Tax Credits are now a permanent part of financial planning for all businesses.

Here are some key things to know about R&D tax credits:

• R&D tax credits are a tax incentive that allows companies to reduce their tax liability based on qualifying research and development expenditures. The goal is to encourage innovation and technological development.
• In the US, R&D tax credits are available at both the federal and state level. The federal R&D tax credit is available to companies of any size and reduces a company's federal income tax liability.
• To qualify for the federal R&D tax credit, activities must meet the criteria of a systematic process to discover information, involve technological uncertainty, and be intended to develop a new or improved business component. Eligible expenses include employee wages, supplies, and certain contractor costs.
• Companies must carefully document their R&D activities and expenses to support any credits claimed. It's recommended to work with a tax advisor familiar with R&D credits to ensure proper compliance and maximize the credit amount.
• The R&D tax credit is a dollar-for-dollar reduction in tax liability, so it can provide significant tax savings especially for companies with major R&D initiatives. However, there are complex rules around qualifying activities and calculating the credit amount.
• In addition to the current year R&D tax credit, companies may be able to amend prior year returns to claim credits for eligible past R&D expenses. The ability to file amended returns depends on the open tax years under the statute of limitations.

Let's see what your R&D tax credits are!!

The nation's largest payers have evolved — what happens next?

The nation's largest health insurers are no longer just insurers — nearly all have restructured and grown into health services giants capable of paying for care and providing it too, but underpayment by insurers still remains a huge problem for Hospitals, Urgent Cares and Large Primary Care facilities!!

If they have a minimum $2M annual in payer revenue with their top 3 payers, our proprietary software and team of payer contract experts perform a forensic analysis of every remittance received in a 12-to-24-month period to determine contractual compliance of each reimbursement. We work with the payers to recover underpayments that are due to our clients. With a 100% success rate, our results are unrivaled, and we typically recover 10%-20% of collections from payers.

Underpayment Recovery

Larry G. Potter

Lgpotter33@gmail.com

Medical sales as a lucrative career....

Key points about medical sales representatives:

• Medical sales reps promote and sell medical products and devices to physicians, hospitals, clinics, and other healthcare providers. They serve as the liaison between medical companies and healthcare professionals.

• To be a medical sales rep, you typically need a bachelor's degree in a science or health-related field. Many have backgrounds in nursing, life sciences, or business. Strong interpersonal and communication skills are essential.
• Medical sales reps must have extensive knowledge about the products they sell, from intended uses and clinical data to proper techniques for use. They provide demonstrations and answer technical questions from healthcare providers.
• Responsibilities include scheduling appointments, meeting with physicians and nurses to promote products, negotiating prices and contracts, ensuring prompt delivery, and providing ongoing support and training on medical devices.
• Medical sales reps often specialize in a specific clinical area like cardiology, orthopedics, or diabetes care. They tend to build strong relationships with doctors in their territory over time.
• Most medical sales reps work regular full-time hours but travel frequently to meet with clients. The role requires excellent organizational and time management skills. 
• Note: Medical sales can be a lucrative career, often with a base salary plus commissions and bonuses based on sales figures. However, it's a highly competitive field.

Don’t just cut costs—optimize them!

 Here are a few tips for optimizing costs in a thoughtful way:

• Take a strategic approach. Look at the big picture of what costs are most critical to reducing versus just making across-the-board cuts. Focus on areas where you can reduce costs without negatively impacting quality, capabilities, or long-term investments.
• Involve your team. Get input from different departments and team members on where there may be opportunities to become more efficient. They often have valuable insights into process improvements.
• Leverage technology. Look into automation, AI, and other technological solutions to reduce manual work and streamline processes. But do the cost-benefit analysis to pick solutions with the best ROI.
• Renegotiate vendor and supplier contracts. See where you can get better rates or discounts. But maintain good relationships rather than just demanding lower prices.
• Eliminate waste. Closely analyze spending to identify redundancies, inefficiencies, and low ROI expenditures that could be eliminated.
• Do cost-benefit analyses. Weigh the trade-offs of cutting or eliminating specific costs in terms of risks, impact on morale, consequences for revenue and growth down the road.

The key is to take a holistic, strategic approach focused on efficiency and value rather than just arbitrary cost reductions. With some analysis and creativity, you can likely optimize costs without negatively affecting capabilities.

A few key reasons why QR codes are useful!

 As more people use smartphones, QR codes are becoming an increasingly popular way to connect the offline and online worlds. Here are some key reasons:

:

• Convenience - QR codes can quickly direct a smartphone user to a website or app without having to type in a long URL. Just scan the code and you're instantly taken to the destination.
• Tracking - QR codes can contain encoded data that allows companies to track analytics like how many people scanned the code and where they scanned it from. This provides useful business intelligence.
• Information onDemand - QR codes can link to information that is frequently updated like menus, price lists, schedules, etc. The information stays up to date versus printing static info on a sign or brochure.
• Security - QR codes can encrypt data like WiFi passwords or payment info that is revealed once scanned. This provides more security than openly displaying sensitive info.
• Mobile Friendliness - Smartphones enable QR code scanning as a standard feature. So QR codes allow businesses to bridge the gap between the physical and digital world.
• Viral Marketing - QR codes enable sharing of links, apps, videos, etc easily. Scanning a code is quicker than typing a long URL, so they help content go viral.

So in summary, the main benefits are convenience, analytics, keeping information current, security, mobile functionality and viral spread.

Today is Health Unit Coordinators Day, a day to celebrate the vital behind-the-scenes work these healthcare professionals do!!

 Prospects in Warm Market: Hospitals, Urgent Cares, Large Primary Care (minimum $2M annual in payer revenue with their top 3 payers)

What's the cost of not claiming business tax incentives?

 Here are some potential costs that businesses may face if they do not claim eligible tax incentives:

• Missing out on tax savings/credits: Many business tax incentives like investment credits, employment credits, R&D credits, etc. can directly reduce a business's tax liability and save them money. Not claiming available credits means missing out on these savings.
• Higher effective tax rates: Tax incentives effectively lower a company's tax rate if claimed. Not utilizing available tax breaks means paying taxes at the higher statutory rates.
• Reduced cash flow: Credits provide an influx of cash by allowing businesses to monetize unused tax incentives. Unclaimed credits mean less cash flow.
• Higher costs of capital: The tax savings from properly utilizing incentives allows businesses to retain more capital for investment and growth. Forgoing tax benefits raises the cost of capital.
• Competitive disadvantage: Companies that use tax incentives efficiently gain cost advantages over rivals who don't, making it harder to compete.
• Tax penalties: Improperly accounting for tax incentives can potentially lead to penalties and interest charges if incentives are claimed incorrectly or past deadline.

The specific costs will depend on the size of the business, the types of available incentives, and the overall tax position. Stryde can help businesses maximize incentives and minimize the potential costs of leaving tax money on the table.