Valeo Online

By Nathan McNulty: MBA, CFP, Meritrust Wealth Management

Albert Einstein once called it the eighth wonder of the world. It is the silent driving force behind your retirement portfolio.  Compound interest is an elementary term for investors, but its impact on a long-term portfolio cannot be understated.  Take a penny and double it for 30 days.  On day 31, you’ll have over ten million dollars.  But for compound interest to be fully appreciated over the course of an investor’s life, it must be allowed to grow in a tax-free (or at least tax-deferred) environment.

By Eric Gunderson: Founder, Valeo Communications

Doctors and their staff see dozens of representatives from multiple businesses every week.  It can be difficult to make an impression on a practice’s decision makers when competing for mind share against pharma and medical device corporations, bankers, financial advisers, technology consultants, office supply firms and a myriad of other companies vying for a practice’s business.

Here are three strategies (which all begin with the letter “c” coincidentally) that a practice should employ with any marketing tactic intended to facilitate referrals from another practice:

By Kathie McDonald-McClure: Partner in the Health Care Service Team at Wyatt, Tarrant & Combs, LLP, and Margaret Young Levi: Counsel for the Health Care Service Team at Wyatt, Tarrant & Combs, LLP.

EXECUTIVE SUMMARY: In June 2011, the US Department of Health & Human Services (HHS) Office of Civil Rights (OCR) contracted for new periodic audits of covered entities and business associates to ensure compliance with the Privacy and Security Standards found in the Health Insurance Portability and Accountability Act (HIPAA) of 1996 as amended by the Health Information Technology for Economic and Clinical Health Act (HITECH Act).  Announcement of these new audits followed closely on the heels of a report from the HHS Office of Inspector General (OIG) criticizing oversight and enforcement of the HIPAA Security Rule requirements and recommending that the OCR conduct random audits.

By Kameron H. McQuay: Director, Blue & Co., LLC

Q. Is now a good time to sell my dental practice?

A. As consultants for over 150 dental practices in the Midwest, it’s no surprise we get asked this question often. With the majority of Americans unsure about the status of the recession…is it over?…will it double dip?…what’s the economic future?…more dentists are turning to their CPAs and other advisors for guidance to decide the right time to cash out of one of the largest, if not the largest, investment in their portfolio.

By Angela McCorkle Buckler: Partner, Wyatt Tarrant Combs

At some point most every healthcare employer is faced with having to part ways with an employee.  In addition to the basic issues any employer ought to consider when dealing with such a separation, there are a few issues specific to the healthcare industry to keep in mind.

By Catherine Hill and Dawn Yankeelove: Valeo Magazine

As administrative demands soar and revenues stagnate, many doctors have opted to become employees of large hospital systems.

What had been a developing trend in recent years has become a virtual stampede of late. A study conducted by the Medical Group Management Association (MGMA) revealed that as recently as 2005 less than one-third of medical practices were hospital-system owned — a share that had been relatively constant for many years. But by 2009, that share had increased to more than one-half, and analysts say the trend has continued. Locally, there are approximately 1300 doctors employed by the Norton, Baptist, Jewish and Clark Memorial hospital systems out of approximately 3,000 physicians actively practicing in the Louisville metropolitan area – around 40 percent.

By Marcia Lewis: CPA/PFS, CFP, Director, Blue & Co., LLC

When you submit your dental practice’s tax return, you may feel you have completed your essential financial analysis for the year, but you are not finished yet. While you need to know your practice’s net income for the year, you also need to know the meaning behind the numbers so that you can take action, if necessary, to improve your profitability and financial performance.

By Marcia Lewis: CPS/PFS, CFP, Blue & Co., LLC

Financial success does not happen by accident. To achieve your financial goals, you need to take control of your finances and follow sound financial management practices. After all, your financial management habits determine your financial future.

Financially successful dentists know where their money goes, both in their business and their personal lives. For your practice you should know and understand the major categories of your expenses and how they compare to industry benchmarks and peer financial performance. Ask yourself key questions, such as, are you spending more than you should be? Are you collecting your receivables on a timely basis? Do you have procedures in place in your practice to monitor both income and expenditures?

By Stephen E. Fischer: Financial Advisor, Morgan Stanley Smith Barney

A Cash Balance Plan is an ERISA-qualified defined benefit pension plan. It takes maximum advantage of higher benefit levels available to such plans under federal law. If you and other highly-compensated employees are currently maximizing contributions to your 401(k) and profit-sharing plans, it can be a valuable new plan addition to your retirement program.

By Jeffrey A. Sexton: Managing Member, Arsenal Investment Advisors