May 2008
Considering Practice Debt
A
short-term loan may solve a medical practice's temporary cash flow problem.
And longer-term financing of an investment in equipment, services or office
space may help fund practice growth. But before you borrow, carefully
evaluate your need plus the terms offered by several different lenders. With
the significant changes in the banking community over the past six months,
medical practices are finding it a challenge to find affordable financing
options with reasonable terms. Has your bank changed key terms of your loan?
Has your bank required more equity or faster amortization of debt? Have fees
been increased? Are you now being asked to move your banking relationship
before a proposal is submitted? For some, the ability to obtain financing
has become a major challenge.
Read more...
A How-To for Your Business Side
Finding anything starts with knowing where to look. If you need help with
the business side of your medical practice, look to Somerset's experts for
solutions to your financial, business and tax problems.
To manage your practice's finances, you need to monitor your cash flow—both
expenses and the collection of receivables. If you lack enough information
to track your practice’s performance, we can design statements that
summarize your practice’s financial condition and help you quickly identify
any areas that require attention.
Read more...
Eden Hill Medical Center
Eden
Hill Medical Center is currently in process in Dover, Delaware. It will be a
140,000 square foot facility opening in the summer of 2008. It will house
urgent care, laboratory, imaging, plastics, urology, podiatry, pulmonary,
medicine/sleep lab, ophthalmology, primary care, OB/GYN, thoracic surgery,
infusion, pain management, cafe and pharmacy facilities. Somerset is
providing entity formation, capital and financing sourcing and construction
oversight and liaison services. You can learn more about the Eden Hill
Medical Center and see its progress on its blog—click
here. If you are considering renovation or development of "owned"
medical office space or a surgery center, Somerset can provide real value to
your practice. To explore how we can work together, please contact
Steve Dobias at 317-472-2190 or 800-469-7206.
FSSA Receives Approval to Expand SCHIP
Coverage
On May 9, 2008, the Family and Social Services Administration (FSSA)
announced that the federal government has approved Indiana's request to
expand the State Children's Health Insurance Program (SCHIP). The approval
means approximately 10,000 more Hoosier children will receive coverage.
Read the entire press release...
Somerset Health Care Team News
IMGMA
Salary & Benefits Survey—Don't Miss Your Chance to Participate. The Annual IMGMA Salary &
Benefits Survey is open for participation now through May 31.
Visit the Surveys page of our web site to participate. If you have any questions, please
contact us.
American Society for Therapeutic Radiology and Oncology 50th Annual Meeting. This conference is being held in Boston, MA from September 21 to 25. If you are attending, please stop by to speak with Jeff Boomershine and David Wolfe at Booth 1129.
Annual MGMA Conference. Cathy Weaver will be speaking at the annual Medical Group Management Association conference in San Diego, CA. Her presentation will be on October 21, and the topic is "High Deductible Health Plans and Health Savings Accounts: How to Understand and Manage These Emerging Products That Have Patients and Providers Mutually-Mystified."
Health Care Commentaries is provided by Somerset's Health Care Team for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues discussed, please contact a member of our Health Care Team. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
http://healthcare.somersetcpas.com