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What You Should Know About Section 179 Tax Code Deductions

179 tax code deductions

At this time of year, many people are busy thinking about travel plans for Thanksgiving to see family, as well as bracing themselves for holiday gift shopping. But for business owners and those responsible for the bottom line at their place of employment, they are busy thinking about closing out the year by maximizing tax savings.

Section 179 is an IRS tax code, which — in its very nature of being a tax code — can sound intimidating. However, the truth is, the code is pretty straight forward. This tax code simply enables businesses to use deductions on the full cost of qualifying equipment, either purchased or financed, during that calendar year.

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Sustainable Healthcare: A Positive Change for our Planet & Patients

Sustainable Health

Our healthcare industry is both a substantial contributor to the global health crisis, as well as deeply troubled by it. It is uniquely situated to lead a revolution on both a community level as well as a planetary level, from land development, food, chemicals, and energy usage.

Sustainable health advocates believe that endeavors to safeguard and increase our health will not be successful if we don’t direct concerted efforts toward ecological, social, and economic adversities.

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What is Sustainable Health?

Sustainable HealthAccording to Practice Greenhealth, a nonprofit membership organization created on the principles of positive environmental stewardship and best practices in the healthcare sector, healthcare represents 18% of the U.S. economy, and 10% of the global economy. Healthcare undoubtedly has the ability to make a positive transformation on communities and commerce.

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State of the Union: 2019 Healthcare Trends

State of the Union: 2019 Healthcare TrendsWith political campaigns ramping up and candidate debates taking center stage on primetime television, it comes as no surprise that healthcare is a hot topic now more than ever. It is, after all, one of the most relevant social and economic concerns in the United States.

Surveys indicate that voters continue to be frustrated with inflated drugs prices, rising out-of-pocket expenses, and grim health insurance benefits.

Most projections indicate that Democrats will fall short of taking senate control next year, much less meet the 60-vote supermajority that is needed to pass Medicare for All (without a filibuster). Republicans haven’t been shy about sharing their intentions to unanimously vote against the bill.

The Democratic House has a progressive agenda regarding healthcare, but the laws presiding over healthcare are most likely going to stay as is.

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Why Outpatient Care is on the Rise

Outpatient Care

More and more, medical procedures are being conducted in outpatient facilities vs. an inpatient setting. Mammogram screenings and cataract procedures may not come as a surprise, but many patients would rather have their total joint replacement surgery done in ambulatory centers than in a hospital. This is because of the convenience factor, a lesser burden on the wallet, and overall easier experience.

The gap between inpatient and outpatient net revenue continues to close in. In the 2019 Hospital Statistics report, the American Hospital Association shared that hospitals’ 2017 outpatient revenue was $472 billion. By comparison, the inpatient revenue was nearly $498 billion.

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Combating Physician Burnout with Coaching

Combating Physician Burnout with Coaching

The age-old expression…the landscaper always has the worst-looking yard…means that we tend to pour ourselves into our professions, but don’t necessarily give ourselves the same TLC. The same can be true for physicians. In this month’s blog content, we discussed the burnout epidemic among medical workers, as well as ideas on how to combat the mental, emotional and physical demise of healthcare staff. 

Fortune 500 companies invest in coaching to encourage behavioral proficiency of their current leaders and leaders-in-training. Personal development and leadership coaching have become mainstream in recent years.

Respected, world-renowned coaches such as Tony Robbins, John Maxwell, and Rachel Hollis are plastered all over social media, podcasts and stand on stages in front of tens of thousands of “students.” It’s time to invest in coaches for physicians who are deserving and very much need some attention in the self-care department.

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The Need to Increase Healthcare Employees’ Well-Being

improving-2

 

Improving the patient experience, patient health outcomes, and process efficiency — also known as the Triple Aim — may have a name change coming in the future. That is if the focus is expanded from solely improving patients’ well-being, to also improving the well-being of those who care for these patients.

The Quadruple Aim would include medical and healthcare support staff, showing an interest in advancing their overall experience, too.

The Triple Aim is a top focus among caretakers, including doctors, nurses, and other segments of the healthcare workforce, but it is no secret that there is universal burnout among employees who pour themselves into taking care of others.

This dynamic leads to decreased patient satisfaction, which can lower the outcomes for their patients, and it potentially increases costs due to inadvertently making mistakes. Expanding from a Triple Aim to a Quadruple Aim would improve the mental and physical wellness of clinicians and support staff.

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Virtual Reality: The Future of Healthcare

Virtual Reality

The dictionary defines Virtual Reality (VR) as a “computer-generated simulation of a three-dimensional image or environment that can be interacted with in a seemingly real or physical way by a person using special electronic equipment, such as a helmet with a screen inside or gloves fitted with sensors.”

As you can imagine, this advanced technology is a force to be reckoned with inside the healthcare space based on the possibilities to advance both patient healing and medical expertise.

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Virtual Reality Innovations in 2019

Virtual Reality Innovations in 2019Some trends come and go — and some stick around indefinitely.

Virtual reality within the healthcare space is not going anywhere, anytime soon.

Over 240 hospitals in the U.S. are using virtual reality to assist various health-related procedures, and support patients in helping understand their treatment options. The virtual reality market in healthcare is projected to reach $6.9 Billion by 2026.

Understanding the Role of Virtual Reality in Healthcare

The terms ‘augmented reality’ and ‘virtual reality’ are sometimes confused.

According to Healthcare Weekly, Virtual reality creates an immersive experience by providing the user with images of 3D-environments. “As part of this virtual experience, the user can sometimes change or alter the appearance of the environment. As for augmented reality, this simply adds graphics or sound to a real-life environment and augmented reality glasses are then used to bring the experience to life.”

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How Major Health Systems are Mastering Patient Experience

HOW MAJOR HEALTH SYSTEMS ARE MASTERING PATIENT EXPERIENCEHow consumers shop in 2019 has fundamentally altered how healthcare is provided, including stepping up the patient experience. They expect to experience top notch service in a brick and mortar retail store, and they expect the same “5-star” service inside the walls of a hospital or medical office.

Prominent healthcare systems are leading the way in this effort. Here are the top four predictions on what we can expect to see over the next year when it comes to the patient experience.

  1. Streamlining with Technology

Leading hospitals will utilize technology to produce more cost-effective programs, such as an EMR-integrated customer relationship management (CRM) platform where insights are assembled and saved for future reference. This data will include documentation from patients’ previous visits, to predictors of potential future health concerns.

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