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.
HHS Announces Delay in ICD-10 Implementation
Health and Human Services (HHS) Secretary Kathleen G. Sebelius has announced a postponement for the implementation of ICD-10. The delay comes as the result of feedback from the American Medical Association, the American Hospital Association and the provider community. Each expressed concerns about the challenges and administrative burdens implementation will place on providers.
Marilyn Tavenner, acting CMS administrator, states that CMS will be re-examining the pace of ICD-10 implementation. The revised deadline date should be announced soon.
Although the deadline is postponed, it's important to prepare for this transition. ACA has a Web page dedicated to ICD-10. Please check this page frequently for important updates.
Source: American Chiropractic Association