Key Takeaways
- Partnering with a CPA firm experienced in the business of healthcare can help you run your organization successfully and provide you with a holistic view of business operations.
- A national healthcare-focused CPA firm can respond quickly and assist in a variety of areas without long searches or lengthy delivery times.
- A CPA firm with operational and healthcare knowledge provides value across the organization through strategic alignment, cost savings, and more.
The healthcare world of 2023 is much different than it was at the start of the pandemic. With several hospitals closing, those that remain are concerned about cash flow and budget constraints, not to mention supply chain issues. Organizations of all sizes are experiencing a changing marketplace and struggling to make sense of financial issues. Even notable names like Kaiser Permanente and Cleveland Clinic are seeing financial losses that would have been unimaginable only a few years ago.
There are several reasons why healthcare organizations of all sizes are struggling. The most expensive resource for any healthcare organization—its people —are becoming harder to find and retain, and even more expensive to employ.
Further, larger market trends are impacting healthcare organizations nationwide, including:
- Workforce and retention issues
- Insurance reimbursements not keeping pave with inflation
- Regulatory challenges
- Supply chain problems
These trends, coupled with the pressure from employees, boards, and patients who are looking to healthcare leaders to ensure constant access to the best possible care, are a lot to stay ahead of.
How are you supposed to stay ahead of it all?
Past Experience Won’t Dictate Future Success
In trying times, organizations tend to look on past tactics to drive performance. Often, the first action is to cut costs where possible and freeze spending. For a healthcare organization, this equates to stemming the bleeding until you can figure out the steps needed to get back on track.
While these tactics worked previously, there are other ways to drive forward momentum at your healthcare organization. Up-to-date data, financials, agreed upon KPIs, and general operational efficiency across all business functions can help drive real-time decision making. The most forward-thinking healthcare entities run themselves like a business, backed by sound strategy and well-rounded leadership.
Partnering with a CPA Firm with Business and Operational Expertise
There is no lack of boutique firms and specialists claiming to have all the answers to your challenges. Where, then, do healthcare organizations go to find the answers they need? Try calling your CPA.
A CPA firm with a specialized team of healthcare consultants and advisors can help deliver a holistic approach, address market and operational issues, create greater efficiencies and deliver data-driven results.
Here’s how:
Holistic Approach
Healthcare is a business with products and offerings focused on delivering the best outcomes for patients. Aside from these complexities, healthcare organizations deal with many of the same issues as other businesses. A nationally based CPA firm with healthcare industry experience will have experience with many healthcare entities – and other businesses. Their expertise allows them to make recommendations in all areas of the organization, not just in the financial space. The result is an influx of ideas, peer innovation, and outside perspective to help drive strategic initiatives. Often times this experience comes from individuals who have worked in hospital leadership roles themselves.
Unlike specialized boutique firms, large national CPAs with healthcare experience can also give you ideas from outside the industry. The result is a focused approach to healthcare while still having the ability to consider unique perspectives.
“Eide Bailly’s healthcare professionals help organizations run very successful businesses. We’ve found that when the business side of the house is in order, our clients can deliver even more outstanding care to their communities.”
- Geoff Knobloch, Partner in Charge of Healthcare
Velocity
Today, everyone expects and even requires quick response times. In the face of changing consumer expectations, healthcare entities need rapid solutions and timely responses. Waiting creates additional challenges and delays can often intensify the problem.
By working with a well established CPA firm, you not only get additional expertise and insight, but also a quicker response time. You’ll be able to reach out and get help in areas that otherwise would require lengthy searches, negotiations, and delivery times. Imagine eliminating the time and cost of lengthy RFPs and industry searches because your CPA can address your most pressing healthcare business and operational needs.
In addition, a trusted CPA can also become an efficient and responsive partner. Not only can they help you with the business of healthcare, but also highlight other projects like data integration, compliance, operational efficiencies, all to help you expand your organization in a timely fashion.
Value
When you look to improve the business side of your organization, one bad investment could substantially hurt your healthcare organization. That's why any partner you choose needs to provide value. Well focused CPA firms can quantify the value they bring to their clients. CPA firms are bound by a professional code of ethics and standards. In addition, they hold themselves to a high level of integrity in the services they provide. In these times, understanding the value of any outside counsel, in quantifiable terms, is critical to ensuring you are deploying your resources responsibly.
In a time when resources are already slim, wouldn’t it be nice to work with a partner committed to calculating the demonstrable value they provide?
“Eide Bailly is my go-to resource for all things business and healthcare. Their response time, attention to detail, and ability to bring forth new ideas is second to none. In a changing marketplace, knowing I have a trusted partner that demonstrates continual value is essential.”
- Teresa Mallett, CFO of Madison Regional Health System
How to Choose a CPA Firm for Your Healthcare Organization
The value of having a partner to handle the business of healthcare cannot be understated. A strong CPA and advisory firm will help you take a holistic approach to your business, get the resources you need in a timely and efficient manner, and be able to demonstrate the value they provide.
A national CPA firm is one of the best sources of business and operational help for your healthcare organization. By aligning healthcare business operations, you can spend more time focusing on quality patient care.
Learn How Madison Regional Health System achieved Financial Excelllence
Healthcare
We focus on the business of your healthcare organization so you can focus on your patients.