Health Care in the CPA’s Future
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Transcript of Health Care in the CPA’s Future
Health Care in the CPA’s Future
Keith Kamperschroer, CPA, [email protected]
Robert Denkert, [email protected]
www.KolbCo.com
Keith Kamperschroer, CPA, CHCC
• Shareholder – Health Care Services• As Managing Director of Health Care
Services at Kolb+Co., Keith works extensively with small and medium-sized medical practices providing assistance in all areas of accounting and practice management.
www.KolbCo.com
Robert Denkert, CPA
• Accounting Senior Manager• Bob works extensively with small and
medium-sized medical practices providing assistance in all areas of accounting, payroll and practice management.
www.KolbCo.com
In Addition to Physicians…
• Expand your definition of Health Care owners/stakeholders– MDs, DOs, Behavioral Health Practitioners– Advanced Level Practitioners (NPs and PAs)– Dentists– Veterinarians
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The Value of a CPA from the Client Perspective
• Current on upcoming Health Care reform issues• Proactive planning ideas included with financial
statements not just historical financial data• What are the numbers telling me?• Value of service demonstrated
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How to Enhance My Services to New or Existing Medical Clients?• Add value to existing services
• Understand their Revenue Cycle challenges; be proactive
• Additional “Specialty Services” to consider for building on your health care niche
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Current Services• Change Management
– 2012-2013 substantial changes occurring in health care
• SGR - No Medicare reduction in reimbursement rates again for 2013
– How will practices be able to absorb a 30% reduction in Medicare reimbursement in 2014
– Commercial payers fee schedules at less than 100% of Medicare reimbursements
• Implementation of electronic medical records– How practices meet 1st stage meaningful use in
2012 or 2013
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Current Services
• Look for other ways to add value– Do you review the financial reports with your
clients in person?– Are your statements presented in a format
specific to medical practices?– Is a production analysis report part of your
business analysis?• Example: provide gross and net collection rates
globally and by provider
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Financial Statement formats specific to health care and
agreement to profit distribution schedules
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Statements of Revenue and Expenses – Income Tax Basis(With the accountant’s compilation report of September 18, 2012)
For the months ended August 31, 2012
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Profit Distribution and Physician Productivity – Income Tax Basis(With the accountant’s compilation report of September 18, 2012)
For the one month ended August 31, 2012
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The Business of Medicine
– Industry statistics and benchmarking
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Comparison to IndustryYear-ended 2012
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The Business of Medicine
– Tax preparation and planning• Corporate, Partnership and Individual• Not Too Soon to Plan for 2013 Tax Changes by Keith
Kamperschroer and Jim Brandenburg in Physicians Money Digest
– http://www.physiciansmoneydigest.com/personal-finance/Not-Too-Soon-to-Plan-for-2013-Tax-Changes
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Retirement Plans
• The owner of a small business has two choices to consider when setting up a retirement plan: a qualified retirement plan or s Simplified Employee Pension (SEP). A qualified plan is any plan that is subject to the ERISA rules, such as a profit-sharing or money purchase plan or a defined benefit pension plan. An SEP is a simplified alternative to a qualified plan, in essence a group IRA with individual accounts.
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Comparison of Features of Various Qualified Retirement Plans
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Practice management
• operations review• CPA prepared reports
– A/R analysis– Provider analysis– Service line revenue/cost analysis
– Analysis of month-end reports• Accounts receivable
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Internal controls
• Separation of Duties– Controls in systems
» Dual access and management» Limitations on access» Time off requirements; require staff to take vacations
– Workflow analysis and access» Determine weak areas in controls
– Work with CPA to monitor and provide business physical
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Revenue Cycle
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The Business of Medicine
• Specialized Services and Revenue Generating Activities– Employment agreements– Buy/sell agreements– Structuring buy-in/buy-out– Merger and acquisition analysis and facilitation– Practice valuations– Accountable Care Organizations– Managed Service Organizations– Healthcare cooperatives
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The Business of Medicine
• Additional Specialized Services– Practice start-ups– On-going practice management– Accounts receivable management– Coding and documentation review– EMR strategic planning and implementation
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The Business of Medicine
• Additional Specialized Services– There are organizations that can help you with
compliance plan development.– Separate certificates are also available
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The Business of Medicine
• Additional Specialized Services– HIPAA – privacy and security risk assessment– Fee reimbursement and utilization assessment– OSHA internal control plan development and training– Business/malpractice insurance evaluation– Personnel and human resource management– Employee benefit costs– Recruiting assistance
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The Business of Medicine
• Additional Specialized Services– Individual financial planning and wealth management– Risk management consulting – business and individual
insurance analysis
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The Business of Medicine
• Additional Specialized Services– Retirement plan design and implementation
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The Business of Medicine
• Additional Specialized Services– Audit and assurance services– Technology advising
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Kolb+Co.’s Health Care Niche
• Development of the Health Care Industry Niche– Development of industry expertise and reputation– “Back office” for many practices
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Keys to Success
• Look for ways to add value– Go beyond the numbers
• Look for opportunities that can be replicated in other practices– Compliance plan
• Make your health care niche known– LinkedIn, Twitter, Facebook page etc.– Form an advisory group of professionals for
your area – quarterly meetings
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Health Care Today & Tomorrow
• Health Care Industry today– Obstacles– Opportunities
• Health Care Industry in the Future– Obstacles– Opportunities
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Organizations to Join• HCAA (National CPA Health Care Advisors
Association)
• PVN (Physician’s Viewpoint Network)
• MGMA (Medical Group Management Association)
• State MGMA associations
• HIMSS (Health Information and Management Systems Society)
• Compliance Resources
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Questions
Thank you!
Keith Kamperschroer, CPA, [email protected]
Robert Denkert, [email protected]