According to the Medical Group Management Association (MGMA), the average EBIDTA margin for medical practices in the United States was 17.5% in 2021. However, this can vary widely depending on the specialty, size, and location of the practice.For example, a fledgling medical practice may have a
Why more entrepreneurs do not switch from a sole proprietorship to an S corp
S corporations offer a number of advantages over sole proprietorships (visit our tax calculator to test it yourself), including the ability to avoid self-employment taxes and limited liability protection. However, many small business owners do not bother restructuring, but why?There are a
What Medical Expenses Are Tax Deductible?
Medical expenses can be a significant financial burden for many people, especially those with chronic health conditions or who have recently had a major medical event. While there are many government and private programs that can help people pay for medical care, the tax code also offers some relief
Financial Advice for New Doctors
As a new doctor, you're starting a new chapter in your career and your life. If you're recently done with school, then it's likely you're earning a decent salary for the first time, and this is a great opportunity to get your finances on solid footing and start saving for your future.Here are a
$200M Deficit & Seattle’s Stabilization Efforts
Seattle's Revenue and Forecast Council (RFC) released a report in November 2022 that projected a $141 million shortfall in the city's 2023-2024 budget. The RFC also projected that the city would face an additional $82.3 million shortfall in the following two years, bringing the total budget hole to
Common Mistakes Running A Medical Practice
When establishing a medical practice, accounting may not initially rank as a top priority. Nevertheless, maintaining proper accounting practices is crucial for the sustained success of your practice.Here are some recommendations and optimal approaches for managing the accounting aspects of
The Challenges of Running a Medical Practice in Seattle
Seattle is a great place to live and work, but it can be a challenging place to run a medical practice. The cost of living is high, and the competition for patients is fierce. In addition, medical practices in Seattle are facing a number of financial challenges, including:These challenges can
The Seattle City Council’s Spending Problem
The Seattle City Council has been in a spending spiral for years. From 2012 to 2019, the General Fund budget (which funds basic city services such as police, fire, and human services) increased by 52%. City employees (not including utility and transportation workers) increased by 26%.The council