuff
Personal Cybersecurity Tips 2021
Physicians and practice managers are constantly reminded by the media about how important cybersecurity is to their medical practice. The news is … [Read More...] about Personal Cybersecurity Tips 2021
Things I Wish I Learned In Medical School
Learn the 12 Things I Wish I Learned In Medical School. If you would like a PDF download of any of the checklist, please join Smart Business Great … [Read More...] about Things I Wish I Learned In Medical School
Medical Practice Cash Management
How to Manage the Cash in Your Practice Managing cash in your medical practice is a bit like driving on the interstate. Yes, there are certain … [Read More...] about Medical Practice Cash Management
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