If you’re looking for expert Healthcare Accounting in Orange County, California contact Jon Huckaby, CPA, the leader of the Healthcare Accounting team at LSL CPAs at 714-569-1000.
Depending on your circumstances, the newly enacted health reform legislation, formally known as the Patient Protection and Affordable Care Act, can either be a bitter pill to swallow or the new miracle drug. Many of the provisions are phased in over the next five years and may face legal challenges Read more…
The year 2012 will see the floor on medical expenses deduction raised from 7.5% of adjusted gross income (AGI) to 10% except for individuals age 65 and older (and their spouses) which will remain at 7.5% through 2016. Beginning January 1, 2013, higher taxes for married couples with income above Read more…
Do you know how much your patients really pay you for procedures? Are you getting all the money that they bring to your practice? You would be surprised to know that according to the survey released by the Medical Group Management Association last year, nearly 83% of 688 practice managers Read more…
A well defined electronic medical record system (EMR) should include a patients’ complete medical record, medication lists, health problems and clinical notes from previous visits. The doctors can also send drug prescriptions, lab tests and radiology test electronically via this system. Is it mandatory? And when? The federal government has set Read more…
Given the current state of the economy fraud and embezzlement is on the rise. Most medical practices rely on a single individual, typically a practice administrator or office manager, and do not have adequate financial controls or safeguards in place to protect the practice’s assets. Accordingly, these medical practices are Read more…
The ACA represents what should be an incredible boom for healthcare real estate. As more mergers of medical groups occur and hospitals begin to transition patient care from the hospital facilities to medical office buildings the need for medical office buildings increases. These medical buildings are being purchased with well-planned Read more…
Employee fraud is a significant threat to all small businesses and medical practices certainly fall into this category. Medical practices, as with all small businesses, employ few to no anti- fraud controls. As a result the practice and physician is vulnerable to employee theft and fraud. Most frauds occur when Read more…
Over the past several years, medical practices are facing declining reimbursements from insurance providers. Declining reimbursements have resulted in tighter budgets for practices. Physicians are searching for ways to speed up cash flow or reduce operating expenses to compensate for the decline in reimbursements. This ongoing battle has affected many Read more…
When physicians or medical groups look for investment opportunities, there are various options available. Real estate can be an attractive option for medical professionals. There are a number of advantages to investing in real estate; however here are some of the advantages we discuss with our medical clients. Real Estate Read more…
Healthcare Reform and Your Business On October 15th LSL attended the Healthcare Forum presented by the Hoag Hospital Foundation. The panel discussed the concerns both individuals and businesses face in regards to the healthcare industry in the United States. The update reported that healthcare spending has dramatically slowed down in Read more…