While the well-being of patients is your first priority, maintaining the health of your business and personal finances is also critical. A healthcare system under reform, increasing client expectations, incentive-based reimbursements (MACRA), and higher labor, supply, and insurance costs require you to also be forward thinking. CohnReznick specializes in the financial needs of medical professionals. Employing a collaborative approach and entrepreneurial mindset, we not only create business efficiencies and strengthen profit streams, we manage your personal wealth as well.
Each member of our team of highly credentialed professionals has dedicated his or her career to serving the medical community. This unique experience is an asset, and the team’s goal is to position your practice for long-term success.
Medical practices face a variety of changing regulations, and compliance takes both time and resources. Our knowledge of HIPAA regulations, incentive reimbursement and ACO initiatives, malpractice insurance and other coverage, and pending healthcare reform activities can make compliance more efficient.
WIDE RANGE OF CLIENTS
On an ongoing basis, we serve highly diverse single and multispecialty medical practices across the nation, including:
- Ambulatory surgi-centers
- Dental practices
- Hospitals and hospital physician organizations
- Independent practice associations
- Outpatient facilities (imaging centers, IMRT centers, cath labs)
- Physician practices
- Specialty pharmacies
Because we have cultivated deep knowledge in the medical industry, our financial, tax, assurance, and business advisors are sought after contributors to national and regional publications and keynote speakers for industry associations, events, and industry groups including:
- American College of Medical Practice Executives
- Connecticut Medical Group Management Association
- Connecticut State Medical Society
- Healthcare Financial Management Association
- Medical Group Management Association
- Medical Society of New Jersey
- New Jersey Association of Ambulatory Surgery Center
- New Jersey Medical Group Management Association
- Professional Association of Health Care Office Management
We take a holistic view of your practice and its business goals. As part of this, we integrate firm capabilities in audit, accounting, tax, and advisory services as needed to address financial operations review, practice management challenges, fee and reimbursement structuring, and plans for growth through private equity and other transactions. In addition, we provide a wide range of private client services to manage your wealth and help you transition your business at retirement.
Working as trusted consultants, we negotiate fee schedules with payers, perform managed care contract reviews, examine internal controls, and make recommendations to reduce overhead and maximize fees. We also provide strategic guidance for back-office staff in billing and coding as well as accounting, tax, and bookkeeping issues.
BUSINESS DEVELOPMENT RECOMMENDATIONS
Medical practices are small businesses and small businesses must remain entrepreneurial. We help physician, dental, and emerging medical practices as well as hospitals identify, develop, and implement ancillary service offers that can build revenue and strengthen profit streams.
ADDRESSING YOUR BUSINESS AND PERSONAL WEALTH GOALS
Managing personal wealth is typically inextricably tied to managing your practice. We provide extensive services for you and your family as you manage your assets and the personal wealth you may have amassed as a medical professional. Our services include:
- Business and investment management
- Buy/sell agreements
- Financial planning and wealth preservation
- Practice valuations
- Succession planning
- Tax planning, preparation, and compliance
- Trusts and estates