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.
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.
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
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Healthcare Providers Must Submit First Report by February 15, 2021 By Jennifer Allen, CPA In the first several months of the COVID-19 pandemic, many healthcare providers were forced to close…
For more than 20 years we have had a strong, stable relationship with Adams Brown. Their knowledgeable team has a strong understanding of our business and have been great partners. They have been instrumental in improving our business and financial operations over the years. We have never considered changing firms and would recommend them to anyone without reservation.
Walt Hill – High Plains Mental Health Center
The prompt, personal service provided by the Adams Brown team is the best benefit in working with this firm. They offer knowledgeable advice and help my business plan for any eventual scenario. Their guidance and support show their commitment to helping our business succeed. I would recommend them to anyone looking for an accounting firm that has the best interest of the business and its success at heart.
John VonLintel – JROBB, LLC
Par Exsalonce has used Adams Brown for over 10+ years for our payroll needs and have found them to be informative, helpful and accommodating. The salon is quite large and we are constantly adding new employees to the two locations. In addition, they handle insurance, IRA, Aflac and other deductions we throw at them! The entire team is wonderful to deal with – from the receptionist to the accountants that handle our diverse business needs. We could not ask for a more knowledgeable and dependable group of people. Our thanks to them many times over!
Teri Mills – Par Exsalonce
“With Adams Brown, we don’t just get a financial advisor – we get a business partner. Our engagement team does an excellent job serving our needs and continually works with us to develop a plan for long-term success. When we come to them with a question, they go above and beyond to get the answer. Knowing we have that kind of support and dedication from our CPA is important. Our company has been in business a long time, and having a partner like Adams Brown will help keep us on a successful path for many years to come.”
Gary Shorman – CEO, Eagle Communications, INC.
“I own a small business that has been running for over 40 years. I am proud to say we have been with Adams Brown for many of them! I am very pleased with the service they provide and their commitment to helping me grow my business. When I first began working with Adams Brown, I received guidance and a set of guidelines to follow that helped me achieve my business goals. I have full confidence that if I am unable to reach my main contact, I will still receive the best service so that I can stay on track. I highly recommend the team at Adams Brown.”
Dan Woolard – Midway Manufacturing, INC.