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.
Florida, Nebraska, Ohio and Wisconsin Boards Adopt Resolution to Support ACA Lawsuit
The American Chiropractic Association's lawsuit against the Health Care Financing Administration's proposed Medicare+Choice regulations continues to garner support. The chiropractic state boards of Florida, Nebraska, Ohio and Wisconsin have now joined the state boards of Alabama, Arizona, Idaho, California and North Carolina in announcing their official support of the ACA's federal lawsuit. The gist of the lawsuit is to thwart the new proposed Medicare+Choice regulations (Medicare's managed care program) that would permit MDs and DOs to give spinal manipulations to Medicare patients in lieu of chiropractors.
The resolution says, in essence:
• that chiropractors have the education and the experience to treat neuromusculoskeletal disorders;
• that no other health providers have the education and experience to perform the chiropractic service of manual manipulation of the spine to correct subluxation;
• that the board views the intrusion of the choice of practitioner provision as violating the right and authority of the state to "regulate and license the professional practice of chiropractic within its borders and to protect the health and safety of its citizens."
"It's time to stand firm that chiropractors are the only licensed practitioners that can provide the service of manual manipulation of the spine to correct a subluxation," asserted James Mertz,DC,DABCR, president of the ACA. He challenged all the state chiropractic boards to "protect the rights and authority of the profession."
"Every delegate should contact their chairman of the board," suggested Daryl Wills,DC, ACA vice president. "An issue and motion this crucial takes three minutes to get passed."
"We are addressing this issue not only on a national level but on a state level as well," noted Wisconsin delegate Terrance Freitag,DC. The Wisconsin board has asked the state attorney general to specify which providers can perform the service of spinal manipulation to correct a subluxation.
North Florida delegate Donald Krippendorf, DC, observed that although chiropractic is small compared to some health groups, we are "mighty" and "to be reckoned with."