Quality patient care is what truly matters in today’s ever-changing healthcare society. But, sometimes that focus becomes clouded when you’re struggling to deliver that same level of patient care while managing how to do more with less. Healthcare entities are facing tightened budgets, shrinking staffing pools, changing regulatory standards, value-based billing and M&A activity. These challenges require extra effort to keep the doors open so you can care for your community.
Medical practices partner with Withum’s Healthcare Services Team to help turn challenge into opportunity. Your financial and corporate challenges will be managed head-on by our team ensuring your organization is at the forefront of all healthcare accounting, consulting and tax standards.
Healthcare Industry Challenges and Trends
Ensure you have the proper risk management, governance and internal control processes in place. Whether you qualify for a financial, operation, hospital/healthcare service, information systems or construction audit, we are well equipped to implement a work plan to best suit your needs.
Weaknesses in healthcare revenue cycles can leave dollars on the table for medical facilities administering patient care. Periodic revenue cycle assessments encourage stronger process management and lead to a healthier bottom line.
Protecting your patients’ information is at the core of every healthcare organization. The increase of innovative technology in the healthcare industry offers vast improvements but also brings along the risk of data to be comprised. Ensure your patients are protected before it is too late.
Has your healthcare organization performed a review of eligibility for the employee retention credit (ERC)? This credit is a refundable payroll tax credit for qualifying employers and is irrespective of any FEMA funds received or costs incurred. Don’t miss out.
We provide the resources you need to validate your healthcare processes, guide your reporting procedures and improve the overall care of your patients.
Healthcare Accounting Services
- Accounts Receivable and Denial Management
- Billing and Coding Reviews
- Cloud Technology
- Contract Rate Re-Negotiations
- Corporate Governance
- Cybersecurity (including on-site incident response)
- Data Integration
- Eligibility and Verification
- Fair Labor Standards Act (FLSA) Compliance Risk Checkup
- Feasibility Studies
- Financial and Tax Due Diligence
- Healthcare Litigation Cases
- HIPAA and Billing Compliance
- Interim Management
- Internal Audit and Compliance
- Margin Optimization
- Merit-Based Incentive Payment System (MIPS) Program
- Microsoft 365, Office 365, NetSuite
- New Provider Credentialing/Re-Credentialing
- No Surprises Assessments and Implementation
- Patient Access
- Physician Revenue Optimization
- Practice Management Support (as needed)
- Primary Source Credentialing
- Provider Relief Fund Reporting
- Revenue Cycle Services
- Revenue Recovery
- Strategy, Implementation, Security
- The Delivery System Reform Incentive Payment (DSRIP) Program
- Valuation Services
Withum’s Healthcare Services Team is an active member of national and local centers of influence.
For more information or to discuss your business needs, contact Withum’s Healthcare Services Team.
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