We are always searching for ways to help your practice save time and money, especially during the COVID-19 pandemic. PCIHIPAA recently hosted a webinar with MedPro Disposal and American Incentive Advisors to help save your medical practice $150000 per year. Here are the three simple strategies that can immediately put $1,000’s in your pocket:
Studies show only 5-10% of eligible companies take advantage of the incentives they are entitled to and the reason why is because most practices are simply unaware of these opportunities. One place medical can take advantage of is R&D tax credits. This credit applies to taxpayers that incur expenses for performing Qualified Research Activities on US soil. Traditional R&D credits have recently expanded to include process, innovation, materials, and other areas in the medical field that your practice is experimenting with all the time.
Your traditional CPAs are not looking at tax incentive programs simply since they do not have the time, but American Incentive Advisors are CPAs that specialize in the R&D part of the tax code. In a recent case, American Incentive Advisors was able to get a dental practice $148,000 in cash refund.
80% of the country is overpaying for their medical waste disposal and compliance training services. Why? Most practices are unaware that they are other solutions outside of their current waste management solution. To save money on waste management your practice can switch to MedPro Disposal. To make sure practices do not overpay, MedPro has been able to maintain their price point and not increase costs in the last 5 years, even with increasing costs in the healthcare industry. MedPro has been able to save practices an average of $13,500 per contract period when they make the switch (contract periods are usually 3 years).
Many practices are overpaying for credit card processing. Most practices are paying around 3% for credit card processing when they should be paying less. What your practice may not be aware of is that the merchant processing fee (which is apart of the credit card processing fee) is negotiable. To see if your practice is paying too much on credit card processing you can analyze to lower your practice’s overall effective rate, and PCIHIPAA can help you with that.
Another way to create savings is to create a cash discount program, where you offer an incentive for patients to pay by cash. This program transfers the credit card fee to the client by giving them the incentive of paying for cash or check. PCIHIPAA can also help you practice implementing this program, to help you realize your savings.
For more information about how to save your medical practice $150000 in savings click here.
American Incentive Advisors: Brian Pearson, [email protected]
MedPro Disposal: Dan Hansen, [email protected]
PCIHIPAA: Jeff Broudy, [email protected]