From the U.S. Department of Health & Human Services – Congress appropriated funding to reimburse eligible health care providers for health care related expenses or lost revenues attributable to coronavirus. The Health Resources and Services Administration (HRSA) is administering
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and
As part of its response to the coronavirus pandemic, the IRS announced in IRS Notice 2020-29 that it is permitting increased flexibility for midyear elections under a Sec. 125 cafeteria plan during calendar year 2020 for employer-sponsored health coverage, health flexible spending
Up until last year, avoiding a MIPS penalty was relatively easy. Combined with the fact that the bonus payments were small (less than 2%), many practices have taken a “no big deal” approach to MIPS reporting. Things are changing for
Manage Increasing Technology Spend in Your Medical Practice Medical practices all over the nation are experiencing an exponential increase in how much they spend on IT. Over the past decade, information technology moved from back office billing and collections departments,
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning,
To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis. The Basics With HSAs,
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and
Principal Steve Diagostino, CPA/ABV collaborated with Dominique Burrows, Christopher O.L.H. Porter, PhD and Christine R. Stehman, MD to write an article published by the Kelley School of Business Physician MBA on incivility in health care. To read the article,
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to
Medical Device Developments published an article about the advances that have been made with bone graft replacements. Salvatore Leo, co-founder and CEO of Royal Biologics, offers his insights on how his team uses bone marrow to assist regeneration. Read
Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.
