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.
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.
Rooming Module: A Game-Changer for Practice Efficiency
In today’s fast-paced healthcare environment, efficient patient flow is crucial for maintaining high-quality care and practice profitability. That’s why we’re thrilled to introduce ClinicMind’s new Rooming Module – a game-changing feature designed to streamline your clinic’s operations and enhance patient experience. Why the Rooming Module Matters The Rooming Module addresses a common pain point in many practices: the time-consuming task of assigning patients to treatment rooms. By automating this process, we’re freeing up your front office staff to focus on other critical tasks, ultimately improving overall practice efficiency. Prioritizing Patient Privacy We understand the importance of patient confidentiality. That’s why we’ve included the Privacy View feature, which hides patient names on public displays while still providing enough information for patients to recognize their turn. Key Features and Benefits Automated Room Assignment: Patients are automatically or manually assigned to appropriate treatment rooms based on their scheduled services. Multi-Service Support: Whether you offer physical therapy, adjustments, or other services, the Rooming Module adapts to your clinic’s unique needs. Audible Announcements: Guide patients effortlessly with automated voice directions, reducing confusion and improving foot traffic flow. Privacy View: Maintain HIPAA compliance with our innovative Privacy View feature, perfect for waiting room displays. Customizable Room Configuration: Easily set up and modify room layouts to match your clinic’s physical space. How It Works The Rooming Module interface is intuitive and easy to use. It’s divided into two main components: Waiting Area: Displays checked-in patients in order of arrival. Treatment Rooms: Shows occupied and available rooms, customized to your clinic’s services. Conclusion The ClinicMind Rooming Module is more than just a new feature – it’s a powerful tool that can transform your practice’s efficiency and patient experience. By streamlining patient flow, reducing staff workload, and maintaining privacy, this module empowers you to focus on what matters most: providing excellent care to your patients. Ready to revolutionize your patient flow management? Log in to your ClinicMind account today and discover the difference the Rooming Module can make in your practice!
