How the Section 179 Tax Deduction Can Help You Improve Your Medical Practice

17.10.24 11:32 PM Comment(s) By America

IRS Tax Code Section 179, medical practices can deduct the full cost of qualifying equipment

Would you rather invest in cutting-edge medical equipment to elevate the care you provide, or hand over a large sum in taxes? In today's highly competitive healthcare environment, staying ahead with advanced technology is key to delivering top-quality care and improving your HEDIS score.

If you've been thinking about upgrading your medical equipment, there’s no better time than now. With IRS Tax Code Section 179, medical practices can deduct the full cost of qualifying equipment in the year of purchase—up to an impressive $3,050,000 for 2024.

In this blog, we'll show you how to take full advantage of this tax-saving opportunity to invest in SCHILLER’s advanced medical devices. Our cardiopulmonary medical devices are eligible for this deduction, learn how Section 179 can help you elevate the quality of care you offer while saving on taxes.

By América Torres

A Smart Move for Practices

Medical devices are essential for delivering high-quality patient care. Limited budgets for investing in advanced equipment can be a challenge for medical practices, clinics, and hospitals. Thankfully, with Section 179, they can deduct the full purchase price of qualifying equipment as an expense in the year it is purchased, rather than spreading the deduction out over several years through depreciation. This immediate tax relief can significantly improve cash flow, enabling reinvestment in other critical areas of the practice.

In the past, when qualifying equipment was purchased, Section 179 allowed a portion of the cost to be deducted each year through depreciation. For example, if a practice spent $50,000 on a medical device, it might have written off $10,000 annually over five years.

However, with the current rules, Section 179 allows the entire purchase price of qualifying equipment be deducted in the same tax year. The deduction cap for 2024, is $1,220,000, with a total equipment purchase limit of $3,050,000.

This change has made a significant impact for healthcare providers, allowing them to invest in the latest medical technology right away. By upgrading your equipment now, you can improve patient care and modernize their practices more effectively.

Use this calculator to estimate how much you could save on a CARDIOVIT FT-1 EKG, at a professional price of $3,800. This price is not real, it is just an example to give you a clearer idea of the potential savings, considering the final price may vary based on the specific features and configurations you choose.

 IRS Section 179 calculator

Investing in SCHILLER is a smart move

If you’re looking to enhance the capabilities of your practice, SCHILLER offers a range of cutting-edge and cybersecure medical devices that not only qualify for Section 179 deductions, but also generate billable tests through CPT codes. Here are a few devices worth considering:

EKGS

CARDIOVIT FT-1 & CARDIOVIT AT-102 G2

Each of these advanced EKG devices combines quality, technology, and design. They are both accurate, save time and healthcare costs, and offer an intuitive interface to help staff with learning curves. Additionally, due to our connectivity,SCHILLER devices streamline practice operations, improve the workflow, reduce the staff burnout automating repetitive activities, and complying with HIPAA regulations.

REIMBURSABLE CPT CODES

93000 EKG Routine 12-Lead interpretation and report.
93005 EKG Tracing Only.
93010 EKG Interpretation and Report Only.

Stress Test

CARDIOVIT CS-200 EXCELLENCE Stress Tests System

Elevate your cardiology practice with SCHILLER's Swiss-quality CARDIOVIT CS-200 Excellence stress test system designed to save you time and boost productivity. Additionally, its seamless integration with HIS/EMRs ensures a smooth transition for your healthcare facility minimizing disruptions while maximizing efficiency.

REIMBURSABLE CPT CODE

93015 Cardiovascular stress test treadmill or bicycle. Continuous ECG monitoring with physician supervision with interpretation and report.

Lung Function

SpiroScout + tremoflo®. Spirometry (SpiroScout ultrasonic spirometer) + Oscillometry (tremoflo® Airwave oscillometry system) together offer a comprehensive evaluation of lung health. Spirometry detects whether there is an obstruction or restriction and how severe it is. Oscillo Oscillometry reveals exactly where the disease lies.

REIMBURSABLE CPT CODES FOR SPIROMETRY

94010 Spirometry, including graphic record

94060 Bronchospasm evaluation. Pre and Post. Add $20 for medication.

94375 Respiratory flow volume loops

94664 Aerosol or vapor inhalations

REIMBURSABLE CPT CODE FOR OSCILLOMETRY

94728 Airway Resistance by Oscillometry.

Diagnostic Station

DS-20 Diagnostic Station

It is a versatile all-in-one device that revolutionizes workflow in the triage area by seamlessly integrating EKG (including a 6-minute step test) with vital signs spot check (NIBP, TEMP, SpO2, BMI, RR).

REIMBURSABLE CPT CODES

93000 EKG Routine 12-Lead Interpretation and Report.
93005 EKG Tracing Only.
93010 EKG Interpretation and Report only.
94618 6-minute walk test (including heart rate measurement, oximetry, ECG ST segment when performed).
94760 Noninvasive Pulse Oximetry for Oxygen Saturation.
ICD-10 Z.68 for Body Mass Index (BMI).

All these devices also offer seamless connectivity with EMRs and robust cybersecurity to protect patient data and your facility against cyberattacks. By investing in SCHILLER devices, you not only gain high-quality, reliable tools but also the added reassurance that your practice complies with cybersecurity standards—which is essential in today’s healthcare environment.

Boost Your Practice’s Capabilities and Maximize Tax Savings

Beyond the immediate tax benefits of Section 179, SCHILLER devices offer several long-term advantages. Not only are they a great investment for offering your patients accurate diagnostics with advanced Swiss-quality technology, but also their intuitive interfaces allow for acquiring tests quickly, improving patient satisfaction and positively impacting your HEDIS score.

And as our devices can perform tests that are eligible for CPT code reimbursement, you can generate additional revenue for your practice while also providing superior diagnostic care to your patients. It's quite evident that SCHILLER medical devices are your best option!

Remember to contact your tax adviser to ensure this tax benefit aligns with your specific situation. However, don’t miss the opportunity to save on your next purchase before the end of 2024. Choose the device that suits your business better, read more about our SCHILLER Trial Program and get a free trial of our devices before paying.

Are you ready to upgrade your practice with our advanced medical devices and take advantage of this tax benefit? Click the button below to request personalized assistance from a SCHILLER specialist today! Or call us at +1 (888) 845-8455; we’ll be happy to assist you.

REFERENCE

https://www.section179.org/section_179_deduction/

America

Share -