Healthcare Professionals' End of Year Checklist

To help you prepare for a successful year-end and start the new year with confidence, we created this checklist. This resource covers essential topics to help you with your practice and your personal finances.

General

• Request free annual copies of your credit reports.
• Review interest rates on your existing debt to see if you can take advantage of lower rates.
• Review your insurance policies for appropriate insurance coverage and compare costs.
• Make sure you have spent your FSA funds.
• Consider setting up an Indiana 529 College Fund for kids or grandkids.

Financial Planning

• Maximize Retirement Contributions: Ensure full use of 401(k), Roth 401(k), or 403(b) plans.
• Review Tax Strategies: Consider deductions, charitable contributions, and estimated payments.
• Reconcile Accounts and Close Books: Prepare for tax season and financial reporting.
• Evaluate Investment Portfolio: Rebalance assets and assess performance.

Wealth Planning

• Review and update your wealth plan to align with long-term goals.
• Conduct a detailed review of cash flow projections and portfolio resilience.
• Update estate planning documents and beneficiary designations.

Tax Optimization

• Maximize contribution to HSA.
• Defer income options.
• Harvest tax losses to offset gains and reduce taxable income.
• Consider Roth IRA conversions for long-term tax efficiency.
• Front-load charitable contributions before deduction limits change.
• Use annual gift tax exclusions and lifetime exemptions effectively.

Retirement Contributions

• Maximize contributions to IRAs and 401(k)s.
• Take Required Minimum Distributions (RMDs) and consider Qualified Charitable Distributions (QCDs).

Investment Diversification

• Review asset allocation for alignment with risk tolerance and goals.
• Diversify across equities, fixed income, real estate, and alternatives.
• Consider ESG-focused investments and private markets for growth opportunities.
• Reduce concentrated positions and explore tax-efficient strategies like charitable gifting of appreciated assets.

Estate Planning

• Review beneficiaries on 401(k)s, IRAs, and life insurance policies.
• Prepare for upcoming estate tax exemption reductions in 2026.
• Accelerate wealth transfers using trusts and valuation discounts for family businesses.

Cybersecurity

• Strengthen cybersecurity measures for digital banking and wealth management.
• Use secure platforms and monitor for fraud risks.

Liquidity Strategies

• Use Donor-Advised Funds (DAFs) for flexibility.
• Combine charitable giving with tax planning to maximize deductions.

Compliance & Licensing

• Conduct a Compliance Risk Assessment: Review policies, procedures, and identify any gaps.
• Update licenses and registrations: Ensure all provider credentials are current.
• Review and revise compliance plan: Incorporate any regulatory changes or audit findings.

Practice Management

• Audit billing and coding practices: Verify accuracy and compliance with current regulations.
• Assess technology needs: Evaluate EMR systems, cybersecurity, and software updates.
• Review staffing and HR policies: Confirm contracts, benefits, and training requirements.

Revenue Cycle Management

• Post all year-end service charges: Submit claims promptly to avoid delays.
• Issue patient statements: Ensure balances are communicated before year-end.
• Review outstanding claims and denials: Resolve issues to improve cash flow.

Patient Care and Communication

• Close outpatient charts: Finalize documentation and follow-ups.
• Send year-end communications: Share holiday hours, wellness reminders, or gratitude messages.
• Plan for next year’s patient engagement: Set goals for outreach, education, or new services.

Questions about your next steps? For personal assistance, don’t hesitate to contact your 1st Source banker, reach out at (800) 513-2360, or email [email protected]

Investment products are Not Insured by FDIC or Any Other Government Agency, Not Bank Guaranteed, Not Bank Deposits or Other Obligations, May Lose Value