The healthcare industry is known for constant change. Regulations, market and economic shifts, technological innovations, customer expectations, political and regulatory environments, care delivery priorities; each of these can impact health systems. These factors can put a strain on your health system resources. If you do not have the capacity and right resources to manage the ever-changing environment, comply or adapt, your health system could be at risk from many different threats.
Building and maintaining the resource needs required in this environment can be challenging, but you can navigate these changes with greater confidence if you work with consultants who understand your industry. Many healthcare leaders seek outside advisors for everything from reimbursement and payment strategy to process improvement using technology to revenue cycle assistance and various risk and compliance needs. These skillsets and resources allow leaders to focus on key strategies, organizational risks and patient care with the peace of mind that their processes, compliance needs and infrastructure are being attended to by experienced professionals, and that opportunities to improve the bottom line are not missed.
One major objective for health systems these days is adopting the appropriate technology to better serve their patients, monitor their performance and improve their operations. Technology can help healthcare organizations streamline internal processes, particularly when partnered with data analytics, and can support many of an organization’s goals, be they financial, operational or patient-oriented. But choosing the best solutions demands experience and a thorough understanding of each solution’s value in the context of your actual needs.
Operational efficiency that reduces costs while retaining quality is also a high priority for healthcare organizations. Consultants can help you assess your operations as they are today and make improvements, and they can also implement data analytics to help you monitor performance in real-time and optimize day to day.
Another critical concern for healthcare organizations is finance, particularly when they’re making new investments like technology additions, remodeling and adding staff. A well-planned financial strategy can set health systems up for success.
And while planning for new technology, updating cybersecurity measures and improving operations, health systems must also continually work to comply with regulations, ensure they maintain their tax-exempt status, manage payments and more.
Why You Need a Trusted Advisor for Your Health System
Experienced advisors who know the healthcare industry can be invaluable for health systems as they try to balance providing great patient care with the challenges of regulatory compliance, maintaining efficiency and effectiveness and ensuring that you maximize revenue opportunities while controlling costs. Advisors can help identify risks and inefficiencies and select the right solutions to solve for them.
At Eide Bailly, we work closely with health systems to accomplish this, strategizing for a healthy future and working with you to achieve each organization’s individual goals and conditions. We keep up with the latest changes and can help you navigate them with confidence through our many experienced industry-focused professionals. We work with you to understand your needs and concerns so we can match you to the right strategies and solutions.
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.
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:
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.
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.
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.
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