Top in hem/onc: Tax reduction tactic for physicians, financial burden of cancer care
Click Here to Manage Email Alerts
Many physicians in private practices and S corporations are overlooking a simple tax reduction tactic, according to experts.
In the latest installment of Residency to Retirement, Sanjeev Bhatia, MD, an orthopedic sports medicine surgeon at Northwestern Medicine, and David B. Mandell, JD, MBA, an attorney and founder of OJM Group, discuss how physicians can be more tax efficient. It was the top story in hematology/oncology last week.
The second top story was about a study on the economic burden of cancer care. Researchers reported that most patients with metastatic colorectal cancer faced financial hardships within the first year of diagnosis, even those with health insurance. The largest contributors of this hardship were new debt (57.6%), 20% or more income decline (26.6%) and new loans from family or friends (26%), according to the study.
Read these and more top stories in hematology/oncology below:
Private practice physicians often overlook a simple tax reduction tactic
On one hand, the tax tactic described in this article applies only to a limited number of physicians: those who are in private practice and in practices that are taxed as S corporations. On the other hand, as S corporations are the most popular form of medical practice in regard to taxation, the number of physicians who could benefit from understanding the tactic is large. Read more.
Most patients with metastatic colorectal cancer face financial hardship after diagnosis
More than 70% of patients with metastatic colorectal cancer bore financial hardships within the first year of diagnosis despite most having health insurance, according to study results published in Journal of the National Cancer Institute. Read more.
Elective surgery safe after wait time for patients with cancer who had COVID-19
A wait time of at least 20 days to undergo elective, low-risk, cancer-related surgery appeared to be safe following recovery from mild to moderate COVID-19, according to study results published in Annals of Surgical Oncology. Read more.
Music therapy helps patients with sickle cell disease cope with pain
According to one patient undergoing treatment for sickle cell disease at University Hospitals Connor Whole Health, pain associated with the disease “feels like someone’s constantly stabbing you, but you’re not dying.” Read more.
Phase 3 trial of regimen for small cell lung cancer misses co-primary endpoint
A randomized phase 3 trial designed to assess the addition of tiragolumab (Genentech) to atezolizumab (Tecentriq, Genentech) and chemotherapy as first-line treatment for extensive-stage small cell lung cancer failed to meet its co-primary endpoint of progression-free survival. Read more.