End-of-Year Tax Tips: Reducing Your Tax Liability

Brian Carlson, CFP®, CLU®, CLTC; Bill Adolph

The end of the year is fast approaching, so now is a good time to think about actions that could potentially help to reduce your 2013 tax liability. This time of year can be very busy when it comes to preparing your finances. Several new laws were implemented in 2013 under the American Taxpayer Relief Act of 2012, including a 39.6 percent income tax bracket, a 20 percent capital gains tax, and 3.8 percent investment surtax on high-income taxpayers.

Are You Ready for ICD-10?

Elizabeth Fassbender

“Whether you like it or not,” said John McGraw, MD, “in less than a year, ICD-10 is going to be here.” Dr. McGraw, chair-elect for the AAOS Board of Councilors (BOC), was addressing members of the BOC and the Board of Specialty Society (BOS) during their Fall Meeting. The panel of experts he introduced echoed his call for readiness. Why make the switch? “Don’t shoot the messengers; it’s not our fault,” began M.

Coding Changes Will Hit Twice in 2014

Mary LeGrand, RN, MA, CCS-P, CPC

Next year brings two sets of coding changes that orthopaedic surgeons and their staffs will have to know and incorporate into practice. The first change occurs with the traditional Current Procedural Terminology (CPT) code updates for new, revised, and deleted codes in January; the second change will be the introduction of the International Classification of Diseases, 10th edition, clinical modifications (ICD-10-CM) on Oct. 1, 2014.

Bits and Tidbits

RAC prepayment reviews Current procedural terminology (CPT) codes 99205 and 99215 have been identified as among the top 15 codes for improper payment rates. National Government Services, a Medicare recovery audit contractor (RAC), plans to conduct service-specific prepayment reviews of CPT codes 99205 and 99215 for claims submitted to Jurisdiction 6 Part B for Illinois, Minnesota, and Wisconsin.

Watch What You Say About Others

Thomas B. Fleeter, MD; Theodore J. Clark, MD; S. Jay Jayasankar, MD

A recent malpractice case highlighted an increasingly common mistake that physicians are making: badmouthing other physicians. In this case, a knee replacement patient, who had had several previous knee surgeries, experienced postoperative stiffness. Prior to consenting for manipulation under anesthesia, the patient visited another orthopaedic surgeon for a second opinion.

In Memoriam

Frederick L. Behling, MD July 10, 2013 Portola Vally, Calif. Mordecai E. Berkowitz, MD July 7, 2013 Gloucester, Mass. Kenneth R. Duff, MD Jan. 28, 2010 New Braunfels, Texas Arnold M. Illman, MD Sept. 20, 2013 Massapequa, N.Y. Perry D. Inhofe, MD Nov. 10, 2013 Tulsa, Okla. Thomas A. Koenig, MD Aug. 23, 2013 Northport, N.Y. J. Howard Ritchie, MD July 2013 Lethbridge, Alberta, Canada Harold F. Shuster, MD 2004 Bozman, Md. E.