As a locum tenens doctor, you enjoy the freedom and flexibility of choosing your assignments and locations. But with that independence comes a unique set of financial challenges. You're responsible for managing your own income, taxes, and retirement planning – a complex task without the support of a
Ways to Increase your Medical Practice’s Profitability
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
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
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
CPAs and MIAs: A Powerful Team for Managing Your Medical Expenses
Medical Insurance Advocates (MIAs) can help individuals with a variety of accounting tasks related to their medical expenses. This includes: CPAs can also play a role in helping individuals with their medical expenses. CPAs can: By working together, MIAs and CPAs can help individuals save
Finding the Right CPA & the Ethics of Medicine as a Business
As a small medical practice, you are faced with many ethical dilemmas when it comes to the cost of providing care. On the one hand, you want to provide the best possible care for your patients, regardless of their ability to pay. On the other hand, you need to make enough money to keep your practice