Finance & Enjoyment Blog

October 20, 2015Marketing Tips for Your Medical Practice
Category: Successful Practice Management

Marketing Tips for Your Medical Practice Marketing your medical practice is very important in order to continue growth. But, today it can be easier said than done as you face a more crowded and competitive medical market in the Denver area. Simple phone book listings and hospital affiliations may not be enough to garner a strong patient base. As your Denver CPA firm with a focus on health care consulting, we have put together some marketing tips for your medical practice. Find Something Unique It is easy to think that all practices are the same. Many patients think that, too, and often medical practices can fall into thinking the s …

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July 22, 2015Tips to Make Your Medical Practice More Efficient
Category: Successful Practice Management

Tips to Make Your Medical Practice More Efficient 5 Ways to Better Manage Your Medical Practice The goal of many business owners is to find ways to better manage business. That is the case, too, with many of our medical practice clients. As your Denver Medical practice CPA consulting firm, we know medical practices too are always looking at ways to better management and promote a culture of patient safety. Not only does running your practice better help maintain and grow you bottom line, but they also help increase patient satisfaction which go a long way to creating more referrals and advocates for your practice. We uncovered five ways …

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June 23, 2015Tips to Increase Medical Practice Profits
Category: Successful Practice Management

Tips to Increase Medical Practice Profits We all know that we are living in a day and age where healthcare provider reimbursements are declining while costs continue to rise. This combines to eat away at your net income and your medical practice profits. We know it is hard to keep an eye some of the financial basics when you have a practice to run and patients to treat. So, as your Denver CPA, we have put together some tips we have found that will hopefully help you increase your medical practice profits. Work in One More Patient Daily We know that reimbursement for an additional patient is almost pure profit as most expenses ha …

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April 20, 20154 Things Successful Professionals Do Before Work
Category: Successful Practice Management

4 Things Successful Professionals Do Before Work Successful people from all walks of life embrace the power of a productive morning from Margaret Thatcher who was up at 5 a.m. every day when she was Britain’s Prime Minister to Robert Iger, the CEO of Disney, who begins his workout each day at 4:30 a.m. A morning ritual that includes prioritization of projects, elements of personal care and planning leads to higher success and productivity. At KKB, P.C. we help medical practices identify opportunities to enhance profitability, and we believe in the power of a productive morning. Let’s take a look at the top things successful people focus on …

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March 25, 2015How to Be HIPAA Compliant when Responding to Negative Online Reviews
Category: Successful Practice Management

How to Be HIPAA Compliant when Responding to Negative Online Reviews Just as our interconnected online world creates efficiencies for medical practice management, it also creates unexpected snafus that require medical practice staff to develop new processes and procedures to handle these situations. With the surge of online reviews by consumers and the trend for these reviews to inform public opinion and choices, medical practices need to develop a strategy to respond to any negative reviews in a way that is HIPAA compliant. Online Reviews Changed the Way Consumers Select Doctors It is essential to have a strategy in place to respond to negative reviews poste …

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February 11, 2015Doctors Who Return to Practice after Sabbaticals Alleviate Void
Category: Successful Practice Management

Doctors Who Return to Practice after Sabbaticals Alleviate Void As a result of the surge of patients who are now covered under the Affordable Care Act, experts in healthcare practice consulting see a great need to increase the number of practicing physicians to accommodate the influx of patients who require care. The demand is especially acute for primary-care doctors. One way that the health care industry is trying to fill this gap is by recruiting physicians who have left an active practice for one reason or another over the years. Assistance from Denver-based Nonprofit Center for Personalized Education for Physicians When the Center for Personalize …

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January 09, 2015KKB Reviews Medical Practice Trends for 2015
Category: Successful Practice Management

KKB Reviews Medical Practice Trends for 2015 KKB Reviews Medical Practice Trends for 2015 With the dawn of 2015, medical practices of all sizes are scheduling medical practice consulting sessions with advisors to set up their offices to best accommodate patients as well as the demands of 21st century healthcare. According to the Practice Profitability Index, 70 percent of physicians surveyed in 2014 spent more than one day per week on paperwork, an increase of 13 percent in the last year alone. As a result, many medical practice trends for 2015 are to help streamline an increase in administrative burdens. Select the Appropriate …

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August 13, 2014Colorado Tax Accountant Practice Consulting
Category: Successful Practice Management

Colorado Tax Accountant Practice Consulting As a Colorado Accounting firm, KKB helps our clients with all steps of their financial picture by providing proactive financial guidance for all areas of their lives. One of the many additional services we provide beyond Certified Public Accounting is practice consulting. Your Denver CPA will help your practice identify areas of opportunities for profitability and growth, and develop solutions that are practical and technically sound. We are here to aid you in all areas of practice consulting, including: - Financial Management Issues - Financial and Retirement Decisions - Strategic Pl …

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June 30, 2014Denver CPA Offers Contracts & Agreements Services
Category: Successful Practice Management

Denver CPA Offers Contracts & Agreements Services At KKB, we’re more than just tax preparation and accounting services. Our goal is to help you with your entire financial picture, including personal wealth management, practice consulting and bookkeeping services. We also help with the day-in and day-out of handling your business, including associated contracts and agreements. Our Advisors have extensive professional knowledge in contract law and business agreements, including: - Contract/Agreement Review - Payer Contract Negotiation Support - Practice Continuation Agreements - Litigation Support Interpreting contracts and agreemen …

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May 08, 2014Denver CPA: The Importance of Telehealth
Category: Successful Practice Management

Denver CPA: The Importance of Telehealth Health care technology has been a statement that is almost as old as time. As your Denver CPA Firm, we’re no stranger to staying ahead of the health care technology trends. Gone are the days of doctors writing notes in charts during routine checkups. Now every exam room has a computer that is full of health information on their current patients. Doctors can now review scans from specialists and pharmacy records all with a push of a button, or more appropriately, a mouse click. Telehealth has also been given a boost over the past few months. Since the Health Care Reform started early in 201 …

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June 28, 2013Maximize Efficiency and Revenue at Your Denver Medical Practice
Category: Successful Practice Management

Maximize Efficiency and Revenue at Your Denver Medical Practice Maximize Efficiency and Revenue at Your Denver Medical Practice Whether you are a sole practitioner doctor in the process of starting a new practice or you are an existing medical practice with years of experience, increasing revenue can seem like a daunting task. You might think you are doing everything right—cutting expenses, monitoring annual reports, contracting professional accountants—but money keeps slipping through the cracks, and no matter how hard you work, your profitability stays put or declines. If you think you have already tried everything, read these clear steps and suggestion …

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February 19, 2013A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement
Category: Successful Practice Management

A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement A Not-So-Fun, but Critical Post: Protecting Your Practice from Embezzlement I had a brand new client referred to me by a fellow CPA for an internal control review. That CPA had expressed some concerns to the five physician-owners about their controller and the ability to get certain pieces of information from him in the tax return preparation process. After putting the engagement letter together and reviewing the timeline for the review to be done, the interviews with the staff were ready to begin. A list of pertinent items (financial reports, job descriptions, organizational chart, et …

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November 20, 2012Tax Tips: W2 Reporting Requirement Changes For 2012
Category: Successful Practice Management, Rules and Regulations

  Starting in the calendar year 2012, employers will be required to report the health insurance cost on their employees’ W2s. In other words, the W2s that employees will receive at the beginning of 2013 will need to show the cost of coverage inside box 12 on the W2 under the DD code. This amount should include both the portion paid by the employer as well as the employee. The purpose for this reporting requirement is for informational use only and is in no way taxable to the employee. Its intention is to inform the employees the cost of their coverage and allow for comparisons to o …

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November 19, 2012Tax Tips: Rate changes and other items for 2013
Category: Successful Practice Management, Your Financial House, Rules and Regulations

  See below for a guide to all tax changes taking effect in 2013. Please note that some things such as the tax rates may be subject to change depending on Congressional action.   The top tax brackets rising from 33–35% to 36–39.6% Long-term capital gains taxes rising from 0–15% to 10–20% Dividends taxed at ordinary income tax rates up to 39.6% and the expiration of the quali­fied dividend rate of 15%  The expiration of the FICA payroll-tax cuts from late 2010 will raise the rate from 4 …

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November 02, 2012The Fiscal Cliff: Sequestration
Category: Successful Practice Management, Your Financial House, Retirement and Exit Strategies, Rules and Regulations

The Fiscal Cliff: Sequestration   We discussed the big ticket item of the Bush Tax Cuts in the last blog.  The next biggest item is sequestration. Until the Budget Control Act was signed in August, 2011 most people had probably not heard of the word before. The Wikipedia definition of sequestration is “A U.S. legal procedure in which automatic spending cuts are triggered, notably implemented in the Budget Control Act of 2011.” This Act established the so called “Super Committee, which was tasked with putting together a bipartisan piece of legislatio …

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June 10, 2012Tax Strategy for Small Business Owners
Category: Successful Practice Management

If you are an owner in an S-Corporation and in a high tax bracket, it may be a smart tax strategy for you to switch to a C-Corporation. In an S-Corp, income from the business flows through to the owners who then taxed at this income at their marginal rates which could be as high as 35%. A C-Corp on the other hand pays taxes at the corporate level which can range anywhere between 15% and 35%, but more deductions are allowed which lower taxable income. Also, the C-Corp will pay the owners dividends instead of disbursements, and these dividends are taxed at 15%. In many cases, it is found that th …

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May 10, 2012Starting A Business With A Spouse
Category: Successful Practice Management

     For some burgeoning entrepreneurs, starting a business with a spouse can be a daunting proposition. It adds a whole new dimension to a relationship since not only do you have your personal lives together, but you also have your business life. There are a few things to keep in mind when starting a business with a significant other.   1. Household chores. Do you and your spouse find the chores and easy task or are they a constant struggle to finish. This can be a great indicator whether or not you will be able to handle something as stressful as a business togeth …

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March 05, 2012February In A CPA Office
Category: Successful Practice Management, Entertainment and Events

February In A CPA Office February in an accounting office is when things really start to ramp up for tax season. It's a month where emphasis is placed on corporate tax returns since their deadline is March 15th. We also finalize any outstanding 1099s that need to be mailed to their recipients as well as getting them together to send to the IRS since the deadline is the end of the month Typically, our corporate returns are followed by the preparation of the owner's individual tax return. We do this for several reasons, the most obvious is convenience. Getting everything completed at the sa …

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February 06, 2012January In A CPA Office
Category: Successful Practice Management

January In A CPA Office January in a public accounting office can be argued as the second busiest month of the year. For tax preparation, March is considered the busiest by far, but since April only consists of a half-month of tax work and February typically is more of a lead-in to March, January is the next in line for busiest. This is due to the particular deadlines January features – namely W2s and 1099s. W2s are only difficult when it involves large companies with many different benefits. Certain items such as 401k deferrals are deducted from gross wages while things such as health …

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June 02, 2011Cloud Computing and Your Business
Category: Successful Practice Management

Cloud Computing and Your Business - Recently, a lot of talk about cutting edge business technology involves the use of cloud computing. There are advertisements almost daily claiming that it will revolutionize the business world, but one thing these advertisements lack is any sort of explanation as to what clouds do. The following is a brief synopsis of the purpose and function of clouds, and how they may help your business. What is a cloud? A cloud is a series of powerful networked computers that hold different applications that a user can run from their own computer, but al …

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January 26, 2011Tax Planning Basics
Category: Successful Practice Management, Your Financial House, Rules and Regulations

What You Should Know About Tax Planning - For the most part, significant tax issues may be avoided by careful planning and attention to your financial situation. The goal of any tax payer should be to pay the least amount of tax, but this philosophy may lead to errors or even create more of a tax liability than what was originally saved.  Tax returns filed by medical practices can be complicated, and leaving it up to Turbotax or H&R Block can have disastrous results. Usually the cost associated with hiring a CPA is made up several times over by the dollars saved on the tax …

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January 24, 2011Why Hire a CPA to do Your Tax Return?
Category: Successful Practice Management, Your Financial House

Why Hire a CPA for Tax Returns - As the beginning of the tax season is upon us, we have become immersed in advertising from the likes of H & R Block, TurboTax, and Jackson Hewitt, informing us that they will do everything in their power to get you your money back at a very low cost. While these services may be slightly cheaper than your local CPA firm, you may not be getting the best value for the dollars you spend. It is important to realize that there are many additional benefits you receive from a CPA firm these other sources do not offer. There are at least five distinct advantages …

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December 28, 2010New Healthcare Bill - Penalties Enforced for Employers
Category: Successful Practice Management, Rules and Regulations

New Healthcare Bill - Penalties Enforced for Employers Due to the recent Healthcare bill there will be new penalties enforced that may affect employers with over 50 full-time employees, or full-time employee equivalents. These new penalties have been enacted to encourage employers to provide employees with either health insurance or another health plan that pays for 60% of their employee’s health care costs. If an employer fails to do this they will incur a $2,000 penalty for each employee beginning in 2014, with 30 employees being exempted from the calculation of the penalty. The gove …

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November 03, 2010Changes to Hospice Care
Category: Successful Practice Management

Hospice Care Changes are Coming! Due to health care legislation passed recently there will be several new changes within hospice care. One of these changes will be in the quality data requirements. Currently there are no uniform standards within the hospice care industry on what quality data should be reported.  This will soon change as the Secretary for the Department of Health and Human Services has been tasked to come up with quality measures that all hospices will be required to report or risk facing a 2% decrease in their reimbursement basket increase. This reporting is to begin in …

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November 02, 2010Medicare Fraud Prevention
Category: Successful Practice Management

  Prevention of Fraud in Medicare Payments   In response to crimes, fines for health care fraud will increase by 20-50% for crimes involving more than $1,000,000 in losses. Also, obstructing a fraud investigation will be considered a crime. There will be an expansion of Recovery Audit Contractors to investigate Medicaid, Medicare Advantage, and Part D to ensure proper payment has been made. New powers will be given to the secretary and inspector generals to investigate and audit health insurance exchanges to prevent health insurance fraud.  A large part of the Health Ca …

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November 01, 2010Changes to FSAs, HSAs and MSAs
Category: Successful Practice Management

Changes to Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Medical Savings Accounts (MSAs)! One of the biggest changes that occurred with the passing of the Health Care Reform Act of 2010 was with Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Medical Savings Accounts (MSAs). Starting in 2011, all over the counter medicines are prohibited from being reimbursed by these accounts. This change will be felt on many different levels as over the counter medicine is the most common purchase by these accounts. For those that plan well, this change will b …

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August 08, 2010Medicare Tax Increases - 2010
Category: Successful Practice Management

With the passing of the recent Patient Protection and Affordable Care Act (PPACA) there was an increase in the Medicare tax on individuals and joint filers whose income exceeds $200,000 for individuals and $250,000 for joint filers. This increase includes a .9% increase, in addition to the already enacted 1.45% Medicare tax for all income, applying to wages that exceed the above mentioned thresholds. The burden to withhold this tax increase rests solely on employers who must withhold this additional tax once the thresholds have been exceeded regardless of a spouse’s income level. However …

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April 01, 2010What Should Small Business Be Doing in a Downturn?
Category: Successful Practice Management

Small business is a major driver of the U.S. economy.  In hard times, however, smaller businesses have a tough time surviving.  What should they be doing to survive and thrive? Manage Payroll - Payroll is typically one of the largest costs in a small business.  The challenge is to employ just the right number of people to provide optimum customer service.  This means projecting sales and staffing to meet that need.  The successful business will master the art of maintaining high quality service levels, without employing excess personnel that consume the businesses pot …

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February 11, 2010Prepare for the RAC Attack
Category: Successful Practice Management, Retirement and Exit Strategies

RAC Audits Are Coming! Have a sample of your claims reviewed by an outside coding expert.   Be sure your compliance manual is up to date.   Look for your most frequently used and highest dollar claims, and be sure coding is accurate. These will be among the first areas of RAC examination.   Monitor the RAC’s Web site for the items at the center of their attention, and scrutinize your practice for all that apply. CMS requires that RACs inform the public of specific areas of interest. Connolly’s Web site is: www.connollyhealthcare.c …

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January 21, 2010KKB in the Community
Category: Successful Practice Management

Oftentimes in our lives we get so caught up in our careers and focus so intently on them that we may forget the importance of community and the need, as humans, to do what we can to improve the world around us. Volunteering is just one way, I believe, that enables us to do this. I hope you are able to see from my own experiences the joy that can be found in giving up ones time for the benefit of others. As well as how easy it is to become a volunteer. After recently moving to Lakewood from Iowa it was important to me to find ways I could give back to the place I now call home.  I was luc …

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July 15, 2009Lease vs. Buy
Category: Successful Practice Management

Clients frequently ask me whether to buy or lease a certain piece of equipment for the medical practice. Before I can answer that question I must consider a great number of facts about the client’s specific circumstances. The first thing we look at is the current cash flow situation. Is there enough cash in the practice currently to buy the equipment outright? If the cash is there, we can save interest charges that a loan to buy the equipment would incur.  With interest rates on savings accounts being almost zero these days, and credit being tough to find, paying ca …

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July 14, 2009Thoughts on Influencing Organizational Culture
Category: Successful Practice Management

The organizational culture of your business defines the way you relate to your customers and to the people you work with. Your customers will be served best when the entire team works together with the same well-defined positive orientation towards service and customer care.  As a customer, you inherently know when you are working with a competent individual who cares about what you want and need. It doesn’t take long for you to determine if the sales person before you is attentive and knowledgeable about store products. There was a time when “customer service& …

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