Payer Contracts

Practices often allow their payer contracts to renew automatically each year without re-examining the terms. But the practice may have changed and added new providers, new services, or a larger patient panel, and perhaps gained an enhanced bargaining position. If so, you may want to make changes to the contract.

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Topics: Healthcare

How Small Employers Could be Penalized by the Affordable Care Act

An IRS Revenue Ruling went into effect on July 1, 2015 that could cost your company a penalty of $100 per day, per employee (up to $500,000). Under Internal Revenue Code § 4980D, the penalty could be $36,500 per year per employee for employers who do not offer insurance coverage but instead seek to reimburse their employees for insurance purchased on the individual market. If you’re not in compliance, this penalty could put you out of business.

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Topics: Accounting Tips, Healthcare

Defining Net Investment Income under the Affordable Care Act

The 3.8 percent net investment income tax (“NIIT”) under the Affordable Care Act (“ACA”) has been in effect since 2013 and remains in effect for tax year 2015 and beyond. The taxpayer is liable for NIIT on the lesser of their net investment income (“NII”), or the amount by which their modified adjusted gross income (“MAGI”) exceeds the threshold based on filing status.

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Topics: Real Estate, Accounting Tips, Tax, Healthcare, Retirement Plan Services

Healthcare Tax Breaks

Medical expenses are another deduction you may be able to bunch. If your medical expenses exceed 10 percent of your adjusted gross income (“AGI”), you can deduct the excess amount. Eligible expenses may include:
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Topics: Accounting Tips, Wealth Management, Tax, Healthcare

Pinpointing Key Issues in Licensing Agreements

As the economy slowly crawls back, many not-for-profits (“NFPs”) are still experiencing stagnant or even declining revenues, prompting them to look to nontraditional types of revenue sources—including licensing agreements.

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Topics: Wealth Management, Not-for-Profit, Healthcare

Medical Practice Governance

How you can ensure its effectiveness?

Every medical practice is governed in some fashion or another, whether by an individual owner or a formal board of directors. Governance is a difficult job for physicians who are already working long hours providing care to patients. They must find ways to cope with regulatory pressures, stressful payer relationships, sophisticated technologies and rising patient expectations. Fortunately, a competent governance structure can help physicians meet those challenges.

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Topics: Wealth Management, Not-for-Profit, Healthcare

How to Communicate Financial Information to Patients

Posted by lgtcpa on Dec 15, 2015

Author: Robert Lane, Partner of ACS and the Healthcare Group at LGT
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Topics: Wealth Management, Healthcare, Retirement Plan Services

Using Employee Benefits to Your Business Advantage

Posted by lgtcpa on Dec 1, 2015

Including a variety of benefits in your compensation package can help you not only attract and retain the best employees but also manage your tax liability.

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Topics: Healthcare

Time to Comply with the ACA's Information Reporting Requirements

In 2016, "large" employers must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in 2015. The latest guidance consists of an updated Q&A document covering basic reporting requirements and a new Q&A document addressing more specific issues that may arise while completing Forms 1094 and 1095.

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Topics: Accounting Tips, Tax, Healthcare

Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

Posted by lgtcpa on Oct 6, 2015

The Act recently signed by Obama revises return due dates and changes the automatic extension periods for some returns.

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Topics: Auto, Accounting Tips, Healthcare