Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers like physician practice owners. Here are some of the most notable changes.
The wave of health care reform has led to a closer focus on the need for clear, consistent, and transparent communication of patient financial information. Thus, the Healthcare Financial Management Association ("HFMA") has developed “Patient Financial Communications Best Practices” for improving and standardizing how health care organizations should communicate with patients about their financial responsibilities. The guidance covers several areas of critical importance for community hospitals.
Physician practices face not only clinical and financial risks, but also business ones. Fortunately, insurance can mitigate many of these risks. But practice leaders may not be familiar with the different types of coverage available. Here are eight business policies that every physician practice should consider: