I have been seeing all of these commercials as of late on how you can have 3D TV in your home.   Let me be the first to tell you that you simply …

Around tax time, we often hear the question, “Is it smart to get a tax refund?”  The answer really falls into the ‘it depends’ category.

In general, I am not a big fan of getting refunds.  Anytime in today’s world that you give the Government an interest free loan of your money for a year is probably not a good idea.  When you get a refund, you withheld too much money out of your paycheck over the course of the year.  When your actual tax calculation is done at year end, you will receive the excess withholding back in the form of a refund.   This means that you should really sit with your accountant, CPA, or financial advisor and adjust that withholding number for the current tax year.   If you are going to put more money back into your paycheck, make sure you have those dollars systematically saved into some type of savings or investment vehicle so you don’t spend it during the year.

Some people like getting that annual refund to pay off credit card bills, do home repairs, or simply take a vacation.   It can be seen as a form of forced savings for some individuals which is where the refund can be a good idea.  This is only true if you lack the discipline to save the money during the course of the year.   This can easily be resolved by having the money come out of your paycheck automatically.

Generally speaking if you owe more than $1,000 or you got a refund more than $1,000, it is probably time to take a closer look at your tax planning and overall withholding strategy.  The idea of good tax planning is to get as close to zero as humanly possible.   Even though interest rates are low for most banks right now, you would always rather earn some interest on your money than putting it in the hands of the Government for free for a year.

Related Articles – Great Small Business Tax Deductions, 2010 Mileage Rates!, The Top 10 Most Overlooked Tax Deductions, Tax Changes For 2010

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022
Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

This week’s Special Guest -

Randy S. Gold, CPA
Principal and Chief Operating Officer

AGH
3500 Piedmont Road
Suite 600
Atlanta, GA 30305
Phone: (404) 233-5486

Randy Gold brings talent and experience to the firm’s real estate and construction practice in his role as Principal and Chief Operating Officer of AGH. Randy has an extensive background representing commercial and multifamily real estate developers and investors through purchase/sale transactions, deal structuring, consulting and reporting. With more than 14 years of experience representing pension funds, private investment groups, insurance companies and builders with portfolio assets ranging from $25 million to $4 billion, Randy’s clients rely on his practical expertise to help them meet their goals.

In his role as Chief Operating Officer of one of the leading accounting firms in the Southeast, Randy is responsible for helping to create the strategy and tactics to support AGH’s long term vision of developing expert team members who provide the foremost client communication and service. Focused on business development, Randy helps the firm continue its history of significant growth in each of its practice areas. Randy, a native of Atlanta who grew up in Charleston, SC graduated from the University of Georgia and has been practicing public accounting since 1994. Randy’s true passion is improving the quality of life of those less fortunate. As a board member and volunteer of various civic and humanitarian organizations, Randy shares not only his accounting knowledge but his fervor in helping those that can’t always help themselves.

Visit the 40 Year Old Business Virgin Radio Show Online

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Think twice as you read your next menu.  Unbeknownst to you, the menu just might be designed to get you to spend more money through some pretty clever strategies.  Also, you should keep in mind that there may be extra incentives for your server for lunch or dinner that day.

1. Staggered Prices – Prices are generally shows right after the dish, and not in a column all neatly labeled on the right hand sign.  In addition, you will often find the cheaper dishes on the left hand side of the menu and the more expensive ones on the right hand side of the menu.   All of this is in part designed to make it difficult to quickly compare dishes and prices.
2. Bold Type – On almost every menu, you will several items in BOLD FACE type.   This is intentionally done as bold type will draw your eye much quicker to it than the dishes that are not in bold type.  Often, you will see something like the special lobster dish or steak platter that is in this bold face boxed in part of the menu.   These are items that generally have great mark up for the restaurant.
3. Asking The Server About Appetizers – Be wary that some restaurants will run a contest or a promotion for the server for a drink or a certain appetizer than can earn them extra money.  If you ask the server about what they think is a good appetizer because you have never eaten at the restaurant, you just may wind up with the special of the day.
4. First and Last on the menu – We generally don’t remember what is in the middle, but what we see first and last.  Which is why the most expensive appetizer often comes first, and you will see among the priciest of dishes last on the menu.
5. No money signs – Last tip to look out for is no money signs and things being priced at 7.99 vs. 8.00.  If you don’t see money signs it won’t make you think about how much you are spending.  Also, if you order 10 different things for a family of 4, the bill may be ten dollars more than you thought it should be just from the first dollar number you see on the prices.

The only other thing to keep mindful of is the markup on alcohol, which is where some of the greatest markup can happen in a restaurant.  Keep mindful of these tips, and you just might save yourself a few bucks.

Related Articles – TOP 10 Atlanta LATE NIGHT Restaurants , My 15 Year Anniversary, Top Ten Late Night Cheap Eats , Back to the Brown Paper Bag!

Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®

Co-CEO and Founder oXYGen Financial, Inc.

Request a FREE consultation: www.oxygenfinancial.net

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates

Top 10 Ways To Tighten Up Expenses For Business Owners
By: Cindy Buie

Sometimes thinking small is the best way to achieve big results. Such is the case for closely-held businesses looking for unique ways to save in a tough financial landscape. And while executives are trimming from the top, every employee can help play a role in reducing excess waste. Here are our “Top Ten Everyday and Lesser Known Ways” for businesses to tighten up around the office:

1. Review Your Insurance: Are you getting the best rates on medical insurance for your employees and general liability for your business? Ask your agent about ways you may be able to save, or inquire about money saving umbrella policies.

2. Manage Corporate Credit Cards: – Review spending limits for anyone who has access to a corporate card and set spending guidelines for what items can be purchased on the card and review billings to ensure compliance.  Communicate any changes to the spending policy clearly and in plenty of time before the change. If you’re shopping around for better rates, check out the comparisons online at Bankrate.com.

3. Don’t Forget about Hidden Tax Savings: Check with your AGH accountant to make sure you’re getting all of the small business tax savings you deserve in 2008. From employee training reimbursements to start-up costs, travel and even entertainment, it’s important to make sure you maximize your potential deductions. According to Andy Grant, director of the AGH business advisory practice, “It has been our experience that spending a little extra time focusing on the otherwise forgotten tax deductions can potentially reduce your tax bill by thousands of dollars.”

4. Smart Travel:  – Sure, you may be used to flying first class and staying in five star hotels on business trips, but flying coach and dropping down to a three or four star hotel can save your company hundreds, if not thousands, per year. Investigate discount airlines such as JetBlue and AirTran for discount one-way fares. Consider using online travel websites such as Priceline, Travelzoo and Hotels.com when booking hotels and rental cars, especially if you’re flexible with your dates by a day or two. You’ll get the same quality at a fraction of what you’re used to paying through a traditional travel agent.

5. Forge Relationships: The strength of your business relies heavily on your relationships, both on the customer and vendor side. Get out there and get to know people. Face time is extremely valuable in shaky economic times because people need to be reaffirmed. Use every opportunity to network, even when it’s not on company time. Connecting with vendors to build strong relationships now will help you both weather the economic storm and by working together with openness and honesty you could turn a difficult discussion into a win/win.  Referrals from good business practice is what it’s all about. Strong relationships will carry you through the tough times and give your company the foundation it needs to grow.

6. Bills as Advertisements: Sending a client a bill? Include a new brochure, or put an ad at the bottom of an online invoice. This saves on mailing costs and also cuts back on paper waste.

7. Share Printers and Reduce Printing: Does every employee in the office need a printer? Try to lump print jobs together with a few printers staggered throughout the office. Save money on ink and toner by reusing cartridges and getting them refilled instead of buying new ones. Offer a tag line at the bottom of your emails asking ‘Do you really need to print this?’ which will not only circulate around your office, but offer a helpful suggestion to clients about cutting back on excess waste.

8. Consider Subletting Office Space: Have some extra cubicles or offices sitting empty? Sublease them to professionals who don’t want to pay for an entire office but still need a professional work environment.

9. Monitor Electricity: Set your thermostats to a lower temperature, encourage staff to shut down computers and lights when they’re not using them, and replace your current light bulbs with new energy efficient ones. May not seem like much, but after a few months, you’ll notice a big difference in your energy bill.

10.Join the Trades: Trade Associations are valuable organizations which not only provide useful information pertaining to the latest trends in your business, but also offer deals on everything from insurance to travel. They’re also great places to network.

Remember, it’s your business after all, so be as diligent as necessary in taking the right approach to managing your business in a tight financial climate.  The small stuff adds up and the savings could be substantial, so spend time each week or each month looking for opportunities to tweak your spending.  In the long run, small changes in spending may impact your employees minimally but your bottom line greatly.

Contact Cindy Buie at 404-835-1914 or cindy.buie@aghllc.com with any questions.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

40 Year Old Business Virgin – Business Radio

Come join Ted Jenkin and Kile Lewis;
CEOs of oXYGen Financial

This and EVERY Friday at 12pm as they interview local Atlanta Area CEOs to learn the do’s and don’ts of starting up, running, and growing a new business in today’s economy.

TUNE IN LIVE HERE – Starting at Noon!!!! LISTEN ONLINE!

This week’s guest are GRANT CARTER – Chief Executive Officer and ERIC GADLAGE, CFP® Chief Operating Officer of TheTeamDoctors.com

Preferred Access to Elite Physicians *Preferred Access *Elite Physicians *Peace of Mind* 888.424.0102

GRANT CARTER Chief Executive Officer

Grant brings a wealth of experience to his role as the Chief Executive Officer of Team Doctors Preferred Access. Prior to joining Team Doctors, Grant developed and directed the Professional Sports Division for the RBC Financial Group. Established in 2001, Mr. Carter leveraged his relationships with the highest profile agents, business managers and athletes to build a world-class base of the over 650 professional athlete clients now under RBC financial management, providing fully comprehensive banking, mortgage and investment services through this specialized segment. Under his leadership, Mr. Carter established a coveted marketed presence for RBC in the United States.

In addition to his role with RBC, Mr. Carter moonlights for Rogers Sportsnet in Canada as a color analyst for CFL Football telecasts. His insight and passionate style have earned him notice as a top young broadcaster in the industry.

Prior to entering into the financial services industry Mr. Carter spent eight seasons playing professional football in the NFL and the Canadian Football League. The San Diego Chargers signed him as a free agent in 1994. Upon heading to the CFL, Mr. Carter was the defensive captain of the 1995 Grey Cup Championship team, the Baltimore Stallions. He played five more seasons in the CFL with the Montreal Allouettes, Winnipeg BlueBombers and Edmonton Eskimos. He was named to the CFL All Star team in the 1996 and 1998 seasons as well as being a two-time Eastern Division All Star selection.

Mr. Carter played his collegiate football at the University of the Pacific as an outside linebacker where he was named the Big West Conference Defensive Player of the Year in 1993 and was a three-time All-Big West selection. In addition to his football accolades, Mr. Carter was twice named as a Big West Conference Scholar Athlete.

Having grown up in Oregon, Mr. Carter began his football career at Lakeridge High School in Lake Oswego, Oregon where he led his team to the Oregon State High School Football Championship in 1987 and was twice named to the Oregon All-State football teams. An all around athlete, he earned 8 varsity letters in basketball and baseball as well as football and was named to the National Football Foundation’s Scholar Athlete Hall of Fame.

Mr. Carter currently resides in Alpharetta, Georgia with his wife Caroline and his four children, Alexandra, Declan, Cole and Brynn.

ERIC GADLAGE, CFP® Chief Operating Officer

Eric delivers business development and operations solutions from his experience consulting with affluent individuals and corporations. He has established key networks in the sports and entertainment, public relations, luxury, concierge, and private/institutional financial industries, in areas such as Atlanta, Miami, Los Angeles, New York, Texas, and Chicago. He has also expanded his networks internationally having served as Executive Director, USA of the World Chamber of Commerce and member of the WTCA. Eric received his bachelors in Economics from the University of Georgia and is a graduate of Oglethorpe University’s Financial Planner Program.

Visit the 40 Year Old Business Virgin Radio Show Online

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC. ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Don’t miss these fourteen tax deductions for your small business.

It’s simple: The more tax deductions your business can legitimately take, the lower its taxable profit will be. Also, in addition to putting more money into your pocket at the end of the year, the tax code provisions that govern deductions can also yield a personal benefit: a nice car to drive at a small cost, or a combination business trip and vacation. It all depends on paying careful attention to IRS rules on just what is — and isn’t — deductible.

When you’re totaling up your business’s expenses at the end of the year, don’t overlook these 14 common business deductions.

1. Auto Expenses

If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of keeping it on the road. Mastering the rules of car expense deductions can be tricky, but well worth your while.

There are two methods of claiming expenses:

• Actual expense method. You keep track of and deduct all of your actual business-related expenses.
• Standard mileage rate method. You deduct a certain amount (the standard mileage rate) for each mile driven, plus all business-related tolls and parking fees. In 2010, the standard mileage rate is 50 cents per business mile driven, a decrease from the 55 cents per mile rate in effect for 2009.

As a rule, if you use a newer car primarily for business, the actual expense method provides a larger deduction at tax time. If you use the actual expense method, you can also deduct depreciation on the vehicle. To qualify for the standard mileage rate, you must use it the first year you use a car for your business activity. Moreover, you can’t use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a Section 179 deduction for the vehicle. (For more on Section 179, see “New Equipment,” below.)

If your auto is used for both business and pleasure, only the business portion produces a tax deduction. That means you must keep track of how often you use the vehicle for business and add it all up at the end of the year. Certainly, if you own just one car or truck, no IRS auditor will let you get away with claiming that 100% of its use is related to your business.

2. Expenses of Going Into Business

Once you’re running a business, expenses such as advertising, utilities, office supplies, and repairs can be deducted as current business expenses — but not before you open your doors for business. The costs of getting a business started are capital expenses, $5,000 of which you may deduct the first year you’re in business; any remainder must be deducted in equal amounts over the next 15 years.

** If you expect your business to make a profit immediately, you may be able to work around this rule by delaying paying some bills until after you’re in business, or by doing a small amount of business just to officially start. However, if, like many businesses, you will suffer losses during the first few years of operation, you might be better off taking the deduction over five years, so you’ll have some profits to offset.

3. Education Expenses

You can deduct education expenses if they are related to your current business, trade, or occupation. The expense must be to maintain or improve skills required in your present employment, or be required by your employer or as a legal requirement of your job. The cost of education that qualifies you for a new job isn’t deductible.

4. Legal and Professional Fees

Fees that you pay to lawyers, tax professionals, or consultants generally can be deducted in the year incurred. However, if the work clearly relates to future years, they must be deducted over the life of the benefit you get from the lawyer or other professional.

Business books, including those that help you do without legal and tax professionals, are fully deductible as a cost of doing business.

5. Bad Debts

If someone stiffs your business, the bad debt may or may not be deductible — it depends on the kind of product your business sells.

• Goods. If your business sells goods, you can deduct the cost of goods that you sell but aren’t paid for.
• Services. If, however, your business provides services, no deduction is allowed for time you devoted to a client or customer who doesn’t pay.

6. Business Entertaining

If you pick up the tab for entertaining present or prospective customers, you may deduct 50% of the cost if it is either:

• directly related to the business and business is discussed at the event — for example, a catered meeting at your office; or
• associated with the business, and the entertainment takes place immediately before or after a business discussion.

**Make notes. On the receipt or bill, always make a note of the specific business purpose — for example, “Lunch with Joyce Slater of Ace Manufacturing Co. to discuss widget contract.”

7. Travel

When you travel for business, you can deduct many expenses, including the cost of plane fare, costs of operating your car, taxis, lodging, meals, shipping business materials, cleaning clothes, telephone calls, faxes, and tips.

What about combining business and pleasure? It’s okay, as long as business is the primary purpose of the trip. However, if you take your family along, you can deduct only your own expenses.

8. New Equipment

Some small businesses can write off the full cost of some assets in the year they buy them, rather than capitalizing them — deducting their cost over a number of years. (See Current vs. Capital Expenses for information on expenses that must be capitalized.)

Section 179 of the Internal Revenue Code allows you to deduct up to $250,000 of the cost of new equipment or other assets in 2009 (scheduled to go down to $133,000 in 2010). This is subject to a phase-out if you place more than $800,000 of equipment in service in 2009 ($510,000 in 2010). Some assets don’t qualify for this Section 179 deduction, including real estate, inventory bought for resale, and property bought from a close relative.

There is also a first-year bonus depreciation deduction in effect for 2009 (and 2008). This special deduction allows taxpayers to depreciate 50% of the adjusted basis of qualified property during the first year the property is placed in service. This deduction can be taken in addition to the Section 179 deduction and offers tremendous tax savings on property purchased in 2009 and 2008.

9. Interest

If you use credit to finance business purchases, the interest and carrying charges are fully tax-deductible. The same is true if you take out a personal loan and use the proceeds for your business. Be sure to keep good records demonstrating that the money was used for your business.

10. Moving Expenses

If you move because of your business or job, you may be able to deduct certain moving costs that would otherwise be non-deductible personal living expenses. To qualify, you must have moved in connection with your business (or job, if you’re an employee of your own corporation or someone else’s business). The new workplace must be at least 50 miles farther from your old home than your old workplace was. (Technically, moving expenses aren’t business expenses; there’s a special place to list them on your Form 1040 tax return.)

11. Software

As a general rule, software bought for business use must be depreciated over a 36-month period, but there are some important exceptions:

• Computer software placed in service from January 1, 2003 to December 31, 2010 is eligible for a Section 179 deduction, which means that 100% of the cost of software can be deducted in the year purchased. Starting in 2011, you will no longer be able to use Section 179 to deduct off-the-shelf software.
• When software comes with a computer, and its cost is not separately stated, it’s treated as part of the hardware and is depreciated over five years. However, under Section 179, you can write off a whole computer system (including bundled software) in the first year if the total cost is less than a certain amount ($250,000 in 2009; scheduled to go down to $133,000 in 2010). See IRS Publication 946, How to Depreciate Property.

12. Charitable Contributions

If your business is a partnership, a limited liability company, or an S corporation (a corporation that has chosen to be taxed like a partnership), your business can make a charitable contribution and pass the deduction through to you, to claim on your individual tax return. If you own a regular (C) corporation, the corporation can deduct the charitable contributions.

**If you’ve got some old computers or office furniture, giving it to a school or nonprofit organization can yield goodwill plus a tax benefit. However, if the equipment has been fully depreciated (written off), you can’t claim a deduction.

13. Taxes

Taxes incurred in operating your business are generally deductible. How and when they are deducted depends on the type of tax:

• Sales tax on items you buy for your business’s day-to-day operations is deductible as part of the cost of the items; it’s not deducted separately. However, tax on a big business asset, such as a car, must be added to the car’s cost basis; it isn’t deductible entirely in the year the car was bought.
• Excise and fuel taxes are separately deductible expenses.
• If your business pays employment taxes, the employer’s share is deductible as a business expense. Self-employment tax is paid by individuals, not their businesses, and so isn’t a business expense.
• Federal income tax paid on business income is never deductible. State income tax can be deducted on your federal return as an itemized deduction, not as a business expense.
• Real estate tax on property used for business is deductible, along with any special local assessments for repairs or maintenance. If the assessment is for an improvement — for example, to build a sidewalk — it isn’t immediately deductible; instead, it is deducted over a period of years.

14. Advertising and Promotion

The cost of ordinary advertising of your goods or services — business cards, yellow page ads, and so on — is deductible as a current expense. Promotional costs that create business goodwill — for example, sponsoring a peewee football team — are also deductible as long as there is a clear connection between the sponsorship and your business. For example, naming the team the “Southwest Auto Parts Blues” or listing the business name in the program is evidence of the promotion effort.

(source: www.nolo.com)

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.

Physician Shortage Now and Ahead

by Eric Gadlage

Physician Shortage Gives Rise to Preferred Access Solutions

According to the AAMC, the United States is expected to face a shortage of 124,000-159,000 physicians by 2025. This does not include another 25% projected shortfall should policies such as universal healthcare coverage pass through congress. The growth of the U.S. population age group 65+ through 2025 is a staggering 4 or 5 times the growth of the number of physicians during the same time period. According to the AAMC the number of physicians selecting family medicine careers has dropped 27% between 2002 and 2007. General surgeons also dropped nearly 26% since 1981. Physicians will become increasingly overloaded due to this shortage along with lower insurance reimbursement rates; patients will see longer and longer wait times for appointments and office visits. Emergency room average wait times are on the rise as well mainly due to an increased number of ER visits. Average ER wait times have been estimated between 1-4 hours.

Many Americans who have lost their jobs or do not have health insurance are now using the ER as their means of primary care. Although the American Recovery and Reinvestment Act (ARRA) reduces the COBRA premium in some cases. After losing her job with a pharmaceutical company, a pharmaceutical representative saw her health insurance premiums decrease from $241.77 as an employee to $84.62, a substantial decrease. There are restrictions on who qualifies and the length of time they are valid, so consult with your human resources manager or individual health care insurance representative for more details. An immediate solution which has seen a major rise since 2005 is concierge medicine. Physicians charge an annual fee for preferred access. This creates more revenue to meet operational costs for the physician and a decrease in the number of patients they need to see on a daily basis. Patients opting in to the preferred access solution pay the annual fee and receive same or next business day appointments and expedited office visits. Patients who opt out, depending on the type of concierge practice will either have the option to stay with the doctor (hybrid medical concierge) or will have to leave their doctor (traditional medical concierge model). A substantial number of physician practices will be integrating either of these medical concierge models as a solution.

There has already been a rise from 500 concierge (some type of fee for service outside of insurance) type practices in 2005 to 5000 currently according to the Society for Innovative Medical Practice Design.

Eric Gadlage
Chief Operating Officer
Team Doctors Preferred Access, LLC
www.theteamdoctors.com

oXYGen Financial, Inc. co-CEO Ted Jenkin  is one of the foremost knowledgeable professionals in giving financial advice to the X and Y Generation.

11680 Great Oaks Way, Suite 175 | Alpharetta, GA 30022

Phone 1.800.355.9318 or 770.777.0427

Request a FREE consultation

TED JENKIN IS SECURITIES LICENSED THROUGH INVESTACORP, INC. A REGISTERED BROKER/DEALER MEMBER FINRA, SIPC.  ADVISORY SERVICES OFFERED THROUGH INVESTACORP ADVISORY SERVICES, INC. A SEC REGISTERED INVESTMENT ADVISORY FIRM. Linked sites are strictly provided as a courtesy. Investacorp, Inc., and its affiliates, do not guarantee, approve nor endorse the information or products available at these sites nor do links indicate any association with or endorsement of the linked sites by Investacorp, Inc. and its affiliates.