Are you in the Medical Field? Our Tax Planning for Medical Professionals May be for You!
The medical field has always been one of the fastest-growing and most profitable areas of employment. At Core CPAs & Advisors we have witnessed this rise, which is why a large part of our accounting services have been focused explicitly on clients in this field.
In this blog, we focus particularly on this industry because we know how important it is to accompany and guide all those within it during the phases of the sector.
Who makes up the medical industry?
The medical or healthcare industry consists of companies that provide or coordinate medical services, manufacture equipment for such work, or manufacture drugs. It also includes health insurers or those who otherwise facilitate the provision of health care to patients, such as nursing homes.
Statistics
Did you know...? The medical sector is one of the largest and most complex sectors of the U.S. economy. In 2018 it accounted for 18% of gross domestic product (GDP). This industry - at least in that country - benefits because there is a stable and growing medical research and development system, as well as the technology needed to perform the right procedures, i.e. it cooperates with other industries, such as technology.
The market encompassing this particular industry is valued at around $8.45 trillion (as of 2018) and is forecast to grow at an annual rate of 7.4% by 2026. One of the most important factors behind this growth is due to the rapid aging of the population, as people are living longer and longer. With an increasing elderly population, more health care is needed to sustain it.
Sub-industries
Within the medical industry, there are others that are related to it. Some of them are:
Pharmaceuticals: these are divided into different branches such as pharmaceutical companies, biotechnology companies and generic drug manufacturers; all of them related to research for the creation of new drugs.
Medical equipment: every industry needs its own manufacturers, including the medical industry.
From latex gloves to the equipment needed to perform surgery on a patient, this industry cannot be thought of without the right equipment.
Medical management: one of the biggest businesses within the industry is insurance. Whether for individuals or entire companies, health insurance policies are one of the foundations of the industry and one of the reasons why it has been so profitable.
Need more information on the subject? Download our PDF guide at https://www.corecpas.com/medical/
Here you will find deductions that you can make according to the specific line of business of your company. If you require the assistance of an expert, don't hesitate to call us!
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