Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
ACA Spearheading Chiropractic Practice Survey
An online national survey spearheaded by the AMA is underway that will be used to determine physician practice expenses. Mathematica, and independent research group conducting the survey, is sending the Physician Practice Information (PPI) Survey invitation to 10,000 physician practices and individual providers nationwide on a random basis.
How does this relate to doctors of chiropractic? The American Chiropractic Association, which joined more than 170 health care groups in support of the PPI Survey, has contracted with Mathematica to conduct a similar survey, the Clinician Practice Information (CPI) Survey, "on behalf of the chiropractic profession alongside nine other non-MD/DO healthcare organizations."
As of press time in early February, the random sample of chiropractors was due to start receiving email invitations to participate in the survey, which will be open through May. It is assumed that like the PPI Survey, information collected via the CPI Survey will help support payment advocacy by providing updated information on practice expenses, potentially increasing reimbursement for DCs and other providers.