Month: December 2012

The Medical-Device Tax and the Dentist

This guest post is brought to you by our friends and colleagues at Goldin, Peiser & Peiser, LLP, a Dallas-based accounting firm. Some information in this blog has been revised from its original version, published 12.14.12.

As it stands now, regardless of whether we go off the fiscal cliff or not, there will be a tax on the sale of medical devices in 2013. As mandated in the Patient Protection and Affordable Care Act, manufacturers will be assessed a 2.3% tax on the sale of certain devices. According to the IRS, taxable medical devices are defined as those that are listed under a single FDA product code. Other devices are:

  • Nitrous and oxygen delivery systems and gas
  • Computer equipment used for diagnostic purposes
  • X-ray equipment, sensors, cone-beam CT systems, caries detection devices, and cameras
  • Surgical equipment
  • Handpieces
  • Replacement parts
  • Remanufactured or refurbished equipment
  • Instruments
  • Imaging equipment
  • CAD/CAM machines
  • Prosthetic devices

All May Not Be Lost

Manufacturers as well as the dental and medical communities are pushing hard against the tax, lobbying for the delay of the start date. And not everyone on Capitol Hill supports the tax. Many lawmakers are concerned about its negative financial implications. 18 Senators and Senators-Elect sent a letter to Senate Majority Leader Harry Reid asking that the tax be included in the fiscal cliff negations. They expressed their concern that the “the medical device industry has received little guidance about how to comply with the tax–causing significant uncertainty and confusion for businesses.” They urged Senator Reid to support delaying enactment of the provision in a “fiscally responsible manner.” Read More

How to Choose a Dental Practice Name

You don’t need any name for your dental office, you need the perfect name. Regardless of whether you’re a new graduate opening a private practice or an experienced dentist prepping to sell your practice in the next few years, serious consideration should go into selecting a dental practice name. Not only will your name influence your persona in your community and the minds of your patients, the wrong practice name could get you into legal trouble. You certainly don’t need that! In this blog, I’ll give you tips for selecting a practice name, making it legal, and developing your brand for optimal success.

Brainstorming Dental Office Names

Not sure where to start? I recommend you call on some of your most trusted professional associates, regardless of dental industry expertise, and have a brainstorming session. You’ll need a large whiteboard and dry erase markers or an online whiteboard if your contributors are remote. Set a timer for 20 minutes and select a secretary. Everyone can begin suggesting names, and the secretary should record them all on the whiteboard. After 20 minutes are up, thank everyone, then sit down by yourself or with your business partner to review the suggestions. Consider that if you use your personal name, selling the practice’s brand may be difficult in the future. Also, if you use your location in the practice name, make certain that it would work if you opened multiple offices in your region. Read More