Medical practices today face heightened patient expectations, challenging economics and an uncertain regulatory environment. To succeed, they need experienced advisors who can provide strategic guidance on profit optimization and other business issues so they can focus their energies on providing excellent care.
CohnReznick’s Medical Industry Practice works with sole proprietorships, group specialty practices (including dental practices), large multi-specialty practices, surgi-centers, imaging centers and independent practice associations. Our audit, tax and business advisory services include:
- Practice growth: We conduct market feasibility studies, advise on partnership changes, consult on the development of ancillary services and practices and conduct due diligence on mergers and acquisitions.
- Practice management support: We provide practice valuations, consult on risk management and advise on succession planning and partner/employee compensation plans.
- Financial and operating efficiency: We help negotiate fee schedules with payers, examine internal controls and make recommendations for reducing overhead and other financial improvements. We can also work closely with back-office staff on billing/coding support and accounting, tax and bookkeeping issues.