New IRS/FinCen Regulatory Requirement for Business Owners with 25% or More Share

We would like to remind our members of new guidelines requiring them to file this year for the new IRS/FinCen requirement for owners (25% or more share) of businesses. The reporting requirements went into effect January 1, 2024. Business owners are subject to a $500 per day fine as of 1/1/2025 (according to the IRS and Department of Financial Crimes website) should they fail to comply. You can click here for more information and refer to the documents below. We advise you to discuss the new requirement with your CPA.

• BOI small entity compliance guide
• BOI Summary from AICPA & CIMA

2024 SCOA Annual Meeting

August 1-3, 2024

The Sanctuary

Kiawah Island, SC​

Reconnect with your peers as we seek clinical and professional excellence through dynamic keynotes, expert talks and research presentations.

Keynote speakers for the 2023 Annual Meeting include Steven L. Frick, MD, and Milt Lowder, PhD.

Register early and secure your 2024 stay with our group rate! Meeting registration is required to receive the booking ID, which will be required to book in our group block.

Get Involved: Share Your Research & Expertise at the 2024 SCOA Annual Meeting

Abstracts + Resident Research Competition

Don’t miss this opportunity to present your research to seasoned specialists in a collegial and interactive setting!

We’ve posted instructions for submissions on our website. In addition to the abstract information, all submissions must be accompanied by a financial disclosure form.

Expert Talks

Approximately 60 minutes of the meeting program will be devoted to these presentations, which may range from 10 – 20 minutes each depending on the number of submissions selected.

Our goal is to offer a platform for colleagues to share expertise that may not be documented in formal research.

Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition

Content provided by Journal of the American Medical Association:

 In a difference-in-differences examination of 662 095 hospitalizations at 51 private equity–acquired hospitals and 4 160 720 hospitalizations at 259 matched control hospitals using 100% Medicare Part A claims data, private equity acquisition was associated with a 25.4% increase in hospital-acquired conditions, which was driven by falls and central line–associated bloodstream infections. Medicare beneficiaries at private equity hospitals were modestly younger, less likely to have dual eligibility for Medicare and Medicaid, and transferred more to other acute care hospitals relative to control, likely reflecting a lower-risk population of admitted beneficiaries. This potentially explained a small relative reduction for in-hospital mortality that dissipated by 30 days after hospital discharge. Click here to read the full article from JAMA.

What Specialists Must Do Now to Succeed in MIPS

Content via Medical Economics | Wayne Singer:

Now in its seventh year, Medicare’s Merit-based Incentive Payment Program (MIPS) can have a big impact on Medicare Part B reimbursements, using the MIPS composite performance score to determine if providers will receive a payment bonus, a payment penalty, or no payment adjustment at all. To read more, click here.

Healthcare Technology Trends to Watch in 2024

Experts discuss their predictions for investment and consolidation in digital health, adoption of artificial intelligence and how to improve cybersecurity in healthcare this year. To read the full article from Healthcare Dive, click here.

$15 Billion Win for Physicians on Prior Authorization

Content via the American Medical Association (AMA):

Under the leadership of Administrator Chiquita Brooks-LaSure, the Centers for Medicare & Medicaid Services (CMS) has released a final rule making important reforms to prior authorization to cut patient care delays and electronically streamline the process for physicians. To learn more, click here. 

Why More Organizations are Terminating Medicare Advantage Contracts

Content via HealthLeadersMedia | Amanda Norris:

The payer/provider battle is raging, and signaling what may be an emerging trend: More organizations are fighting back against payers by terminating their contracts completely, and Medicare Advantage (MA) has seemingly been the focus. Click here to continue reading.

Have a Book that was Meaningful to your Professional Journey? Please Share!

Please consider sharing a short paragraph about lessons learned from a book that has shaped you as a leader.

Send your summary to Sarah Thompson.

Past Recommendations Include:

• The Five Dysfunctions of a Team by Patrick Lencioni
• Strength to Strength: Finding Success, Happiness and Deep Purpose in the Second Half of Life by Arthur C. Brooks
• The Powerful Purpose of Introverts: Why the World Needs YOU to be YOU by Holly Gerth
• Leading with Your Upper Brain: How to Create the Behaviors That Unlock Performance Excellence by Michael E. Frisina, PhD, and Robert W. Frisina, MA
• Give and Take by Adam Grant
• The 6 Types of Working Genius by Patrick Lencioni
• The 48 Laws of Power by Robert Greene
• Impact Players: How to Take the Lead, Play Bigger and Multiply Your Impact by Liz Wiseman

• Quiet: The Power of Introverts in a World That Can't Stop Talking by Susan Cain
• What Exceptional Leaders Know & Exceptional Leaders Playbook by Tracy Spears and Wally Schmader
• Dare to Lead by Brené Brown
• The Traveler’s Gift: Seven Decisions that Determine Personal Success by Andy Andrews
• Essentialism: The Disciplined Pursuit of Less by Greg McKeown
• Multipliers by Liz Wiseman
• Daring Greatly by Brené Brown
• The Infinite Game by Simon Sinek
• The Power of Moments by Chip & Dan Heath

SC Orthopaedic Practice Administrators, Ortho Service Line Directors, and emerging leaders in both private and hospital settings are encouraged to join the Southeastern Association of Orthopaedic Executives (SAOE).

SAOE offers ortho practice leaders from South Carolina, Georgia, and Tennessee a unique opportunity to collaborate, network and learn from one another. SAOE membership and attendance at the annual meeting is an affordable and sound investment in your administrative team members.