Efficiency and quality are driving consolidation and collaboration resulting in the creation of accountable care organizations (ACO) and clinically integrated networks (CIN). As those models continue to evolve, coupled with changes to reimbursement structures, your practice has to adapt to focus on delivering value and achieving efficient, effective outcomes to increase revenue.
Managing a medical practice isn’t what it used to be.
The Affordable Care Act and subsequent modifications to the program in addition to the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) changed how healthcare is paid for. Reimbursements are increasingly based on quality measures and outcomes, which begs the question: How do healthcare practices maximize sources of revenue reimbursement from providers and control costs in an environment of declining revenue?
Efficiency and quality are driving consolidation and collaboration resulting in the creation of accountable care organizations (ACOs) and clinically integrated networks (CINs). As those models continue to evolve, coupled with reimbursement and revenue models changing related to Merit-based Incentive Payment Systems (MIPS) and Alternative Payment Models (APMs), your practice has to adapt to focus on delivering value and achieving efficient, effective outcomes to increase revenue.
Mergers and acquisitions, especially consolidation of smaller practices into large groups affiliated with or part of a hospital network, come with their own challenges, such as exit planning for physicians, contract negotiation and related compensation structuring, quality of earnings calculations and valuation metrics.
Ericksen Krentel’s experienced professionals understand the intricacies of financial management. Whether you are balancing your business books or something more complex, our specialists can help you identify critical issues and benefit from a wealth of technical experience.
We view accounting and tax services not as compliance services but rather strategic services. A personal approach to every engagement is not just a mission statement at Ericksen Krentel; it’s the strategy we follow for all clients. The end goal is a more efficient process to provide you with the best possible outcome for future success. And that performance doesn’t stop when the report is issued; we’re here with you now and beyond.
Outsourcing as an Option
As the cost of running your practice continues to rise because of lower reimbursements, higher compliance fees and other regulatory issues, outsourcing becomes a realistic option to reduce your cost.
For less than the cost of hiring a full-time controller or CFO, Ericksen Krentel’s Client Accounting Services team can help you see your whole business, from every angle, for every decision you make.
If you have a strong internal accounting group, we’ll provide the objective information and advice you need to make informed and proactive decisions. If you do not have a team in-house, we’ll roll up our sleeves and work closely with you. Streamlining your accounting procedures in the cloud can give you 24/7 access to real-time, custom financial reports. Our outsourced cloud-based accounting and bookkeeping services, including virtual CFO and controller services, can help you focus your time on what matters most.
The Ericksen Krentel team can help you better understand how to economize and run your operations more efficiently and effectively. Having accurate, timely financial information can provide you with the confidence needed to make strategic decisions for the financial health and success of your organization. This often requires going beyond traditional bookkeeping services to ensure proper, efficient and effective tax planning and better understand revenue recognition.
Life Sciences and Startups
Equity and business plans are vital to the success of startups in the life sciences and biotech sectors. Maybe you’re applying for a grant for which you’ll need quality financial information or communicating your fiscal standing to your board or investors. The Ericksen Krentel consulting team can help with valuation services and other strategic planning to help raise capital or secure financing to implement new technologies, while our audit and accounting professionals can help you examine and attest to the financial performance of your business.
Whether it’s accounting or audits, tax compliance or planning, outsourced CFO and advisory services, or valuation services, we’re here to help put your numbers to work for you so providing top-quality service to your patients remains priority No. 1.
Your knowledge source for achieving your business and personal financial goals.