Operating Your Medical Practices During COVID-19
May 14, 2020
Quality Matters
Quality is vital to maintaining your overall health. Achieving excellence in care is what sets you apart and drives success. Offering a goal-oriented approach, backed by expertise, efficiency and innovation, Withum creates a world full of potential for a life well-lived.
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Federally Qualified Health Centers (FQHCs) Services
Federally qualified, medical and community health centers are of a unique subspecialty in the healthcare sector. We provide audit, tax and consulting services to make sure you stay compliant.
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Healthcare Systems and Hospitals
Healthcare systems, hospitals and academic medical centers are implementing innovative accounting and advisory solutions to increase efficiency in their daily operations to grow their bottom line. We show you how to recover lost revenue, strengthen workplace collaboration and increase patient satisfaction.
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Physician and Dental Practices
To guarantee the success of a private practice – you need to ensure a financially strong future for yourself, your practice and your family. We help physician and dental practices with tax structuring, succession/exit planning and practice management to ensure a healthy future for the business and the patients it serves.
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Senior Living
The senior living industry is continuously faced with the challenge of providing the best experience to a diverse population while adhering to the strict provisions of many oversight agencies. We help you meet reporting deadlines and stay compliant so you can continue giving the best patient care possible.
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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.
Withum’s Healthcare Advisory Team discusses the implications of the CARES Act and all recent updates and changes. The primary focus is to ensure healthcare organizations and providers are aware of the funding sources within the CARES Act. Withum’s healthcare group can assist your healthcare organization with cashflow projections and assure all payments you are entitled to are identified during these difficult times.
Domenic Segalla, former hospital CFO and Team Leader of Withum’s Healthcare Advisory Team.
Domenic Segalla, former hospital CFO and Team Leader of Withum’s Healthcare Advisory Team.
Disclaimer: This webinar was recorded on April 20, 2020 and is the interpretation of Withum professionals. We are aware that new rules and regulations are being released daily and some of the guidelines mentioned may change.
Healthcare Industry Challenges and Trends
Affiliations, Mergers and/or Joint Ventures
Consolidation is sweeping the healthcare nation at a rapid rate as systems are looking to grow, reduce cost and improve quality. Simplify this process by letting our team value your business and analyze risk in your future transactions.
Internal Audit
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.
Revenue Cycle Gaps
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.
Cybersecurity
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.
Collaboration and Efficiency
When everyone works together as a team, you achieve more. But, it all starts with proper communication and awareness of the common goal. Technology helps keep teams in the loop and moving in the same direction to achieve success.
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
- Accounting and Auditing
- Corporate Compliance
- ERISA
- Governance
- Internal Audit
- International (FATCA)
- M&A Financial and Tax Due Diligence
- Management Consulting
- Tax
Healthcare Advisory Services
- Accounts Receivable and Denial Management
- Billing and Coding Reviews
- Cloud Technology
- 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
- Interim Management
- Internal Audit and Compliance
- Margin Optimization
- Merit-Based Incentive Payment System (MIPS) Program
- Microsoft 365, Office 365, NetSuite
- Patient Access
- Physician Revenue Optimization
- Revenue Cycle Services
- Revenue Recovery
- Strategy, Implementation, Security
- The Delivery System Reform Incentive Payment (DSRIP) Program
Accreditation and Associations
Withum's Healthcare Services Team is an active member of national and local centers of influence.
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