Organizations with a mission dedicated to delivering premier home health, hospice and community-based services are all too familiar with the economic and regulatory pressures of the current healthcare environment. Now more than ever, business owners, management and staff have been forced to address many issues and challenges, including:
- Increased accountability and outcomes on operations.
- Development of “Best Practices” governance and behavioral guidelines and standards.
- Monitoring compliance with regulatory policies and procedures.
- Implementation of operational and financial controls in new services and initiatives.
In addition, home health agencies and hospices are also subject to the oversight of many regulatory and governing bodies. Whether it is the establishment of corporate compliance programs or changing rules and regulations, they are continuously faced with the challenge of providing a full continuum of services to a diverse population of patients while always adhering to the strict provisions of the Department of Health, Medicare, Medicaid, the Internal Revenue Service and other oversight agencies.
Our WithumSmith+Brown professionals are experienced and at the forefront of the issues and regulations that affect the home health and healthcare industries, and service some of the largest home health agencies in the region. We understand your needs, and we have the resources and expertise required to put your organization in a position of strength.
In addition to traditional accounting, audit and consulting services, we also provide services specific to Home Health Agencies and Hospices including the preparation of Medicare and Medicaid Cost Reports, business valuations, budgets and forecasts.
AUDIT AREAS OF PRIMARY EMPHASIS:
- Accounts Receivable and Related Allowances
- Net Patient Service Revenue and Related Contractual Allowances
- Grants and Contributions
- Deferred Revenue
- Estimated Amounts Due to Third-Party Payors
- Financial Statement Disclosures
PLANNING AND EVALUATION SERVICES:
While working with your Board and Management in the financial process, we can provide the following evaluations for you to further understand your organization:
- Comprehensive assessment of risk
- Internal control effectiveness over primary accounting transactions and ancillary supporting systems
- New regulatory, compliance and technical requirements
- Regulatory and legislative trends
- Corporate governance initiatives
IT AUDIT CAPABILITIES:
We have experience working with clients using numerous general ledger, clinical and billing software systems. Our computer-based audit approach includes the utilization of ProSystem fx Engagement and IDEA Data Analysis Software, which combine to give us the ability to work directly with your software in conducting audit procedures. Our computer audit capabilities include the ability to download your data into electronic format and then perform data extraction techniques on the data for analytical and other purposes.