Financial Unplugged: November Edition

As we enter the final stretch of the year, it’s the perfect moment to hit pause and reflect on how far you’ve come.?

With reflection, it's also a good time to reassess the challenges ahead, especially those affecting your finances. Healthcare costs are soaring, and this may affect medical professionals in several key ways:

• Rising costs for supplies, insurance, and staff reduce profit margins.
• Patients may struggle to afford services with higher out-of-pocket expenses.
• Reimbursements might not keep up with rising costs, affecting cash flow.
• Changes in healthcare expenses can impact your deductions and tax planning.

Additionally, we’re hosting our FREE webinar, “Election 2024: What Lies Ahead for Your Practice,” we’ll cover the key issues that could impact practices moving into 2025, including:

• Potential tax changes and what they mean for practice revenue
• New healthcare policies that could affect reimbursements
• Investment strategies to handle market ups and downs
• Planning tips for a steady, successful year ahead

Webinar Details:

???Date: Wednesday, November 20

?? Time: 12:00 PM EST (30-minute session + 15-minute Q&A)

?? Location: Zoom Webinar

Book a FREE Seat Here: https://pfseminars.com/seminar/election-what-is-coming-and-the-aftermath/

5 Financial Tips for Managing Healthcare Costs

1??Separate Practice & Personal Expenses: Keep clear records for both. Whether it's new medical equipment or day-to-day costs, tracking them separately makes it easier to spot savings.

2?? Budget for Unexpected Medical Costs: Healthcare costs can be unpredictable. Set aside an emergency fund for both personal and practice-related medical expenses to reduce stress when surprises happen.

3?? Take Advantage of Tax-Efficient Spending:? Don't overlook deductions for medical supplies, memberships, or continuing education. These can make a big difference come tax season.

4?? Evaluate Insurance Contracts Annually: Rising costs may also mean reevaluating your practice’s insurance contracts. Make sure you’re getting the best coverage for both your professional liability and personal health insurance.

5?? Plan for Future Investments: Whether it’s upgrading your office technology or investing in personal wellness, having a solid financial plan helps ensure your money is working for you in the long term.

Riddle Me Rich??

I’m an amount saved for when life throws a curve, To cover expenses you didn’t expect to observe. Not a loan, not a gift, just money you hold, What financial cushion am I?

[Find the ANSWER at the bottom of this Newsletter]

CAN YOU GUESS THIS? ??

Which of the following is a tax-deductible expense for medical professionals?

A) Personal dining costs

B) Continuing medical education

C) Home office improvements

D) Vacation travel

Financial Flash ??

What's trending for 2025? ??

1. UHS, HCA to See Financial Boost from Increased Medicaid Payments

Increased Medicaid payments in several states are set to boost UHS and HCA Healthcare's financial performance, improving their profitability by up to 20% and addressing long-standing low reimbursement rates.

2. Employee health benefit costs to rise 5.8% in 2025: survey

Health benefit costs are expected to rise by 5.8% in 2025, driven by prescription drug spending and healthcare worker shortages. Medical professionals should plan ahead to manage these increasing expenses.

3. CVS to Lay Off 2,900 Employees CVS is laying off 2,900 employees as part of a $2 billion cost-cutting plan, while considering a potential breakup of its retail and insurance segments, including Aetna. This move, driven by rising healthcare costs and operational challenges, could significantly impact the healthcare sector.

Must-Reads of the Month?

Stay ahead of your financial goals with these blog posts:

1. 6 Commonly Overlooked Retirement Expenses Discover the six retirement expenses often overlooked by physicians that can significantly impact financial security if not planned for, making meticulous retirement planning essential for medical professionals.
2. Revamping Your Holiday Budget: 8 Strategies to Consider Find out the eight practical strategies for physicians to revamp your holiday budget, so you can manage holiday spending efficiently, letting you focus on relaxation and quality time with loved ones without financial stress.
3. 20 Tax Terms To Help You Get Your Taxes Right Explore the importance of a financial clean-up for medical professionals, regularly assess your financial situation and seek professional advice to optimize your finances, especially during the fall season.?

Trending Social Posts ??

Stay in the loop with these trending financial tips:

Quote of the Month

"A budget is telling your money where to go, instead of wondering where it went."

– Dave Ramsey

Have Questions? We’ve Got Answers! Got a financial question that’s been on your mind? Reply to this email, and we may feature it in the next edition of Finance Unplugged!

Answers: Riddle: Emergency Fund

Quiz: B) Continuing medical education (Source: IRS: Business Expenses Deduction)