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). ...

By Ketan Patel, Advisory Principal, Healthcare, KPMG The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) packaged financial and regulatory relief for healthcare providers to address a major health emergency, but as we approach the end of 2020, some provisions are ending. Harris County health officials said the Houston metropolitan area is dealing with 16,373 active cases and 1,389 of the 108,819 confirmed cases, as of Sept. 3. Officials describe the state of COVID-19...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB   While nobody could have expected 2020 to be such an interesting year, most practices are settling in with the function of Personal Protective Equipment (PPE) and starting the forgiveness applications for their Patient Payroll Protection loans (PPP). Let me remind you of the original P acronym, Patients over Paperwork, that started in 2017 and continues to drive changes out of CMS. Through “Patients over...

By Arun Ghosh, Advisory Principal, U.S. Blockchain Leader, and Ketan Patel, Advisory Principal, Healthcare, KPMG Emerging technologies, such as analytics and blockchain, that are helping healthcare providers navigate supply chain issues regarding personal protection equipment (PPE) and medications that have affected Houston and different areas in the country, especially as new cases of COVID-19 spike. As healthcare organizations continue to struggle with coronavirus (SARS-COV-2), questions remain about the growing number of cases and how supplies...

By Catherine Lightfoot, CPA, CHBC, Director of Healthcare at EEPB   SBA loans, EIDL grants, PPP loans and telehealth are some of the many new programs provided by the CARES Act. The continuous updates to change and alter the understanding of these programs have provided a fair degree of stress.  In this turmoil, it could have been easy to miss some other provisions of the CARES Act that might be very important to your tax...

By Ketan Patel, Advisory Principal, KPMG Healthcare   Barring a rebound surge in COVID-19 cases, healthcare providers have stalled elective – and not so elective surgeries – to control the spread of coronavirus in March and April. This has strained finances at many healthcare providers to a point where they are borrowing, drawing from foundation funds or other sources of cash to continue.   The COVID-19 peak was expected in Harris County the week of...

By Catherine Lightfoot, CPA, CHBC, EEPB “I am open to money coming to me from new ways that I’ve never imagined.” This is a quote from a popular affirmation on daily calendars and the like.  What if this was more than a quote on a calendar? What if this could be the new reality in your office? Additional profit need not come from extended clinic hours, contract negotiations, or adding new ancillaries. Additional profit can...

By Larry Burnett, Advisory Principal, KPMG, Health & Government Solutions and Ketan Patel, Advisory Principal, KPMG, Healthcare Fragmentation and a lack of coordination among healthcare providers can lead to inappropriate care and higher costs. While technology, including artificial intelligence, can be a help to overcome gaps in care and improve diagnostic capabilities, some executives and clinicians have legitimate concerns. When KPMG surveyed 150 healthcare executives about their ethical concerns with artificial intelligence, 75% cited threats...

By Catherine Lightfoot, CPA, CHBC, EEPB Signed into law on December 20, 2020, the federal government spending bill did more than avoid a government shutdown. The Further Consolidated Appropriations Act, 2020, repealed certain health care taxes, makes many changes to retirement plan rules, extends several expired tax provisions, and more. Health care taxes Previously extended many times and mostly forgotten, the three taxes that were originally enacted to fund health care reform have now been...

By Ketan Patel, Advisory Principal, KPMG Healthcare   Blockchain, cloud computing, advanced analytics, and remote monitoring are just some of the technologies presenting businesses worldwide with both challenges and opportunities.  At this moment, they are especially resonating as opportunities with healthcare industry executives because – when brought together in various combinations – these technologies can offer powerful and detailed operational insights, especially relative to quality and cost of care.   The ability of healthcare providers,...