By Dion Sheidy, Partner, Healthcare Industry Leader, KPMG The COVID-19 outbreak has had a profound impact on healthcare. Across the U.S., hospitals have been converted to COVID-19 treatment centers, and elective procedures have been put on hold by government mandate. Although CARES Act funds will help health systems weather the storm to some extent, there will ultimately be a shortfall. This underscores the urgency to find new sources of revenue. As health systems explore new...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB Believe it or not, financial independence is not just for the super-wealthy or the inherited rich. By focusing on four key areas, practiced consistently, everyone can achieve a measure of wealth and financial security. Wherever you are in your career, making a few modest changes will improve your net worth. In this article, I share the common practices of those I witnessed to have accumulated...

By David Walsh, Associate Director, Healthcare & Life Sciences Strategy, KPMG Stake your claim in the medical device value chain of the future and avoid the commodity trap. While the outlook for medical device companies appears positive, unsustainable healthcare costs and new competitive forces threaten to alter the future industry landscape. If today’s manufacturers fail to stake their claim in the evolving value chain, they risk being caught in the middle and becoming commoditized. The...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB  A popular tax strategy for some, maybe new to others, this tax-favored vehicle for retirement planning may be going away after December 2021. As it stands, the House bill eliminates “back door Roth conversions” starting in 2022. Let’s walk through what this means. First, a reminder about the difference between a traditional IRA and a Roth IRA. The money you contribute to a Roth IRA...

The SEC issued an order approving a framework the PCAOB will use in determining registered accounting firms in a foreign location that the board is unable to inspect or investigate completely because of positions taken by local authorities. As part of its oversight activities, the SEC must sign off on any significant standards and rules the PCAOB adopts before they become effective. The rulemaking responds to the Holding Foreign Companies Accountable (HFCA) Act. During a...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB As a proposed bill to help fund President Biden’s Build Back Better spending plan continues to go on its extended circle from the House Ways and Means Committee to the House and the Senate and back again until there is a version with enough votes to send to the President, how do you plan while you are waiting on the conclusion. Regardless of the discussion...

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...