Healthcare
Professional Oversight, Knowledgeable Insight for
Healthcare Practices
Specializing in medical and dental group practices for more than two decades, Wiss has been at the forefront of many significant changes in healthcare. We have guided our clients through the complex issues of managed care, government regulation and intervention, and the business of practice management. Wiss professionals understand that the financial success of a practice is no longer solely dependent upon the skills of the medical or dental professional. Wiss has helped our clients track revenue, improve cash flow, and enhance profitability—all while allowing doctors more time to devote to their patients.
Making the Complex Simple for Healthcare Practices— the Wiss Approach
Our client relationships are forged through frequent and open access to our partners, combined with a vast array of expertise and creative problem solving. With Wiss, you will be advised by experts who not only understand the importance of high quality service, but who also speak your language. At Wiss, we strive to make the complex simple. Our work may be technically involved, yet our conclusions and recommendations are presented in plain English.
Services for Medical and Dental Group Practices
- Expert business advisory services
- Practice valuation
- Mergers & acquisitions
- Buy/sell agreements
- Compensation formulation
- Employee incentive/benefit plan evaluation and design
- Practice expansion strategies
- Practice assessment and benchmarking
Tax Services
- Tax planning and compliance
- Corporate tax services
- Individual tax services
- Family wealth planning
Accounting and Auditing Services
- Forecasts
- Projections
- Budget development
Case Study
When a NJ Radiology Center received a draft tax return from their accountants, they were shocked at the amount of income they owed taxes on. Suspecting a mistake had been made, they contacted Russ Faye, Partner-in-Charge of Healthcare Services at Wiss & Company, LLP. Faye reviewed the Center's records and found three key items that were overlooked.
First, the Center had purchased MRI equipment from a leasing company that subsequently went bankrupt. As a result, the Center renegotiated the loan and achieved a debt forgiveness of $1.2 million. The prior accountants had included this forgiveness as taxable income, but Faye knew that under IRC 108 the Center could defer the income for a five-year period, and prorate it over an additional five-years.
Second, the former accountants expensed the lease payments instead of capitalizing the asset. Faye's discovery of this mistake allowed the Center to get a bonus depreciation and write off the full cost of the MRI.
Lastly, since the Center had moved into a new facility, Faye was also able to write off the old leasehold improvements.
As a result of Faye's expertise, the Center was able to report a substantial loss, turning a sizeable tax debt into huge refunds.
