Physician Services
Financial statements hold key to practice plans
Know your financial statements – glimpse your future. Financial statements are used for many purposes and are often required. However, the most significant purpose of financial statements is to summarize events that took place in your medical practice during a set period of time. The information is important to understand not only what occurred but, more importantly, what needs to change for the future to produce the best possible financial results.
Roth IRA conversion: No longer forbidden
If you have retirement money accumulated in a traditional IRA, you may want to consider transferring some or all of those funds to a Roth IRA before the end of this year.
This is a new opportunity. Prior to 2010, you were not permitted to convert funds from a traditional IRA to a Roth IRA if your adjusted gross income exceeded $100,000, not including any income caused by the conversion. But beginning this year, the income limit for a conversion is repealed. Anyone who has funds in a traditional IRA can convert those funds to a Roth IRA.
Meaningful use rules: Are you ready?
Physicians need to act fast if they want to apply for up to $44,000 in federal subsidies available to those who can show meaningful use of certified electronic health records. The Centers for Medicare & Medicaid Services (CMS) released the final rule on July 13. To satisfy Stage 1’s definition of meaningful use, physicians will need to show they have met the measures associated with 15 core objectives. They must also fulfill at least five of 10 additional objectives, the balance of which can be deferred to the following year. Eligible providers must meet all Stage 1 requirements by 2014 to receive payments. Those providers who do not meet meaningful use of EHRs by 2015 will face reduced Medicare payments under a 2009 American Recovery and Reinvestment Act penalty provision.
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