Medical Practices

While the well-being of patients is your first priority, maintaining the health of your business and personal finances is also critical. A healthcare system under reform, increasing client expectations, incentive-based reimbursements (MACRA), and higher labor, supply, and insurance costs require you to also be forward thinking. CohnReznick specializes in the financial needs of medical professionals. Employing a collaborative approach and entrepreneurial mindset, we not only create business efficiencies and strengthen profit streams, we manage your personal wealth as well.

Each member of our team of highly credentialed professionals has dedicated his or her career to serving the medical community. This unique experience is an asset, and the team’s goal is to position your practice for long-term success.

INDUSTRY SPECIFIC

Medical practices face a variety of changing regulations, and compliance takes both time and resources. Our knowledge of HIPAA regulations, incentive reimbursement and ACO initiatives, malpractice insurance and other coverage, and pending healthcare reform activities can make compliance more efficient.

WIDE RANGE OF CLIENTS

On an ongoing basis, we serve highly diverse single and multispecialty medical practices across the nation, including:

Ambulatory surgi-centers
Dental practices
Hospitals and hospital physician organizations
Independent practice associations
Outpatient facilities (imaging centers, IMRT centers, cath labs)
Physician practices
Specialty pharmacies

THOUGHT LEADERS

Because we have cultivated deep knowledge in the medical industry, our financial, tax, assurance, and business advisors are sought after contributors to national and regional publications and keynote speakers for industry associations, events, and industry groups including:

American College of Medical Practice Executives
Connecticut Medical Group Management Association
Connecticut State Medical Society
Healthcare Financial Management Association
Medical Group Management Association
Medical Society of New Jersey
New Jersey Association of Ambulatory Surgery Center
New Jersey Medical Group Management Association
Professional Association of Health Care Office Management

We take a holistic view of your practice and its business goals. As part of this, we integrate firm capabilities in audit, accounting, tax, and advisory services as needed to address financial operations review, practice management challenges, fee and reimbursement structuring, and plans for growth through private equity and other transactions. In addition, we provide a wide range of private client services to manage your wealth and help you transition your business at retirement.

EFFICIENCY IMPROVEMENT

Working as trusted consultants, we negotiate fee schedules with payers, perform managed care contract reviews, examine internal controls, and make recommendations to reduce overhead and maximize fees. We also provide strategic guidance for back-office staff in billing and coding as well as accounting, tax, and bookkeeping issues.

BUSINESS DEVELOPMENT RECOMMENDATIONS

Medical practices are small businesses and small businesses must remain entrepreneurial. We help physician, dental, and emerging medical practices as well as hospitals identify, develop, and implement ancillary service offers that can build revenue and strengthen profit streams.

ADDRESSING YOUR BUSINESS AND PERSONAL WEALTH GOALS

Managing personal wealth is typically inextricably tied to managing your practice. We provide extensive services for you and your family as you manage your assets and the personal wealth you may have amassed as a medical professional. Our services include: