In this issue

• OJM Group: Protect Your Wealth Against 2011 Tax Increases Now
• KarenZupko & Associates: Hiring Better Billing Staff
• Argent: The Risk of Risk Retention Groups

OJM Group: Protect Your Wealth Against 2011 Tax Increases Now

By Carole C. Foos, CPA and David B. Mandell, JD, MBA of OJM Group.

With the legislation President Obama has signed into law this year, nearly all physicians will see their federal income, Medicare and capital gains taxes increase in the coming years. When you add to these federal tax increases, the various proposals in place to increase state and municipal taxes and fees, you could see your combined marginal tax rate increase by 10% (up to 45% to 58%, depending on your state). This could be an increase of up to 20% on the taxes paid on dollars earned over $250,000. This is no small set of changes and they should not be taken lightly.

Though many of your colleagues are complaining and some have been threatening to leave the country, we want to offer more practical advice in this article. The good news is that there are techniques most doctors can implement in 2010 to help reduce your taxes in 2011… and beyond. Many of these techniques are powerful enough to equalize or go beyond the proposed tax increases. Savvy doctors who take advantage of these strategies could expect to reduce their annual tax liabilities – even if all the proposed tax increases become law.

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KarenZupko & Associates: Hiring Better Billing Staff

By Karen Zupko of KarenZupko & Associates.

Don't pick the wrong people to fill business office positions – it is an expensive mistake.

Because staff salaries are the largest component of overhead in any practice, focus on hiring staff who have the skills and talent to do the job. No matter how hard you work, inept business office staff will cost tens of thousands of dollars in revenue leaks. Use the following guidelines to help hire competent winners.

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Argent: The Risk of Risk Retention Groups

By Brian S. Kern, JD of Argent Professional Insurance Agency, LLC.

Following the crash of the traditional medical malpractice insurance market at the turn of the last century, the alternative risk market - in particular a model referred to as a risk retention group ("RRG") - has enjoyed unprecedented popularity. Now that the traditional market has rebounded, the value of many RRGs has been called into question. Promises ranging from ownership or control convince some physicians and administrators to entertain RRGs, but since so few have strong financial backing, they should first understand the full scope of potential risk factors before signing on.

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