Health Business Breakthroughs: Innovative Ideas for a Purposeful Venture Health Business Breakthroughs: Innovative Ideas for a Purposeful Venture

January 22, 2024 // Southern Medical Association

Embarking on the journey of starting a health-based business can be both exciting and challenging. With the growing interest in wellness and healthy living, there has never been a better time to start your own venture in this industry. In this article, the Southern Medical Association discusses the various aspects of launching a health-based business, from types of ventures to malpractice insurance to marketing strategies.

Types of Health-Based Ventures to Consider

When starting a health-based business, it's essential to explore the numerous options available. Examples of health-focused businesses include fitness centers and gyms, nutrition counseling services, wellness coaching, yoga or Pilates studios, health food stores or cafes, massage therapy practices, and physical therapy clinics. Assess your personal interests and strengths before deciding on a specific type of business to ensure long-term success.

Obtaining Necessary Licenses, Credentials, and Education

A clear and crucial step in starting a health-based business is determining the required licenses, credentials, or education for your chosen field. Personal trainers typically need certification from a recognized organization, while massage therapists often require a state license to practice. Research the requirements for your chosen field and ensure you have the necessary qualifications before embarking on your health-based business venture.

Get the Insurance You Need to Protect Your Business

Starting a health-based business brings immense opportunities for both profit and life satisfaction, but also prompts a need for comprehensive insurance coverage, especially for professionals like doctors venturing into private medical practices or those developing medical procedures or equipment. Securing insurance is paramount, offering a safety net against potential litigation. Consider options such as liability protection, property insurance, and malpractice insurance.

Cover Your Tail Now and Down the Road

For physicians transitioning from a previous practice, or who may do so in the future, understanding malpractice tail coverage becomes crucial. This tail coverage extends protection even after leaving a practice, ensuring continued financial security and peace of mind. Typically, the cost of tail coverage amounts to 200% of the annual premium at the malpractice policy's end date. Understanding the tail malpractice coverage needed in such instances not only safeguards practitioners but also reinforces their commitment to providing quality healthcare, alleviating concerns about potential liabilities from past practice.

Building a Resume for Your Health-Based Business

As you work towards starting a health-based business, having a strong resume is essential. Highlight your relevant experience, certifications, and education to showcase your expertise. Consultant Journal suggests including any awards or recognitions you've received, as these can help establish credibility with potential clients and partners. Don't forget to mention your unique skills and strengths that set you apart from competitors in the health and wellness industry.

Identifying Your Target Market

An important aspect of starting a health-based business is understanding your target market. Qualtrics advises considering factors such as age, gender, location, and income level to create a detailed profile of your ideal customer. This information will help you tailor your marketing efforts, products, and services to meet the needs and preferences of your target audience.

Establish Your Online Presence

In the digital age, search engine optimization (SEO) is a powerful tool for any business, particularly when starting a health-based business. By optimizing your website with relevant keywords and phrases, you can increase your visibility on search engines like Google and attract more potential clients. 

Ensure your website is easy to navigate, mobile-friendly, and contains valuable content that addresses the needs and concerns of your target market. To get ahead of the competition, make sure you're consistently updating your website with fresh content and engaging with your audience through social media and other online platforms.

Designing a Marketing Strategy

When starting a health-based business, a well-designed marketing strategy is crucial for success. Consider using a mix of traditional and digital marketing tactics, such as social media advertising, content marketing through blogging, videos, and podcasts, email marketing campaigns, local print or radio advertisements, and networking events and partnerships. 

Regularly evaluate the effectiveness of your marketing efforts and adjust your strategy as needed to maximize your return on investment. Learn more about content marketing strategies to maximize your impact.

Generating Leads for Your Health-Based Business

As you progress in starting a health-based business, generating leads is essential for growth. Effective lead generation strategies include offering free consultations or trials, hosting workshops, webinars, or classes, collaborating with complementary businesses, participating in local events or trade shows, and encouraging referrals from satisfied clients. Remember to follow up with leads promptly and consistently to increase your chances of converting them into paying clients.

Keep Your Stress Under Control

Starting a new business can be a whirlwind of excitement and stress. To alleviate this pressure, prioritize regular exercise as a cornerstone of your routine, as physical activity not only boosts energy but also reduces stress hormones. Socializing with cherished friends and family offers a vital outlet for emotional support, providing perspective outside the business realm. 

Additionally, practicing mindfulness or meditation techniques aids in calming the mind and fostering mental clarity amidst the chaos. Embracing a healthy work-life balance by setting clear boundaries and taking breaks when needed is crucial. 

Lastly, seeking mentorship or joining entrepreneurial communities allows for shared experiences and valuable guidance, offering a supportive network during the challenging startup phase. Incorporating these strategies can significantly reduce stress, allowing for a more balanced and resilient approach to new business ventures.

Starting a health-based business can be a rewarding and fulfilling endeavor if you take the time to plan and prepare. By considering the various types of ventures, getting the right malpractice insurance, obtaining the necessary credentials, building a strong resume, identifying your target market, implementing SEO strategies, generating leads, and keeping your stress in check, you'll be well on your way to achieving success in the health and wellness industry. By continually focusing on these key aspects, your health-based business will have a strong foundation for growth and prosperity.

The Southern Medical Association engages with and supports the efforts of medical schools, residency programs, academic medical centers, and health systems. Contact us today for more information! Phone: (800) 423-4992

Janice Russell believes the only way to survive parenthood is to find the humor in it. She created Parenting Disasters so that parents would have a go-to resource whenever they needed a laugh, but also to show parents they aren’t alone. She wants every frazzled parent out there to remember that for every kid stuck in a toilet, there’s another one out there somewhere who’s just graced their parents’ walls with some Sharpie artwork!

Photo courtesy of Pexels.

SMA’s Annual Scientific Assembly – Early Registration Discount!

January 11, 2024 // Southern Medical Association

Taking place October 24-26, 2024 in Atlanta, Georgia, SMA's Annual Scientific Assembly will offer educational sessions, cutting-edge research, and networking opportunities. Don't miss this chance to earn CME and MOC credits while staying at the forefront of medical advancements. 

In addition to a variety of clinical and non-clinical topics that will address educational needs of all healthcare professionals, this year’s Assembly will feature Pre-Conference courses that will include presentations on pain management, addressing controlled substance prescribing practices and professional boundaries.

To enjoy our exclusive early bird discount, register for the Assembly by May 31, 2024. Visit sma.org/ASA2024 or call (800) 423-4992 for more details and to register. 

We look forward to welcoming you to Atlanta!

Posted in: 2024Annual Scientific Assembly

Secure Investors For Your Medical Prototype Using These Strategies

December 20, 2023 // Southern Medical Association

In an era marked by rapid technological advancements and the ceaseless pursuit of scientific knowledge, the role of medical prototypes in catalyzing monumental breakthroughs in healthcare is undeniable. For these nascent technologies to thrive and ultimately improve patient outcomes, securing investments is paramount. This article, courtesy of the Southern Medical Association, aims to elucidate the strategic steps required to attract and secure crucial investments, ensuring that revolutionary medical prototypes transition from concept to reality.

1. Demonstrate Effectiveness and Safety

Before potential investors part with their capital, they need irrefutable evidence of a prototype's viability. Comprehensive testing and validation not only demonstrate the prototype's effectiveness but also underscore its safety. It allows potential issues to be identified and addressed early on, reducing the risk of costly changes or recalls later. Moreover, it can also provide initial data for regulatory submissions, which is a crucial factor for investors considering the highly regulated nature of the medical device industry. A solid foundation of empirical evidence acts as a beacon, drawing in investors keen on supporting groundbreaking innovations.

2. Conduct Well-Designed Clinical Trials

Beyond initial testing, well-orchestrated clinical trials serve as the gold standard in the healthcare realm. By demonstrating a prototype's efficacy and safety in real-world scenarios, these trials provide tangible proof of its potential impact, and they can even be done remotely in some cases. Robust scientific validation through these trials can significantly sway investor decisions, emphasizing that their resources will be channeled toward a prototype with verifiable results.

3. Collaborate with Respected Healthcare Professionals 

Medical prototypes benefit immensely when endorsed by recognized figures in the healthcare domain. Collaboration with esteemed healthcare professionals and thought leaders can amplify a prototype's merits, granting it instant credibility to investors. Start by identifying professionals who are influential in your niche, and approach them with a well-prepared pitch. This should be similar to an investor pitch in that it needs to include a clear explanation of your product, its benefits, how it differs from existing solutions, and the positive impact it could have on patient care. Offer them the opportunity to test your prototype and provide feedback, and be open to their insights.

4. Provide Market Research Data

Investors, being savvy stakeholders, need assurance that there exists a tangible demand for the prototype in question. Offering robust market research data can effectively illustrate the prototype's relevance and need within the healthcare ecosystem. Start by conducting thorough market research to identify existing gaps in the healthcare sector that your product could fill. This can be done through online surveys, focus groups, or interviews with healthcare professionals and potential users. Additionally, consider looking into industry reports, studies, and statistics that can provide insights into current trends and future projections. Such data-driven insights can be the deciding factor for investors contemplating the economic viability of the innovation.

5. Secure Intellectual Property Rights for Market Advantage

To truly stand out in the competitive healthcare landscape, prototypes must have a distinctive edge. Securing intellectual property rights, whether through patents, trademarks, or copyrights, ensures this uniqueness remains protected. For investors, these rights also offer an assurance: that their investment is safeguarded against imitators, ensuring a competitive market advantage.

6. Source Components Like Sensors and Transducers

The quality and reliability of a medical prototype often hinge on the components it utilizes. By sourcing these components from reputable global suppliers, one ensures the product's durability and effectiveness. From transducers that sense pressure to a sensor for handsets and more, these technological marvels enable precise monitoring and diagnosis for patients. Investors, particularly those attuned to technological innovations, are likely to be captivated by prototypes harnessing such cutting-edge capabilities. Look for a seller that offers inventory updates in real-time so you’ll always have access to the parts you need.

7. Form Strategic Partnerships

Leveraging the might of established entities in the healthcare domain can be instrumental. By forging strategic partnerships with healthcare organizations, pharmaceutical giants, or medical device manufacturers, you can gain access to invaluable resources and expertise. These collaborations, symbiotic in nature, not only enhance the prototype's prospects but also present a more compelling case for potential investors.

In conclusion, as we stand on the brink of numerous healthcare revolutions, the role of medical prototypes as harbingers of change is clear. However, without the crucial fuel of investment, many of these promising innovations might never see the light of day. By adhering to the steps outlined above, entrepreneurs and innovators can exponentially increase their chances of securing investments. As the world keenly anticipates the next wave of healthcare breakthroughs, ensuring that medical prototypes receive the support they deserve is not just beneficial—it's imperative. 

Interested in joining the Southern Medical Association? Learn more today.

Janice Russell believes the only way to survive parenthood is to find the humor in it. She created Parenting Disasters so that parents would have a go-to resource whenever they needed a laugh, but also to show parents they aren’t alone. She wants every frazzled parent out there to remember that for every kid stuck in a toilet, there’s another one out there somewhere who’s just graced their parents’ walls with some Sharpie artwork!

Call for Education Committee Members

December 7, 2023 // Southern Medical Association

Call for Education Committee Members

The Southern Medical Association (SMA) is currently seeking members to join our Education Committee. As a committee member, you'll play a pivotal role in shaping the future of medical education. 

To be considered, you must  be a dues-paying member in good standing who has a desire to fulfill the Committee’s charge to “...oversee the development of all educational activities and programming for the Association to ensure the Association fulfills its stated CME mission.” 

The Education Committee will serve the Association through content review, content recommendation, speaker recommendation and procurement, as well as offer direction with regard to grants and sponsorships. 

Commitment

  • Commit to a 1-year term of service
  • Attend 3 committee conference/Zoom calls per year
  • Respond to Committee-related emails within 24-48 hours 
  • Respond to online voting initiatives (eg, ballots, resolutions) within 5 days
  • Review conference abstracts 
  • Assist with faculty/speaker recommendations and procurement
  • Conduct podcast/webinar interviews

Benefits of Service

  • Complimentary registration to SMA meetings
  • Expense reimbursement for moderating sessions at SMA meetings
  • Recognition on the SMA website
  • Opportunities to develop curricula and educational programming
  • Sharing your expertise to help guide the future generation of healthcare providers

Together, we can develop relevant educational programs, foster learning across specialities and disciplines, and contribute to the field of medicine.

If you're ready to make a difference and help shape SMA’s educational landscape, please visit sma.org/leadership and complete the form at the bottom of the page. 

Dr. Desirée Burroughs-Ray Appointed to SMA’s Education Committee

November 21, 2023 // Southern Medical Association

The Southern Medical Association (SMA) is pleased to announce the appointment of Desirée Burroughs-Ray, MD, MPH, FAAP, to SMA’s Education Committee, whose purpose is to oversee the development of all educational activities and programming for the Association to ensure the Association fulfills its stated CME mission. 

"We are very pleased that Dr. Burroughs-Ray is a part of our Education Committee," noted SMA Executive Director Randy Glick. We are confident she will bring her enthusiasm and expertise to this role."  

Dr. Burroughs-Ray has been involved with SMA since 2022. She has served as Assistant Professor of Pediatrics and Internal Medicine at University of Tennessee Health Science Center since 2020 and was appointed Associate Program Director of their combined Internal Medicine-Pediatrics Residency in 2021. In addition, Dr. Burroughs-Ray serves as faculty advisor for the Internal Medicine Resident Wellness Committee and has presented workshops and webinars on the topic. 

News You Can Use: 2024 Cost of Living Adjustments for Retirement Plans

November 16, 2023 // SMA Services, Inc.

2024 Cost of Living Adjustments for Retirement Plans

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2024 (see IRS Notice 2023-75). Most notably, the limitation on annual salary deferrals into a 401(k) or 403(b) plan will increase to $23,000, and the dollar threshold for highly compensated employees will increase to $155,000. The more significant dollar limits for 2024 are as follows:

Defined contribution plan annual additions limit

  • 2024: $69,000 | 2023: $66,000

Maximum elective deferral for 401(k) and 403(b) plans

  • 2024: $23,000 | 2023: $22,500

Maximum contribution limit or Governmental Section 457 plans

  • 2024: $23,000 | 2023: $22,500

Highly compensated employee pay threshold

  • 2024: $155,000 | 2023: $150,000

Key employee compensation in top-heavy tests

  • 2024: $220,000 | 2023: $215,000

Qualified plan compensation limit

  • 2024: $345,000 | 2023: $330,000

SIMPLE plan maximum elective deferral

  • 2024: $16,000 | 2023: $15,500

Social Security taxable wage base

  • 2024: $168,600 | 2023: $160,200

Catch-up contribution (age 50 or older) for 401(k), 403(b) and 457 plans

  • 2024: $7,500 | 2023: $7,500

Catch-up contribution (age 50 or older) for SIMPLE 401(k)

  • 2024: $3,500 | 2023: $3,500

Defined benefit annual plan limit

  • 2024: $275,000 | 2023: $265,000

If you have questions about retirement plan contributions, please contact SMA Services at tpa@sma.org.

Dr. Christopher D. Jackson Installed as the 118th President of the Southern Medical Association

November 8, 2023 // Southern Medical Association

The Southern Medical Association (SMA) is pleased to announce the installation of Christopher D. Jackson, MD, FACP, FSSCI, as the Association’s 118th President. Dr. Jackson was installed October 28, 2023 during SMA’s Annual Scientific Assembly in Greensboro, North Carolina. With his installation, Dr. Jackson becomes the first Black President of SMA and will serve for the year 2023-2024. 

“With his innovation and passion, Dr. Jackson is poised to lead SMA in a promising and exciting direction,” said Randy Glick, SMA Executive Director. “He believes strongly in education and lifelong learning, both of which are foundational pillars of the Association.”

Dr. Jackson serves as Associate Professor of Medicine, Assistant Dean of Student Affairs, and Associate Program Director for Curriculum at the University of Tennessee Health Science Center (UTHSC) Internal Medicine Residency in Memphis. A native of Augusta, GA, he graduated from Emory University with a degree in Biology and Sociology. He received his Doctor of Medicine degree at the Medical College of Georgia. He completed his internal medicine and chief residency year in patient safety and quality improvement at UTHSC before joining the faculty in the Division of General Internal Medicine and the Center for Health System Improvement in 2019.

Mentorship, including the development of a mentoring academy, will be a key priority during Dr. Jackson’s presidential tenure. “Mentorship doesn’t just end with medical students and residents. Practicing physicians and even those who are nearing the end of their career often need guidance on the next steps to take,” he said. “I hope this is a process where everyone, regardless of their stage of life, can be included through a refined mentor matching process.” 

Recognizing that education is the core of SMA’s mission, Dr. Jackson also intends to foster innovation in professional development and education that is relevant to those in academic medical centers, private practices, and in rural health settings. “As technology and research continue to redefine the boundaries of healthcare, it is crucial that our physicians are not only keeping pace but also leading the way,” he noted. “By creating an environment that encourages curiosity, nurtures creativity, and celebrates innovative thinking, we can ensure our physicians are equipped with the latest knowledge and skills. This not only enhances their professional growth but also ensures the highest quality of care for our patients.”

An active member of SMA for eight years, Dr. Jackson has served on SMA’s Education Committee and as an assistant editor for the Southern Medical Journal, the Association’s peer-reviewed journal. In addition, he has served as faculty for numerous SMA webinars and podcasts. 

Congratulations to Duke University School of Medicine — 2023 SMArt Bowl Winning Team!

November 8, 2023 // Southern Medical Association

Congratulations to Rick Laoprasert, Pranav Warman, and Sunny Yang Liu from the Duke University School of Medicine! They are the winners of this year’s SMArt Bowl! 

Teams of medical students and residents participated in this fun-filled, Jeopardy!-style competition that took place on October 27, during SMA’s Annual Scientific Assembly in Greensboro, NC. 

Hosted by Dr. Christopher Morris (himself a previous Jeopardy! contestant!), participants from the Brody School of Medicine, Duke University School of Medicine, Lake Cumberland Regional Hospital, Lewis Gale Medical Center, and Norton Community Hospital spent the evening vying for cash prizes as they competed in rounds of multispecialty medical trivia questions.

After 10 rounds of friendly competition, the Duke Blue Devils were crowned this year’s champion, with each player receiving $1000. Last year’s winning team – Lake Cumberland Regional Hospital – took second place, with each team member receiving $250!

Thank you to Constellation Quality Health for sponsoring this year’s SMArt Bowl and to all of the teams who participated. We hope to see you all in Atlanta in 2024!

Posted in: 2023Annual Scientific Assembly

Congratulations to SMA’s 2023 Scholarship Recipients

November 7, 2023 // Southern Medical Association

Southern Medical Association’s Physicians-in-Training Committee is pleased to announce the winners of the 2023 SMA Scholarships! These scholarships are funded annually through the support of donations to SMA’s Research and Education Endowment Fund and SMA’s Southern Legacy Endowment Program. 

Congratulations to this year’s scholarship recipients who together received more than $13,000 in scholarship funds and thank you to our generous donors who made these awards possible.

Lt. Col. Laurence Carter Legacy Scholarship Award –  $6,500.00

Emma Schnittka is a 4th-year medical student at the Alabama College of Osteopathic Medicine.  She has interests in community health, women’s health, and gastroenterology, and is applying for internal medicine residency in the 2024 Match.

Society of 1906 Scholarship Award – $2,500.00

Lachlan Shiver attends the University of South Florida Morsani College of Medicine in Tampa, Florida and intends on specializing in internal medicine-pediatrics. An avid runner, Lachan competed for USF's track and field team during his first year of medical school before honing his skills as a narrative medicine writer and clinical researcher. He has led multiple research projects and has presented his findings at nationwide medical conferences, including the American Diabetes Association and the Society of Urological Oncology. Lachlan is also a passionate narrative medicine writer and writes op-med editorial pieces for the social media website Doximity. After residency, he is planning for a career in academic medicine and aspires to use narrative medicine as a way to advocate for patients and improve healthcare outcomes. 

Society of 1924 Scholarship Award – $2.500.00

Kelly Chau is a fourth-year MD/MDH student at the Louisiana State University Health and Sciences Center in New Orleans, Louisiana. She graduated from Tulane University in 2020 with degrees in cell and molecular biology as well as public health. Her study focus is behavioral and community health, with clinical interests in obstetrics and gynecology. She is passionate about reproductive health and justice, as well as sexual education access expansion.

Karan Pastora Legacy Scholarship Award –  $1,250.00

Ruby Arora is a fourth-year medical student at Tulane University School of Medicine in New Orleans, Louisiana and is originally from Memphis, Tennessee. She is passionate about working with the student-run free clinics at Tulane and doing health equity work.  Ruby is also interested in clinical research given her prior job as a research coordinator before medical school.  She plans to complete residency in internal medicine and eventually become an academic oncologist.  Outside of school, ruby enjoys cycling, cooking, and reading.

Rose Kuplesky Legacy Scholarship Award – $500.00

Kenneth Paik is a fourth-year medical student at the UAB Heersink School of Medicine in Birmingham, Alabama, and he has a keen interest in pursuing a career in internal medicine. Over the past year, he has had the privilege of being a part of SMA’s Physicians-in-Training Committee which has allowed him to establish valuable connections in the field. Kenneth says he is truly grateful for the opportunities and scholarship provided by SMA, as this has played a pivotal role in advancing his career in both research and education. 

Posted in: 2023Annual Scientific Assembly

ASA 2023 Abstract Winners Announced!

November 1, 2023 // Randy Glick

ASA 2023 Abstract Winners Announced!

What began in August with over 100 Medical Student and Resident abstract submissions, concluded at the 2023 Annual Scientific Assembly in Greensboro, North Carolina at the Top 20 Live Competition. Congratulations to the winners of this year's 2023 Abstract Competition!

-

Orals

1st Place:

Parks Remcho

3rd Year MD-PhD candidate at Tulane School of Medicine
“Effective Vaccination for Klebsiella pneumoniae Elicits Epigenetic Changes in T-cells and Requires IL17rc on Lung Fibroblasts”

 

2nd Place:

Aditya Vinjamuri 

3rd Year Medical Student at Tulane School of Medicine

“Can Inhibiting Ferroptosis and Subsequent Endothelial Glycocalyx Shedding Reduce the Morbidity and Mortality of Hemorrhagic Shock”

 

3rd Place: 

Sunpil Hwang

2nd Year Internal Medicine Resident at North Alabama Medical Center

“A Rare Presentation of Metastatic Sclerosing Epithelioid Fibrosarcoma with Spinal Cord Compression” 

 

-

Posters

1st Place:

Tina Phan

4th Year Internal Medicine-Pediatrics Resident at the University of Tennessee Health Science Center

“Chorea-Is Diabetes Mellitus to Blame”

 

2nd Place:

Laura Harrison

3rd Year Internal Medicine Resident at the University of Tennessee Health Science Center

“Refractory Hypertension and Hypokalemia in the Setting of Licorice Consumption”

3rd Place:

Annabelle Lunt

3rd Year Medical Student at the University of South Carolina School of Medicine

“Student-led Guidance for Diabetic Management in an Underserved Population”

-

Thank you to all of the physicians-in-training who presented abstracts this year and thank you to all of the medical schools and residency programs that supported their participation.

More than $12,000 is being distributed to this year's abstract winners and these awards are made possible through contributions to SMA's Research and Education Endowment Fund. 

“Just as with our recent Virtual Abstract Competition, it was exciting to hear what these exceptional medical students and residents are researching about developing across various fields in medicine,” noted SMA Executive Director Randy Glick. “All of the presenters did a wonderful job. Their preparation, professionalism, and knowledge of their material were apparent and helped make our Assembly a huge success.”

Posted in: 2023AbstractAnnual Scientific Assembly

News You Can Use: 2024 Social Security COLA Set at 3.2% and What It Means

October 31, 2023 // SMA Services, Inc.

2024 Social Security COLA Set at 3.2% and What It Means

The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?

  • The more modest increase reflects a slowing of inflation.
  • The rates and limits for qualified retirement plans will most likely be modest increases. 
  • The 3.2% COLA, which takes effect in January 2024, means the current average Social Security benefit of $1,790 will increase by about $57.30 per month starting in January. That’s significantly less than the $144 raise the average Social Security beneficiary received for 2023 after this year’s 8.7% COLA.
  • Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200.
  • It is clear that retirement savers can’t simply rely on Social Security to fund a comfortable, secure retirement. The importance of qualified retirement plans plays in the workplace is growing and more important to filling the gap. According to a recent study conducted by Bank of America, 76% of employees and a whopping 96% of employers contend that employers are responsible for employee financial wellness.

4th Quarter Compliance Calendar

October 3, 2023 // SMA Services, Inc.

4th Quarter Compliance Calendar

With the start of the 4th quarter of the year, there are numerous 401(k) administration retirement plan compliance deadlines on the horizon:

October 15

  • Extended Deadline: Filing tax returns for partnerships 
  • Extended Deadline: Contribution deadline for deductibility for calendar-year partnerships and S-corporations

November 15

  • Summary Annual Report (SAR) for each qualified plan must be mailed to participants for plans that filed a corporate tax extension. This is due two months after the extended due date. 
  • Quarterly Benefits/Disclosure Statement for Participant Directed DC Plans. Good Faith Compliance due 45 days after the end of the quarter. 

December 1

  • Deadline: Sending annual 401(k) and safe harbor match notice
  • Deadline: Sending annual QDIA, qualified default investment alternative notice
  •  Deadline: Sending annual automatic contribution arrangement notice (ACA) For administrative ease, a combined notice may be provided for the above notices 

December 15

  • Extended deadline: Distributing SAR to participants

December 31

  • Deadline: Processing corrective distributions for failed ADP/ACP test with 10% excise tax
  • Deadline: Correcting a failed ADP/ACP test with qualified nonelective contributions (QNECs) 
  • Deadline: Converting existing 401(k) plan to safe harbor nonelective design for current plan year
  • Deadline: Amendment to remove or convert to safe harbor status for next plan year
  • Deadline: Amending plan for discretionary changes implemented during plan year (certain exceptions apply)
  • Deadline: RMDs due under IRC Section 401(a)(9)

David Netscher, MD, Elected as SMA President-Elect Designate

October 2, 2023 // Southern Medical Association

The Southern Medical Association (SMA) is pleased to announce the election of David Netscher, MD, as President-Elect Designate, 2023-2024. Dr. Netscher will be installed during SMA’s Annual Scientific Assembly in Greensboro, North Carolina, on October 28, 2023, and will serve as SMA President for the year 2025-2026. 

Dr. Netscher, an academician with a life-long career at Baylor College of Medicine in Houston, Texas, has served as Professor in the Department of Orthopedic Surgery and the Division of Plastic Surgery since 2006 and as the Program Director for the Hand Surgery Fellowship for more than 20 years. His speciality involves congenital anomalies, trauma, arthritis, contractures, oncology, vascular and peripheral nerve problems. Additionally, Dr. Netscher has served as a Director of both the American Board of Surgery and the American Board of Plastic Surgery as well as on the Conjoint Hand Surgery Board.

Dr. Netscher received his medical degree from the University of Witwatersrand Medical School in Johannesburg, South Africa, and clinical fellowship training in hand surgery at The Christine M. Kleinert Institute for Hand and Micro Surgery. Additionally, he completed a general surgery and internal medicine internship at Johannesburg General Hospital, and a  general surgery residency at the University of Louisville, followed by a plastic surgery residency at Baylor College of Medicine.

During his 2025-2026 term as SMA President, Dr. Netscher intends for his vision to maintain and build upon SMA’s proud history and tradition. “SMA’s mission is to improve quality of patient care through multispecialty, interprofessional education,” he said. “Indeed, strength is achieved through collaboration between specialties and investment in the future careers of young healthcare providers.”

An active member of SMA for more than 35 years, Dr. Netscher has served on SMA’s Education Committee and recently developed and presented a series of SMA continuing medical education webinars focusing on “The Hand and Upper Extremity: Evaluation, Diagnosis, and Treatment in Disease”. In addition to a primer on hand examination, topics included common hand emergencies, and diagnosis and management of common osteoarthritic conditions of the hand.  

Listen as Drs. Carter Labares and Errington Thompson Discuss Physician Wellness

September 19, 2023 // Southern Medical Association

 

Errington Thompson, MD interviews Carter Lebares, MD, Associate Professor of Surgery, University of California San Francisco. Dr. Lebares is the Director for the Center for Mindfulness in Surgery. During this podcast, they discuss the research behind physician well being and burnout, as well as Dr. Lebares' latest publication in the Journal of the American College of Surgeons, “Operationalizing the Culture of Burnout and Well-Being: Multicenter Study of Value Congruence and Flourishing in General Surgery Residency”. Dr. Lebares is truly an expert in the field of Wellness. This is a wonderful discussion and we hope you will listen!

Listen to Dr. Ankur Patel Preview His Assembly Keynote Presentation on Adverse Drug Events

September 18, 2023 // Southern Medical Association


During this podcast, Dr. Ankur Patel, a board-certified geriatrician, author, podcast host, speaker, pharmacist, and chief medical officer, and SMA President Dr. Lee Carter, an internal medicine specialist in private practice in Hickory, North Carolina, offer listeners a preview of Dr. Patel's keynote presentation on adverse drug events taking place during SMA’s Annual Scientific Assembly in Greensboro, North Carolina October 26-28, 2023.

For more information and to register for the Assembly, please visit https://sma.org/asa2023 or call (800) 423-4992.

Posted in: Annual Scientific Assembly

Breaking News: IRS Grants Two-Year Delay in Roth Catch-Up Requirements

September 12, 2023 // Rick Spence, Executive Vice President of SMA Services, Inc.

Section 603 of the SECURE 2.0 Act added a new requirement that high-income individuals must make their catch-up contributions on a Roth basis for high-income individuals, citing “high-income” as employees with wages exceeding $145,000 paid in the prior calendar year by the employer sponsoring the plan.

Mandatory Roth treatment of catch-up contributions for high income individuals was set to start in tax years starting January 1, 2024. With these new, abbreviated parameters, employers, plan record-keepers, payroll companies and various industry and professional groups have expressed concerns. These concerns stem from the additional challenges in making the necessary changes to plan documents, employee communications, and administrative procedures required for proper implementation.

In response to those concerns, the IRS granted a two-year delay for the required implementation date, which is now for plan years beginning after December 31, 2025. That means until the 2026 plan year, plan sponsors may continue to administer catch-up contributions without regard to the new Roth requirement.

There are many more items from SECURE 2.0 that need more guidance from the IRS. SMA Services will be keeping you up to date and providing helpful insight on how the new guidance affects your plan, as new information becomes available.

If you have any questions, please reach out to me, Rick Spence, at rspence@sma.org or contact your dedicated administration specialist today for further information.

Listen to Dr. Sara Paul Preview Her Assembly Presentation on Heart Failure and Cardiac Arrest

September 7, 2023 // Southern Medical Association

During this podcast, Dr. Sara Paul, a nurse practitioner in a private cardiology practice in Western North Carolina, and SMA President Dr. Lee Carter, an internal medicine specialist in private practice in Hickory, North Carolina, offer listeners a preview of Dr. Paul's presentation on heart failure and cardiac arrest taking place during SMA’s Annual Scientific Assembly in Greensboro, North Carolina October 26-28, 2023.

For more information and to register for the Assembly, please visit https://sma.org/asa2023 or call (800) 423-4992.

Posted in: Annual Scientific Assembly

Getting to Know Clinton Adkison, SMA Services 401(k) Administrator

September 5, 2023 // Southern Medical Association

Clinton Adkison just recently celebrated his 1-year anniversary with SMA Services. He has been in Third Party Administration for a few years, and prior to that he was an educator.  Clinton hails from the state of Florida and is a proud alumnus of Florida State University.  He is a true asset here at SMA Services; his knowledge, sense of humor and customer service are what his clients truly appreciate.

One of Clinton’s passions outside of 401(k) administration is his love for automobiles.  

“I have always been a ‘gear head’. I love cars. I enjoy working on them and modifying them. As a teen I would add subwoofers and lights to make my car look and sound ‘cool’,” he recalled. “As I matured into my 2o’s I realized it was about speed and performance. I rebuilt my ‘95 Ford Mustang GT (Last of the real 302’s/5.0) and built the block from the bottom up. As he gained knowledge about cars, Clinton also learned some lessons along the way and that with age comes wisdom. “Nothing on that block was stock except the block,” he said. Then I found out when you sell it you do not make the money back that you poured into it. So I decided in my 30’s, to just go ahead and buy it from the factory fast so there will be a resale value. Also, now that I have turned 40 I don’t want to work on cars anymore…I just want to drive them.”

As for what Clinton drives now? “My current car is a 2020 BMW M4 Coupe. The engine is a Twin Turbocharged 3.0L inline 6. 🙂,” he shared.

Clinton is quite the world traveler who enjoys experiencing new and different cultures. He has traveled to Jamaica, Bahamas, Ireland, England, Scotland, Norway, and Japan. “Of all the places I have been, Japan was by far the best. The food is amazing!!! And when you step off the plane everything is different,” he explained. The air smells different, the roads are different, the people are different, and the language is different. Everyone is super respectful and are willing to help in any way they can. The ways of honor are still very prevalent in Japan.” 

Clinton has such great respect for Japan, the people, and its culture that he wanted to learn the language – that is how he met his beautiful wife Tomoyo. who started out as his Japanese language teacher in Florida. They were later married in Japan with her family and they have been married for 7 years.

You can email Clinton at cadkison@sma.org  or call him at (205) 421-4125.

Founded in 1984, SMA Services, Inc., is a wholly owned subsidiary of the Southern Medical Association that is a leading Third Party Administrator (TPA) providing all-inclusive plan administration, plan design, consulting and compliance services. The Southern Medical Association was founded in 1906 with a mission to improve quality of patient care through multidisciplinary, interprofessional education.

SMA Announces Call for Abstracts for Its 2024 Physicians-in-Training Leadership Conference

September 1, 2023 // Southern Medical Association

The Southern Medical Association (SMA) is currently accepting abstracts for its 4th Annual Physicians-In-Training Leadership Conference taking place February 16-18, 2024, at the University of Tennessee Health Science Center in Memphis, Tennessee.

Medical students, residents, and fellows are eligible to submit an abstract for this conference.

To download complete submission guidelines and to submit an abstract, CLICK HERE!

The deadline for abstract submissions is Wednesday, November 15, 2023.

Presenters will compete in person for monetary awards totaling $9,400:

Oral Abstract Awards
1st Place $3,000.00*
2nd Place $2,000.00
3rd Place $1,000.00

*1st Place Program $1000 Sponsorship

Poster Awards
1st Place $1,000.00
2nd Place $800.00
3rd Place $600.00

Posted in: 2023AbstractHiddenPhysicians-in-Training

Getting to Know Ben Satterfield, SMA Services 401(k) Administrator

August 30, 2023 // Southern Medical Association

Ben has been in the 401k industry for more than 10 years and has experience in compliance testing, payroll aggregation, distribution processing, and plan document maintenance.  He has been at SMA for almost 2 years and admits he loves it!  Ben is a leader among the other administration team and embodies the quality customer service standards at SMA Services.  He is the quintessential Southern gentleman who will get the job done. 

Ben’s Professional Advice About 401(k)s

  • If you’re young, you should look into making your deferrals as Roth deferrals. Taxes are only going to go up.  So, you might as well pay them now while they’re lower.  But he advises, “Make sure you talk to your tax guy first, though. I’m not a tax advisor.”
  • “Oh, and don’t take a loan out on your 401k to go on vacation,” he adds. “And, yes, I’ve seen it happen!”

Ben was born, raised, and still lives in Knoxville, Tennessee. He and his wife Kim, who is an ELA teacher for 3rd, 4th, and 5th grades, have been married for about 2 ½ years. They have a maltipoo named Jasper and a cat named Mildred. Ben is very involved with his church, and has been involved in youth ministry for more than 20 years. If he’s not at work or at church, then he’s probably at the lake!! 

You can email Ben at bsatterfield@sma.org or call him at (800) 423-4992 ext. 112.

Founded in 1984, SMA Services, Inc., is a wholly owned subsidiary of the Southern Medical Association that is a leading Third Party Administrator (TPA) providing all-inclusive plan administration, plan design, consulting and compliance services. The Southern Medical Association was founded in 1906 with a mission to improve quality of patient care through multidisciplinary, interprofessional education.

SMA Menu