I had the opportunity last week to appear on a nationally syndicated business talk show out of Minneapolis to discuss the latest developments related to health reform. The robust conversation on the Josh Tolley show covered the impact the Affordable Care Act will have on small business. How will the fiscal cliff will impact our economy? Check out the interview from November 29th hour one. If you are feeling lazy are a few highlights.
What are the biggest challenges currently facing businesses?
- Businesses of all sizes are struggling to quantify how the compliance of the Obama healthcare reform legislation will impact their firm. The legislation looks at businesses based on several categories and therefore it is impossible to completely determine how the business community will be impacted in general.
- Since compliance is based on the demographics of each individual firm some companies may not see much of an impact. Some business, however, may go out of business because of the law. The majority will be facing challenges related to new taxes created under the Affordable Care Act, new essential benefit requirements and other reporting requirements.
How will this impact growth of the business community?
- How will businesses react to the pay or play mandate in Section 1513 of the ACA? This is the million dollar question. Many experts predict a shift to part-time workers. Others may drop coverage all together by opting to pay the penalty of $2,000 per worker after the first 30. One important takeaway that remains unknown at the moment will be how this indirectly will impact productivity and therefore economic growth in America.
How will this impact how healthcare is delivered?
- This law is changing the way healthcare will be delivered over the next several years. We are seeing a shift from a volume-based fee-for-service to a value based system linked to quality incentives. The issue nobody discusses is the demographic of the provider workforce and how we are facing a shortage of 100,000 physicians by the end of this decade.
What is going on with the fiscal cliff?
- A lot of chest thumping and politicking at the moment. I think they will come to another band-aid solution around the Christmas break by ultimately kicking the can down the road. The two takeaway questions will be how will this impact the economy in 2013 and thus 401K plans of millions of Americans? Second, can we as a nation sustain fiscal irresponsibility any longer as a nation faces a debt that is 100% of GDP?
What can E.D. Bellis do for your businesses?
- E.D. Bellis can help you understand how this seminal piece of legislation will impact your business and provide recommendations on how you should proceed at a fair price.
- We also offer on-going support for businesses who have regular questions regarding how the bill will impact their business, their clients and competitors. Do not get caught off guard and add value to your existing clients by contacting E.D. Bellis today.
To listen to the full interview click here and go to the November 29th podcast. Appearing in hour one minutes 14:00-36:00.
If this is your first time visiting http://healthreformexplained.com take a moment to check out all of our coverage on Obamacare, the fiscal cliff and all of the big challenges facing this country. For more in depth information contact me today an in person presentation on the health reform law and how it will impact you, your family and your business.
If your company is struggling on how to prepare for all of the looming rules and regulations, I can also help. Contact me today and ask about the ACA initial assessment and compliance checklist.