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.
Chiropractic Panel Recommends Changes in Guidelines Proposed by the Calif. Industrial Medical Council
The Industrial Medical Council (IMC), contracting with the University of California, has developed proposed guidelines for the treatment of back and neck pain. The IMC has policymaking and enforcement responsibilities over several medical aspects of the state's workers' compensation program. Unfortunately no chiropractors were involved in the development of those guidelines until the review stage.
Because of this oversight, a January chiropractic consensus panel convened at the Los Angeles College of Chiropractic to prepare a document for a March 1, 1995 public hearing regarding proposed changes to the IMC guidelines. The document submitted incorporates the Mercy guidelines.
The chiropractic consensus panel was composed of:
LACC Clinical Asst. Professor Michael Sackett, DC (who also organized the consensus panel);
Dr. Richard Beacham (Palmer West);
Dr. Michael Dobbins (Life West);
Dr. Gerald Perlman (CCCLA);
Drs. R. Lloyd Friesen, John Hemauer, Robb Russell (Calif. Chiropractic Assoc.);
Dr. David Cauble (ICA of Calif.);
Dr. Gary Schultz (ACA Radiologists);
Dr. Larry Tain (American College of Chiropractic Orthopedists).
Observers and advisors were LACC President Dr. Reed Phillips, Dr. Alan Adams (LACC), Dr. Robert Dark (IMC);
Dr. Robert Mootz (state of Washington Dept. of Labor and Industry. Dr. Gail Walsh (co-chair of IMC Practice Parameters Committee), who was not able to attend, was however instrumental in bringing chiropractic input into the IMC guidelines.
Dr. Sackett said the chiropractic panel represented a "diverse group of individuals and opinions," and was a "true consensus."
"We have our interests to protect, considering that more than 75 percent of our alumni practice in California," said Dr. Reed Phillips. Dr. Phillips had previously expressed concern at the flaws in the University of California guidelines during public testimony.