There are several tax law changes pending for 2014 that will significantly revise favorable business tax provisions for medical practices.Sec 179 Expense:
Section 179 allows for certain small business taxpayers to deduct some or all of the costs of acquiring certain depreciable assets. Under current law, the amount that may be deducted for equipment purchases decreases from $500,000 in 2013 to $25,000 in 2014. At an effective tax rate of 35%, the 2013 Sec 179 deduction results in potential first year tax savings of $35,000 vs. $14,000 in 2014 for the same $100,000 purchase.
As each entity or individual situation is different, please contact your tax advisor regarding such matters. This information represents GroupOne’s interpretation of the various issues presented and should not be considered legal or tax advice. It should be used for informational purposes only.
A recent national report entitled “Making IT Meaningful: How Consumers Value and Trust Health IT” surveyed patients across the U.S. to collect feedback on EHRs. According to the study, 3 out of 4 patients on paper systems want their doctor to adopt an EHR. Of note, more than 80 percent of all patients surveyed, regardless of whether their physician currently uses an EHR, saw value in EHRs. 73 percent of respondents said their doctor’s use of an EHR has a positive impact on the overall quality of healthcare services.
In a recent Accenture survey of 1,100 U.S. patients, 90% prefer web-based access to health information and education, and 72 percent want to book, change or cancel physician appointments online.
Through December 31, 2013, GroupOne Health Source will be giving a free iPad to each new licensed provider who signs an agreement to partner with GroupOne for the eClinicalWorks system or signs a OneRate agreement from GroupOne Health Source. In addition, the OneRate solution includes complimentary use of the certified eClinicalWorks EHR system. This offer is exclusive to new GroupOne clients.
Already own an iPad? You can choose between a free iPad OR you first month of billing services will be COMPLIMENTARY to your practice. It is your CHOICE!
Any provider who signs a new eClinicalWorks license purchase agreement with GroupOne by 5:00 PM CST on December 31st, 2013 will be eligible to defer, interest free, eClinicalWorks license fees over a 12 month period. The fees can be spread out over 12 equal, monthly installments.
Since stimulus payments have begun, you effectively could receive stimulus payments of $15,000 - $21,250 per provider before you pay the majority of the costs for your new, Meaningful Use Certified eClinicalWorks EMR system.
CMS has issued nearly $17B in EHR Incentive Payment through October of 2013. In regards to the Medicare program, 2014 is the last year to initiate participation in the Medicare EHR Incentive Program. Eligible providers who successfully attest in 2014 can still qualify for $24,000 of incentive payments ($12,000 in first year). Furthermore, those who do not attest by 2014 may be subject to 1% Medicare penalty.
It takes time to successfully implement an EHR for attestation purposes. The sooner the process gets started the better chances of a successful implementation.
Unlike other vendors, GroupOne does not require a down payment or deposit when you sign GroupOne's agreements. Payments are deferred until you are ready to implement your EHR. Sign our agreements prior to the end of the year to take advantage of the end of the year benefits and promotions and to reserve your spot on our implementation calendar - without current out of pocket cash.
The transition to a modern medical system is no longer a question of if, but when. The benefits are numerous, for your practice, patients, staff and overall lifestyle. This could make a great New Year's Resolution.