The healthcare industry has been moving in a different direction in the last few years. Many hospitals are buying out physicians, practices, and medical offices and combining them under the hospital’s umbrella. There are many reasons for this movement, such as networking, referral networks, and costs of doing business. Hospitals have a unique advantage since most of them run under the 501 (c)3 umbrella and are considered nonprofit organizations and are therefore tax-exempt.
Most medical offices are competing with giants who have unfair advantages due to the resources available to them.
In most of the U.S., this trend continues and more and more are now functioning as part of the hospitals.
Here are the main changes that have taken place:
- Change in coverage due to the Affordable Care Act
- Aging population (More people are covered by Medicare)
- Aging physician workforce
- More demand for a limited number of physicians, increasing costs of compensation
- More nurse practitioners and physician assistants providing care
- Electronic health records (increase in costs)
- Increase in high-deductible health insurance plans
If you are interested in more information on the changes of the accounting and business perspective, we will periodically post more information or you can contact us directly at firstname.lastname@example.org
All those changes require medical practices to streamline and carefully look at their financial situation. Having a relationship with a CPA firm in Jacksonville that understands the current challenges is critical and could help you stay focused on running your practice and make appropriate changes at appropriate times.
Our accountants understand the financial ramifications of these industry issues and can provide the information and guidance you need to maintain financial health in today’s competitive market.
As your accountant, we will work closely with you to develop a thorough understanding of your immediate concerns and your goals. We are here to help when you need us and to help you stay ahead of your challenges. Our goal is to work with you in every aspect of your financial decisions. After all, physicians must pay attention to the business aspects of a medical practice.
Numbers are data. What any physician needs from his or her CPA is translation of data into relevant information. In business situations, most numbers are data — the value a medical CPA brings to the medical practice is applying his or her knowledge, experience, and judgment to turn data into information that will help guide the practice to success. Let us be that experienced medical CPA for you. Contact us for tax preparation today.