BY Craig Dolan, PharmD, MBA, Vice President of Business Development and Innovation, McKesson RxO   As we move through 2021, hospitals and health systems remain on the front lines of the COVID-19 pandemic. For the foreseeable future, hospitals will not only take on a large role in vaccinating the public but also must continue to be able to treat both COVID-19 and non-COVID-19 patients, with the flexibility to manage and adapt to surges in the...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB We have all had to adapt to the way business is being done during COVID times. Here are three ways in which revenue cycles were disrupted over the last year and a half, and some adjustments that can be made to improve profitability. Automate Appointment Scheduling Missed appointments equal missed revenue. Front office staff should be made aware of the minimum amount of information needed...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB . Over the last several months, I have seen concern over an increased capital gain rate cause some clients to accelerate their succession planning. At the time of this writing, it is not clear that Congress will actually make this tax adjustment during 2021. However, it is still good to have the mechanics of a succession plan mapped out in advance. As the saying goes,...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB There are three key factors that will affect profit margins: increase revenue, reduce expenses and mitigate risk. The last is not often thought of as a revenue enhancer, but without it, all improvements could be lost. Accountants have always advised the best strategy for improving cash flow is to review what has worked well historically, and then look at what could be improved upon. But...

Humana and the University of Houston announced the launch of a Value-based Care Specialization online program to support providers, academia, and other business and industry professionals and the public in learning about the fundamentals and real-world application of value-based care that has become integral to improving outcomes in health care. Surveys show that there is a varied understanding of the definition of value-based care within the health care industry. As two enterprises focused on equipping...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare, EEPB The Consolidated Appropriations Act of 2021 held many tax relief breaks to continue supporting businesses as they navigate through the COVID-19 economy. What I want to focus on here is that even though the Act references 2021, a good portion of the potential savings is applicable to 2020. Let us review some history and work through the updates. The COVID-19 relief packages were based on a...

By Ketan Patel, Advisory Principal, Healthcare, KPMG COVID-19 vaccines are starting to make their way to healthcare personnel, first responders and residents of long-term care facilities in stages to mitigate exposure risk. The process of getting people vaccinated, however, is fraught with complexity in one of the largest public health undertakings in the modern era as manufacturers ramp up production to reach thousands of doctors, nurses, EMTs and allied professionals. Programs needed to support successful...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB, and T. Brett Mach, J.D., Atty, Director at EEPB InnovaTax 2020 brought many things no one expected: a pandemic, economic lockdowns, and government bailouts. 2021 is offering hope to many in terms of a vaccine and the promise of re-opened economies. Hope for 2021 aside; the bailout may bring some surprises for taxpayers for those who took advantage of them, especially those in the service...

BY Ketan Patel, Advisory Principal, Healthcare, KPMG   Can a produce store and better schools in a poor neighborhood reshape the trajectory of healthcare? Social determinants of health are one of the biggest buzzwords in healthcare. It’s a buzzword with real-life consequences, however, pertaining to how poverty, housing, education, pollution, and neighborhood characteristics can affect health. Health disparities between the richest and poorest ZIP codes in the city can mean a 10-year difference in average...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB If we have learned anything about 2020, it should be that normal for can quickly change.  How businesses review practices, alter operations, and shift strategies will require a different focus as we close 2020.  Here are three areas that require a different or intensified approach.  Understand Reportable Income This year brought Economic Disaster Loans (EIDL), the Paycheck Protection Program (PPP), and Provider Relief funds (PRF). ...