Update on BOI Reporting – Wait and Watch
You’ve probably heard that there’s a legal back-and-forth going on in the courts regarding the Beneficial Ownership Information (BOI) reports. Here’s what’s happening and what it means. What’s the Issue? The U.S. government wants to require companies to report who really owns and controls them. These BOI reporting rules are meant to crack down on illegal activities like money laundering and tax evasion. Many countries already have rules like this. Without them, the U.S. looks like a safe haven for shady businesses. BOI reporting would help the U.S. stay credible and trusted in the global economy. But not everyone agrees with the rules, and some businesses have challenged them in court, saying they’re unfair or unconstitutional. FYI… The information won’t be public—it’s for law enforcement only. And most businesses will only have to fill out the form … themselves or with assistance (just like tax returns). Plus, the benefits of catching criminals far outweigh the minor inconveniences of compliance. What Did the Fifth Circuit Court Do? Recently, the Fifth Circuit Court of Appeals (covering Louisiana, Mississippi and Texas) said, “These rules can’t go into effect right now – we have to wait until the courts rule on the BOI’s.” This is called a temporary injunction, and it temporarily blocks the rules while the legal battle continues. They did not decide that the BOI’s cannot go forward – only that the filing deadline cannot be enforced (i.e., no penalties) while the BOI’s are being considered in court. How Did the DOJ Respond? The U.S. Department of Justice (DOJ), which enforces federal laws, wasn’t happy about this decision. They believe these rules are important for fighting financial crimes and want them to start as planned. So, they filed an emergency motion with the U.S. Supreme Court, asking it to lift the injunction. In simple terms, the DOJ is saying: “Supreme Court, we need your help right away. Let us enforce these rules while we sort out the legal stuff in lower courts.” What Happens Next? Here’s how it works: The Supreme Court Reviews the Motion The Supreme Court decides whether to take up the DOJ’s request. They don’t automatically have to say yes—they choose which cases to consider. The Decision If the Supreme Court agrees with the DOJ, it will lift the injunction, and BOI reporting rules can go into effect while the lawsuits continue. If the Court denies the request, the injunction stays, and the rules remain on hold for now. So, for the moment, we wait and watch.
Corporate Transparency Act Reporting Requirements Reinstated: What You Need to Know
On December 23, 2024, the Fifth Circuit Court of Appeals overturned a nationwide injunction that had temporarily paused the enforcement of the Corporate Transparency Act (CTA). Effective immediately, the CTA’s beneficial ownership reporting requirements are back in place and the court ruling reinstated the December 31, 2024, filing deadline. However, due to the confusion caused by the now-overturned injunction, FinCEN has announced a 2-week extension of the deadline to January 13, 2025. You can comply without stressing over the holidays that you will get a bill January 1st for $591 per day. What is the Corporate Transparency Act (CTA)? The CTA is a significant piece of legislation aimed at combating money laundering and enhancing financial transparency. It requires certain entities to disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This information helps law enforcement agencies track illegal activities such as fraud and corruption. The Recent Legal Developments Earlier this month, on December 3, the U.S. District Court for the Eastern District of Texas issued a nationwide injunction that halted the enforcement of the CTA. However, the government successfully appealed the decision, and the Fifth Circuit granted a stay on December 23, effectively reinstating the reporting requirements. Key Implications for Companies Immediate Compliance Required: The Fifth Circuit’s decision did not alter the December 31, 2024, reporting deadline. Companies that are subject to the CTA must file their Beneficial Ownership Information (BOI) reports without delay. No Guidance from FinCEN Yet: FinCEN, the agency requiring the reports, itself extended the deadline to January 13, 2025. Reinforced Legal Obligation: The reinstatement underscores the importance of compliance. Failing to meet the reporting requirements could result in penalties, including fines and criminal charges. Steps for Companies to Ensure Compliance Determine Applicability: Not all entities are subject to the CTA. Exemptions include large companies, publicly traded corporations, and certain regulated entities. Consult legal counsel to determine if your organization must report. Gather Required Information: Prepare the following details for each beneficial owner: Full name Date of birth Address Unique identifying number from a government-issued document (e.g., passport or driver’s license). File Before the Deadline: Submit your BOI report to FinCEN by January 13, 2025. Early filing is advisable to avoid last-minute issues. Monitor for Updates: Stay informed of any additional guidance or changes from FinCEN that may impact the reporting process. Looking Ahead The reinstatement of the CTA reporting requirements highlights the government’s commitment to financial transparency and anti-corruption efforts. While the legal challenges to the CTA may continue, companies should prioritize compliance to mitigate potential risks. As this situation evolves, it is crucial to remain vigilant and proactive. Consulting with legal and compliance experts can help ensure your company adheres to the CTA’s requirements and avoids penalties. The January 13 deadline is firm, so act promptly to fulfill your obligations under the law. Visit our FinCEN Compliance Service Page to ensure your practice remains compliant and avoid costly penalties.
Stop the Cycle of Missed Appointments: The Virtual Front Desk for Chiropractors
Missed appointments: a silent profit killer. They disrupt the flow of your practice, frustrate staff, and leave revenue on the table. Whether it’s no-shows or last-minute cancellations, the cost adds up quickly—not just in dollars but also in patient care opportunities. Maintaining a full schedule for healthcare practices isn’t just about numbers; it’s about ensuring consistent, high-quality care. Yet many practices find themselves struggling to keep their schedules intact. Traditional reminder systems, manual follow-ups, and overworked front desk staff often fall short of preventing missed appointments. What if there were a better way? The Problem: Overburdened Front Desk Teams Chiropractic practice front desk teams are the backbone of any practice, managing everything from patient inquiries to appointment scheduling. However, their workload can be overwhelming, leaving little room for proactive patient engagement. Missed calls, late responses to rescheduling requests, and incomplete follow-ups are all too common, creating communication gaps that lead to missed appointments. Patients need a consistent and seamless experience, and practices need a system that guarantees this without adding to their administrative burden. The Solution: Virtual Front Desk by ClinicMind The Virtual Front Desk (VFD) is a game-changer for practices struggling with appointment gaps. It’s more than just a scheduling tool; it’s a fully integrated service designed to keep your calendar full and your patients engaged. Specifically designed to handle the complexities of chiropractic appointment booking services, it offers a tailored approach that meets the unique needs of your patients and practice. Here’s how Virtual Front Desk solves the problem: Proactive Appointment Management: Automated reminders, confirmations, and follow-ups reduce no-shows and late cancellations. 24/7 Patient Support: The Virtual Front Desk is always available whether it’s rescheduling or answering patient inquiries. Effortless Coordination: Your staff can focus on in-office tasks while the VFD handles the chaos of behind-the-scenes scheduling. Boosted Patient Satisfaction: Timely communication and accessibility make patients feel valued and supported. Why Virtual Front Desk Stands Out Unlike generic reminder apps, ClinicMind’s Virtual Front Desk provides a human-centered approach to appointment management, enhancing the patient experience while fostering loyalty and trust. With services designed to streamline operations, a live assistant handles incoming calls, addresses patient inquiries, provides location details, and manages appointments, including scheduling, rescheduling, and follow-ups. Additionally, the Virtual Front Desk supports general practice inquiries at a cost significantly lower than hiring part-time staff. Ready to Keep Your Schedule Full? Stop letting missed appointments hold your practice back. See how ClinicMind’s Virtual Front Desk can transform your scheduling process and improve patient satisfaction. Learn More and Get Started Today!
Make Payments a Competitive Advantage for Your Practice
In the fast-evolving world of healthcare, efficiency is critical. From patient care to administrative tasks, every second counts. One area where practices often struggle is managing patient payments. Multiple systems, manual entry, and clunky payment processes create unnecessary bottlenecks for practices and headaches for patients. So, how can healthcare providers overcome these challenges? Introducing ClinicMindPay, our newly launched integrated payment processing solution that seamlessly integrates with ClinicMind’s EHR and practice management system. Designed to simplify the payment experience for both patients and practices, ClinicMindPay offers the flexibility, security, and convenience that healthcare practices need to thrive in today’s competitive landscape. Why Should Practices Use ClinicMindPay? If you manage a healthcare practice, you’re likely familiar with the challenges surrounding payment processing. Whether it’s dealing with delayed payments, reconciling invoices manually, or navigating multiple platforms, these inefficiencies add unnecessary complexity to your day-to-day operations. Payment management is often a time-consuming process that can take your focus away from patient care. That’s where ClinicMindPay comes in. Powered by Fortis’ proven technology, ClinicMindPay not only streamlines payments but also fully integrates with ClinicMind’s suite of solutions. Imagine never having to worry about missing payments or spending hours entering data. With ClinicMindPay, your payments sync effortlessly, giving you time back to focus on what matters most—your patients. How ClinicMindPay Solves Payment Challenges Complete Integration: One of the standout features of ClinicMindPay is its seamless integration into your existing ClinicMind EHR and practice management system. Payments are automatically recorded and tracked, reducing administrative workload and minimizing errors. Patient Convenience: In today’s digital world, patients expect convenience. ClinicMindPay allows your patients to pay using their preferred method—whether it’s a credit card, ACH, or even digital wallets—making it easier for them to settle their bills quickly and efficiently. Secure and Reliable: Security is paramount in healthcare, and ClinicMindPay is built with that in mind. Our platform offers top-notch security features to ensure that all transactions are processed safely, providing peace of mind for both you and your patients. Streamlined Reporting: With comprehensive reporting tools, ClinicMindPay makes it easy to track payments, generate reports, and gain insights into your revenue cycle. The result? A more organized, efficient, and financially healthy practice. The Transition for Fortis Clients For our valued Fortis users, the transition to ClinicMindPay is effortless. You won’t need to do anything—your account will be automatically migrated to ClinicMindPay, and you’ll continue to enjoy the same reliable payment services, now with deeper integration into ClinicMind’s suite of solutions. Why Choose ClinicMindPay? ClinicMindPay reflects our dedication to delivering a seamless, all-in-one solution for managing payments. More than just a payment platform, it’s an integrated tool crafted to streamline your operations, enhance patient satisfaction, and boost overall efficiency in your practice. If you’re ready to simplify your payment processes and enhance your practice’s financial health, ClinicMindPay is the solution you’ve been waiting for. For more information on ClinicMindPay and how it can benefit your practice, visit our ClinicMindPay page. You can also check out our full press release to dive deeper into how ClinicMindPay is transforming payment solutions for healthcare providers. Read the press release here.
