Whether it’s modifications to the Affordable Care Act (ACA) or changes to what insurance will and will not cover, government reforms can have a radical effect on the healthcare industry. The future is uncertain, but taking stock of how recent changes have shaped the healthcare industry can help you to prepare for the future.
The Affordable Care Act
While the ACA was passed in 2010, the actual implications of the legislation are still becoming realized. For small dental practices with fewer than 50 employees, the effects of the law are fairly minimal. In those cases, the primary differences are the types of insurance that must be offered and the cost of the insurance. However, employers of this size do not need to offer health insurance to employees or incur penalties. Small businesses like yours can elect to offer a qualified small employer health reimbursement arrangement (QSEHRA). As the ACA is still periodically put under legislative review, the effects of it on the healthcare industry could change from this year to the next.
As a dentist, you want to retain as much of the salary you worked hard for as possible. Tax reform is one type of government reform that many dentists forget radically affects them. Since late 2017, there has been a section in the tax code that allows for an additional tax deduction of 20% of profits from sole proprietors, LLCs, subchapter S corporations and partnerships. The deduction is limited for those in the dental industry to $157,500 for dentists filing independently and $315,000 for married dentists. It’s also eliminated for those with incomes above $207,500 (single) and $415,000 (married).
What Changes in the Healthcare Industry Can You Expect in the Future?
Most of the government reforms affecting our industry in the past decade have centered around three areas:
- Healthcare quality and cost: Offering patients better healthcare for a more affordable cost
- Healthcare accessibility: Ensuring that people can receive adequate healthcare and dental care
- Healthcare system practices: Preventing insurers from limiting coverage if the person has a pre-existing condition
Weather Healthcare Industry Changes with APEX
The experts at APEX Reimbursement Specialists can help you to explore the best options for your continued growth and sustained success. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.