Taking on the business side of a practice
can net you invaluable experience, but preparation for the role
is key.
Most physicians get few tax planning ideas
from their financial advisers. Plan now and save next April
15th.
You may be counting on the sale of your
medical practice to fund your retirement. But reaping big
returns from that sale takes planning up front.
You've promised to lose weight, get in
shape, and review your finances, but professional resolutions
are perhaps more urgent and more rewarding.
Three reasons to avoid general
partnerships when you set up a practice.
Sign-on bonuses and moving expenses may
seem like easy money, but beware of the tax consequences and
contractual obligations created by these and other benefits.
There are a variety of ways to protect
your valuable assets from potential lawsuits. Find out if these
fit your needs.
An electronic health record system may
have just come within your reach. The federal government has
issued guidelines and safe harbors for donating and receiving
these systems.
When you get the chance to acquire your
own practice, be ready to take these steps to ensure a smooth
transition and successful ownership.
Many physicians are not getting the advice
they should from their professional advisers. See if
you’re among them and how to remedy the problem.
Yes, you have yet another HIPAA rule to
master. This one dictates procedures and penalties when the
other rules are broken.
Making a little extra cash through
moonlighting is a great way to fund holiday expenses. Be sure
to check your contract and insurance provisions first.
Stay current on trends and build your
business and legal understanding through regular reading of key
resources.
Could there be retirement options you
don’t know about? Explore the advantages of non-qualified
and non-traditional benefit plans.
For asset protection and tax-free growth,
investors may need to look no further than your basic
investments of life insurance and annuities.
When conflict arises over a
non-competition covenant, resolution can be achieved through
several means.
As you evaluate an employment contract,
examine the details of any non-competition covenant contained
therein. Those details may men the difference between a
contract you can live with and one that needs to change.
The last of the three major HIPAA
regulations is nearing enactment. Know what you must do to
ensure the confidentiality, integrity, and availability of
protected health information.
The family limited partnership is one tool
every physician must have to protect assets, save on taxes, and
establish a quality estate plan.
In honor of the first anniversary of the
HIPAA Privacy Rule, it’s time to remember the key
elements of compliance. Plus, physicians share stories about
how the Privacy Rule affects their practices.
Salary guarantees, relocation expenses,
and signing bonuses are nice perks when you’re starting a
new position, but be sure you follow the rules.
Life insurance is one of the most
significant assets you will ever own. Here’s what you
need to know about how much to buy and choosing and purchasing
these policies.
Use your last year of residency to train
for a major league medical career. Scout your leads, prepare
your resume, and you’ll hit a home run in your first
position.
What can you do to protect your accounts
receivable from a lawsuit? It’s not as easy as some
advisers would have you believe, but it can be done.
Hitting the right note with the
termination provisions of your employment contract can mean a
world of difference in the tone of your tenure in a practice.
So, you have a great idea for a medical
device and want to manufacture and sell it for the benefit of
all the world...and hopefully yourself as well. It’s time
to shift from inventor to entrepreneur.
Any parent with children and a moderate
amount of wealth will have, or should have, a trust document.
It’s an ideal way to secure your family’s future
resources in case of your death, and may be used to save on
estate taxes.
Electronic transactions and patient
privacy rules are set to take effect in October and April. Be
sure you’re ready for them.
Estate planning is not a one-time event.
Changes in your life and the legal environment mean you need to
regularly reevaluate your financial planning.
If you want to be an owner of a medical
practice, the first thing to consider is to consider it first.
Set up your path to ownership when you first enter into an
employment contract.
The tax benefits, individual control, and
enhanced liability protection offered by these offshore
entities may make them worthwhile investments for individual
physicians or groups.
Shield your practice and savings from
lawsuits with defensive financial planning.
Part II of II. When your number is up to
withdraw from your retirement plan, it’s best to go ahead
and take it. And be sure you have named the appropriate
beneficiaries to those accounts.
Part I of II. Various retirement accounts
offer different kinds of benefits, and your employment
situation determines which ones are appropriate for you.
Pay attention: This time
you’re actually going to get a break or two. Here are ten
tax changes that will help you keep more of your earnings.
College saving is a big concern for many
parents, and Section 529 plans provide tax and estate benefits
for parents saving for children’s education.
Consider all the aspects of recruitment
incentives before deciding which are the most valuable.
