As the need for assisted living facilities is on the rise, the challenge with healthcare financial management is budgeting while also investing in growth. There’s a delicate balance you must strike between reducing costs and making investments to maintain your health system’s competitive edge and provide outstanding patient care.
To relieve your financial worries and take control of future growth, tax incentives free up money to invest back into your long-term care facilities. Whether you need to invest in new medical devices or software to stay compliant with government-mandated regulations, tax incentives are a sound way to fund your business objectives.
Tax Incentives For Long-Term And Post-Acute Care Facilities
Assisted living facilities employ a significant workforce, many of whom meet the eligibility requirements for corporate employment incentives like the Work Opportunity Tax Credit (WOTC).
Healthcare facilities like yours are also eligible for other employment incentives, like training grants, as well as cost segregation of property or green building incentives for construction and equipment purchases.
These are only some examples of tax-savings opportunities for long-term and post-acute care facilities. The pursuit of tax incentives is purely dictated by your specific business activities.
Take A Global Approach To Capturing Tax Incentives
If you only choose one or two tax incentive programs to pursue, you’re likely missing out on other benefits you qualify for. The work it takes to document, report, file and claim tax incentives is information that may apply to other incentives as well.
To maximize your overall tax savings, an expert tax consultant familiar with your industry can step in and conduct a diagnostics discovery to identify benefit opportunities. By devising an overall strategy, your consultant can institute a process for capturing tax incentives that ties all programs together for optimal efficiency.
Healthcare financial management keeps you busy. From staying compliant to managing the demand of the long-term and post-acute care business, you don’t have time to capture these tax incentives.
Partnering with a tax consultant ensures no benefit gets overlooked, so you maximize tax savings as a way to reduce rising operational costs.
Ready to learn more about capturing employment tax incentives at your organization? Contact a certified tax expert at CTI.
