Tax Planning

How Will American Doctors Be Impacted By the Inflation Reduction Act?

8/30/2022

The recent passage of the Inflation Reduction Act in the United States Congress is a huge win for the President Biden administration, who pushed for the Democrat-backed bill to be pushed through, even making special provisions to get Senator Kyrsten Sinema (D-AZ) and Senator Joe Manchin (D-WV) onboard.

The sweeping bill, that specifically addresses climate change and healthcare, was passed along party lines, without support from a single Republican Congressperson. No matter which side of the aisle you fall on politically, however, if you are an American doctor, you are probably wondering how the Inflation Reduction Act will impact your practice moving forward.

Here, we dive into the details.

What are the healthcare provisions in the Inflation Reduction Act?

The IRA includes several provisions specific to the pharmaceutical industry. Bloomberg previously shared details about how these provisions could impact patients.

The outlet noted that those who received Medicare or have health insurance through the Affordable Care Act marketplace are “winners” in the final bill, which “caps out-of-pocket costs for seniors’ prescription drugs at $2,000 a year and allows Medicare to negotiate the prices on 10 medications four years from now. The bill avoids a large January increase in Obamacare premiums for many middle-income people by extending subsidies for three years.”

The finance giant also noted that the bill could negatively impact Big Pharma, as it allows Medicare representatives to negotiate drug prices with pharmaceutical companies for the first time, marking “a change that Congress has been discussing for decades with limited success, in part because of the drug lobby’s power.”

Will the corporate minimum tax affect doctors?

One of the major components of the IRA is the inclusion of a corporate minimum tax provision. Businesses with revenue of over $1 billion are now required to pay a minimum of 15% in taxes. While this is unlikely to impact any physicians in private practice, it could affect doctors who work for large hospital systems.

Medical Economics noted that “doctor groups could negotiate not having salary/bonus structures reduced by the new corporate minimum tax, but the potential is certainly there.”

What do doctors think about the Inflation Reduction Act?

Publicly, many physician-oriented organizations have supported the IRA. The Association of American Medical Colleges (AAMC) applauded the fact that the bill will cut healthcare costs for some patients but did say that we still “need to do more” to improve the health system in the United States.

Meanwhile, Doctors For America issued a strong statement of support for the IRA, “Today is a historic day for the health of our patients and our country. We applaud Congress for passing the Inflation Reduction Act that addresses some of the constraints of our current healthcare system. Doctors for America will continue to work on making healthcare accessible, equitable, affordable and universal to all patients,” said Dr. Kate Kelley, Chair of Doctors for America’s Access to Affordable Care Impact Area.

What do you think about the Inflation Reduction Act and its potential impact on the medical community?

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Frank Jenkins Jr

Frank Jenkins Jr. is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, accounting, audit & assurances. "I genuinely care about our clients because I have a personal connection with them. This job requires me to multi-task and work under tight deadlines. I get great professional satisfaction from balancing firm and client commitments while building a strong team here at AJC."

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