I. Independent Professional Advisors
First and foremost, one of the most fatal pitfalls for health care practices is the
failure to maintain proper independent professional advisors. Health care
attorneys and CPAs should be used to help guide medical practices around the
financial land mines surrounding the medical industry.
II. Adaptation to Changing Environment
Even if practice administrators have an extensive amount of experience, this ever
changing industry must constantly be monitored. Additionally, practice
operations should be modified as appropriate for new legislation and market
changes.
III. Accurate and Timely Accountings
Understanding and reviewing practice financials on a periodic basis will not only help to hold the practice accountable to budgets and projections, but will also help
physician-owners understand their financial position within the practice.
IV. Proactive Tax Planning & Tax Compliance
Using tax strategies (i.e., deferred compensation, profit-sharing, accountable
reimbursements, employment tax planning, etc.) can help reduce tax liability.
Additionally, proper tax compliance should be maintained to eliminate unnecessary
income tax exposure for physician-owners.
V. Medical Compliance
The importance of compliance with Medicare and private insurance carriers should
not be overlooked. Medical consultants can help rectify compliance issues and
prevent significant reimbursement claims due to inappropriate billings.