Healthcare Providers and Professionals
Caring for the health of your patients and business
Today, the practice of medicine is about more than just patient care. Medicine is also about the care of the practice or organization relative to its financial security and stability. This is true, even though healthcare professionals went to school to study medicine rather than how to run a business. The fact that dealing with change in the healthcare industry is now the new normal makes owning or managing a medical practice, group, institution, or organization challenging and stressful.
Physician burnout, regulatory reform and compliance, reimbursement policies from Medicare and other payers, low profit margins, and increasing demands for patient data capture and recordkeeping burden are among the top concerns of physician groups and practices.
Physicians, dentists, chiropractors, optometrists, counselors, mental health professionals, hospitals, nursing homes, home health agencies, and assisted livings must continually keep up and respond to the shifting healthcare landscape. Ranging from advances in healthcare technologies, to financial and operational challenges, to pressures for a sale, merger, or acquisition, having a trusted advisor by your side to help navigate these tricky waters is an imperative in today’s business environment. The right partner should know about all parts of your business, relieve the burden of running your operation, and help you refocus your energy on helping patients.
Scientific research changes medical techniques, much like innovation in the industry is shifting the way healthcare businesses are run. Embrace the disruption and launch your practice into the future.
Solutions
Adams Brown provides the following solutions to physician practices and groups:
Agreed Upon Procedures, Review and Compilations
Services for providing insight into the accuracy and validity of your physician practice or group’s accounting and financial information to discover and correct issues, install controls, assist with financial decision making, and respond to 3rd party financial information requests.
Business Advisory and Consulting
For physician practice or groups seeking guidance in areas such as strategic planning, growth opportunities, business transformations, or selling, merging, or transitioning their businesses.
Outsourced Client Accounting
For physician practice or groups seeking to make managing their business easier via outsourcing back office accounting functions like payroll, accounts payable and accounts receivable, analyzing areas for automation and implementing cloud-based solutions, and training staff on new software and procedures.
Tax Planning and Compliance – Business
Tax minimization strategies and tactics at the corporate level with a focus on capturing relevant Federal and State of Kansas incentives, credits and deductions for physician practice or groups.
Tax Planning and Compliance – Individual
Tax minimization strategies and tactics for physician practice or groups with a focus on opportunities under the new Tax Cut and Jobs Act and recent changes to State of Kansas tax requirements. We also help with tax strategies related to succession planning and exiting the business.
Wealth Management
We help physicians develop and implement customized strategies for achieving long-term goals, strengthening your financial security and maintaining your quality of life.
Other Adams Brown Solutions
For a no obligation discussion of the challenges or needs, contact our Healthcare Team Leader, Jennifer Allen, CPA, CMPE, using the fillable “Contact Us” form on this page.
What’s Next
Healthcare providers and professionals face many challenges and have ample opportunity with new and emerging technology. Disruptors including cybersecurity, robotics, artificial intelligence (AI) and machine learning are shaking the foundation of our industry.
Embracing these technologies sets progressive doctors up for success in enhancing patient care and organization management.
Healthcare Providers and Professionals Team Leader:
Jennifer Allen, CPA, CMPE
Contact Us:
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