Download a PDF of this case study Executive Summary In response to growing concerns about the accuracy of healthcare claim payments, a prominent national multiemployer plan sponsor, faced challenges related to uncertainties in claims accuracy, non-standard benefit designs, and financial risks due to overpayments. To address these issues, Withum worked with the client to design…
Download a PDF of this case study Executive Summary In response to escalating plan costs and a lack of transparency, a group dental practice, faced challenges in trust erosion with service providers, uncertainty in claims experience, concerns about plan funding, and financial vulnerability due to claims volatility. Withum’s strategic approach involved a comprehensive risk assessment,…
Central Bank Digital Currencies (CBDCs) are a form of digital currency issued by a country’s central bank and have the potential to significantly impact business and reporting in various ways.The value of CBDCs is fixed by the central bank and equivalent to the country’s fiat currency.So, what are the potential benefits of CBDCs? They would…
In November 2023, the US Department of Labor (DOL) released its Audit Quality Study, which found that a “significant number of employee benefit plan audits were deficient.” The study also revealed a correlation between the number of employee benefit plan audits performed by a CPA firm and the quality of the audit work. The report…
“A rising tide lifts all boats” – Credited to John F. Kennedy A corollary to this metaphor may be that a falling tide sinks all ships. Observance of daily high and low tides would prove this corollary incorrect, as ships do not sink at low tide and the sinking of a ship may be caused…
Withum is proud to share that New Jersey business publication ROI-NJ has named Bill Hagaman, Ed O’Connell, and Pat Walsh to their 2024 Power Influencer List in Accounting. Bill Hagaman, Partner and Immediate past Managing Partner and CEO, has been a member of the Firm’s management for over 30 years and specializes in merger and…
Organizations today face constant online threats, making cyber hygiene best practices a business imperative. Cyber hygiene, or cybersecurity hygiene, encompasses a set of proactive measures essential for safeguarding sensitive data and protecting against a myriad of threats, including hackers, malware, and data breaches. As with most facets of business, there is a trade-off between cost…
It’s that amazing time of year again. Fire up the barbecue, make that famous seven-layer dip, and gather around the 70” flatscreen with all your friends and family because the highly anticipated NFL playoffs have officially begun. The goal of the teams who qualified – make the biggest stage in American sports. The Super Bowl….
In the ever-evolving landscape of business technology, Artificial Intelligence (AI) has emerged as a transformative force, bringing unprecedented efficiency and innovation to various industries. Enterprise Resource Planning (ERP) systems, which integrate core business processes, are no exception to this revolution. Let’s dive into the different types of AI in ERP systems that are making waves…
Withum is proud to share that Steven Cohen, Partner, has been selected to chair the Audit and Accounting Committee for the Massachusetts Society of CPAs (MassCPAs). With over 26 years of experience, Steven specializes in the audits of government entities, auto dealerships, and higher education and not-for-profit organizations. He is a certified governmental financial manager…