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.
I.Q.-- Interesting Quotes
Surgery Goes Outpatient
It's startling to realize how many surgeries are now being performed on an outpatient basis. Surgeries that once routinely had patients in the hospital for a week are done in outpatient centers. Outpatient surgical centers of course greatly lower the expense of postsurgical attention.
According to a recent article in Medical Products Sales:1
"The nation's 1,862 surgical centers performed 3.2 million surgical procedures in 1993, according to a recent outpatient market survey conducted by SMG Marketing Group Inc., Chicago. The health care marketing and research firm estimates that outpatient surgical procedures will continue to grow, with an expected 60% or more of all surgical procedures would be performed in the outpatient setting as early as 1995."
These are just some of the changes being generated by medical/surgical practice guidelines.
References
- At least 60% of surgeries to be outpatient by 1995: study, Medical Products Sales, October 1994, 25(10), p. 14.