As part of participation in the 340B program, healthcare entities are subject to audits by the Health Resources and Services Administration (HRSA). Should an audit result in corrective action, you may need to repay vendors, change your policies and procedures or be removed from participation in the program.
Eide Bailly understands 340B requirements and the elements of compliance identified by HRSA. Our team reviews all elements of compliance with you to ensure that you maintain eligibility in the program. We provide you with a compliance report to help you prepare for a HRSA audit, as well as recommendations for improvement.
Capital, Budgeting and Finance Strategy
Anytime a healthcare organization is considering a significant change such as new service lines, remodeling or rebuilding, it is crucial to make the right strategic financing decisions. How will you structure the debt? What impact will it have on return on investments? What is the best source of funding? How will it affect your long-term financial viability? By answering these questions to identify sources of capital and credit, strategic financing professionals can help you feel confident in your decisions.
Strategic financing professionals provide the following financial strategy and related services:
- Board education
- Forecasted financial statements
- Pro forma analysis
- Debt capacity studies
- Lease versus purchase analysis
- Market demand studies
Our healthcare team has in-depth experience working with healthcare organizations nationwide to assist them in making the right strategic financing decisions, as well identifying funding sources.
Medicare/Medicaid Cost Reports and Reimbursement
Your Medicare cost report is more important to the financial success of your organization than you might think. It’s the way Medicare, and for some, Medicaid, determines reimbursement for many services you provide. Preparing a cost report should involve more than reiterating last year’s filings with this year’s data. Cost reports can also provide insight about opportunities for improvement, like areas of improved compliance and possibilities for increased Medicare or Medicaid reimbursement. Annual assistance with the preparation or review of your Medicare cost report can help you increase your reimbursement, identify possible risks and make you feel more confident about your Medicare/Medicaid reimbursement.
Eide Bailly’s reimbursement specialists understand how important your Medicare and Medicaid is to your financial success. We’ll take time to understand your hospital operations to help ensure proper Medicare/Medicaid reimbursement under the varying regulations. We personalize our service, obtaining quality data and analysis.
Operational Strategy and Process Improvement
Healthcare organizations are operating in challenging environments—from moving to value-based reimbursement to adapting to new technologies. These factors make developing and maintaining an efficient and effective operational strategy critical.
Our healthcare consultants can help you improve your financial and operational performance to allow you to be able to maximize investment of your valuable resources for care delivery and future innovative solutions.
Building a strong, patient centric revenue cycle management program is key to achieving a sustainable margin. Eide Bailly will help you refine the strategy and operations of your organization and ensure you understand organizational impacts to your revenue cycle.
We'll identify gaps in your current processes and procedures and develop strategies to optimize the integrity of your revenue cycle.Our service style is hands-on, and we’re always looking for ways to solve your problems or help you embrace opportunities. We partner to design and implement a project specific to your needs.
Most healthcare organizations are replete with risk and traditionally view internal audits as a compliance-driven function, but internal audit can be a strategic risk management and governance function using the COSO framework by identifying, assessing and remediating risk. It can help you achieve more efficient processes, reduce risk and spark innovation.
Our internal audit processionals bring strong process, procedure, internal control and risk management experience to your organization. We bridge these skills with specialized insight related to risk and compliance and specific industry knowledge, to help your organization reduce risk and improve operational efficiency.
Tax planning and reporting for hospitals is complex, and it can be difficult to manage and comply with the ever-changing rules and regulations. Working with knowledgeable tax consultants who have focused knowledge and understanding of the current tax laws, regulations and industry trends can help you minimize your tax liabilities and ensure you don't jeopardize your tax-exempt status.
Planning is especially important as the healthcare industry continues to change due to the complex business and regulatory environments. With proper planning, tax research and IRS audit support, tax consultants can help ensure your hospital is aware of and understands current tax laws and minimizes risks to its current tax status.
We combine our knowledge of nonprofit and for-profit tax regulations with expertise in the healthcare industry to bring you unparalleled tax services. With more than 50 years of experience providing traditional compliance, tax planning and tax consulting services to healthcare providers, we tailor our solutions to your unique needs.