Make sure the price is right with market research
One way to help ensure your company makes the most of the year ahead is to re-evaluate its pricing strategy. Price changes shouldn’t occur in a vacuum; they require market research. Consider approaches such as focus groups, online surveys, social media feedback and free trials. Conduct competitive intelligence, too: There are ethical and effective ways to keep tabs on competitors. With the right data, you can decide whether to cut prices or perhaps charge a premium. We can help you analyze the pertinent factors and make an optimal decision.
You may be able to save more for retirement in 2019
Retirement plan contribution limits are indexed for inflation, and most have increased for 2019. So you may have opportunities to increase your retirement savings. Limits for 401(k)s, SIMPLEs and IRAs increase by $500, to $19,000, $13,000 and $6,000, respectively. Catch-up contributions (for taxpayers age 50 or older) remain unchanged, however. They’re $6,000, $3,000 and $1,000, respectively. Additional factors may affect how much you’re allowed to contribute. For more on how to make the most of tax-advantaged retirement-saving opportunities in 2019, contact us.
Average outpatient visit in U.S. approaching $500, study finds
Between 1990 and 2016, inpatient admissions globally increased by more than two-thirds, while outpatient visits increased by more than half.
Digital transformation demands a whole new level oversight to avoid healthcare fraud
AMA Washington Counsel Paul Westfall says systems need controls, policies and procedures and digital health requires strict technical oversight.
Recession preparation for physicians
Given the current turbulent political and economic state of both the United States and many other key world powers, a variety of financial experts are predicting something ranging from a significant economic slowdown to another full-blown recession. While times may be good now, physicians should examine the lessons many doctors learned the hard way and act now, while they still have the time and resources to prepare. Worst case scenario, those predicting rough seas are wrong, and you’ve merely made your continued success more predictable and better defended.
Smart ways to respond to—and reverse—declining profitability
Few things are more unnerving than realizing your business is less profitable than it once was—or than you counted on.
The instinct to take immediate action is understandable. If you’re a physician, responding quickly to urgent situations is second nature. And after all, if your profit is suddenly on a lower trajectory, you may have reason to be concerned that you’re heading toward a personal financial emergency.
How to stop theft in your back office
It’s unfortunate, but even in today’s era of two-factor authentication and hyper-alert security, we still hear stories of physicians being defrauded by their employees. To help protect yourself from financial fraud, consider adopting these five approaches in your practice.
Do your long-term customers know everything about you?
Most business owners would agree that selling to existing customers is easier than finding new ones. Yet many companies squander potential sales to long-term customers because they don’t create awareness of all their products or services. Learn everything you can about your best customers’ missions, plans and operations. Also, instruct your sales staff to regularly ask about whether customers would be interested in products or services they’ve never bought. Our firm can help you identify your strongest revenue sources and provide further ideas for enhancing them.
Act soon to save 2018 taxes on your investments
Do you have investments outside of tax-advantaged retirement plans? You may still have time to shrink your 2018 tax bill by selling some of them. If you’ve sold investments at a gain this year, consider selling some at a loss to absorb the gains. But if you’ve sold investments at a loss, consider selling some that have appreciated, to the extent that the gains will be absorbed by your losses. Keep in mind that tax considerations shouldn’t drive your investment decisions; also consider your risk tolerance, investment goals and other factors. Questions? Contact us!
6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: 1) Postpone invoices. 2) Prepay expenses. 3) Buy equipment. 4) Use credit cards. 5) Contribute to retirement plans. 6) Qualify for the new “pass-through” deduction. These strategies are subject to various limitations and restrictions, so consult us before you implement them. We can also offer more ideas for reducing your taxes this year and next.