There has been a flurry of legislative activity since the beginning of the pandemic one year ago. One item that might have flown beneath your radar is the federal Employee Retention Credit (ERC). If your practice was shut down by government order and/or suffered a 50% or more decline in revenue in 2020, then you may be eligible for a $5,000 per employee tax credit. The credit is calculated as 50% of the first $10,000 in wages paid to each employee during the shutdown/revenue decline period. This credit is captured by amending … [Read More...] about Employee Retention Credits
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Case Study: The New Practice Administrator
PM has been with a practice for 18 months. He has great credentials and can handle the finances, regulatory requirements, and computer … [Read More...] about Case Study: The New Practice Administrator
Case Study: Dr. FB and the Cancellations
Dr. FB has been in the practice for five years. He is a good fit for the culture of the practice and gets along well with the other doctors. … [Read More...] about Case Study: Dr. FB and the Cancellations
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Case Study: Employees Working at Different Speeds
CR and AT both work in triage for a practice. CR has been with the practice for 5 years and makes $2.00 more per hour than AT who has been with the … [Read More...] about Case Study: Employees Working at Different Speeds
Do Physicians Know How to Analyze Financial Statements?
Effective Analysis of Your Practice Financials—Think Big, Then Small A typical profit and loss statement may contain 30 or more different expenses … [Read More...] about Do Physicians Know How to Analyze Financial Statements?
Personal Cybersecurity Tips 2021
Physicians and practice managers are constantly reminded by the media about how important cybersecurity is to their medical practice. The news is … [Read More...] about Personal Cybersecurity Tips 2021
Real Engagement: Love Your Patients
Liking Patients Dr. JS likes his patients – Fantastic! It is wonderful when we like our patients. Dealing with people you like makes the day … [Read More...] about Real Engagement: Love Your Patients
Things I Wish I Learned In Medical School
Learn the 12 Things I Wish I Learned In Medical School. If you would like a PDF download of any of the checklist, please join Smart Business Great … [Read More...] about Things I Wish I Learned In Medical School
SP Complains Publicly About the Practice
SP has been a patient in the practice for several years and comes once a year for refills; he rarely calls. Recently, SP’s appointment had to be … [Read More...] about SP Complains Publicly About the Practice
Case Study: Leadership Means Finding the Source of Problems
SQ is a loyal employee who brings a positive attitude and is always on time and willing to help out. Recently, however the office manager found SQ's … [Read More...] about Case Study: Leadership Means Finding the Source of Problems
Case Study: PT Manages the Practice Without Building Relationships
PT, a new office administrator for a practice, has been in the position for nine months. The physicians are all pleased with how PT shares business … [Read More...] about Case Study: PT Manages the Practice Without Building Relationships
Using Payroll Protection Program Money
The Payroll Protection Program (PPP) is a Small Business Association program funded by the CARES act. It was enacted as part of the federal … [Read More...] about Using Payroll Protection Program Money