J.H. Cohn, through our Medical Industry Practice, provides specialized accounting, consulting, and taxation services to meet the unique needs of medical practices. The members of this specialty group are committed to providing practice owners and managers with personalized and attentive service, strong technical expertise and uncompromising integrity. We are passionate about our mission, our value proposition, our clients' success and our role as leaders within the medical services community.
Our Medical Industry Practice represents a diverse clientele including sole proprietorships; group specialty practices, including dental practices; large multi-specialty practices; surgi-centers and imaging centers, and IPAs. Each of these market segments has its own unique challenges and growth opportunities. Only by truly understanding these segments does J.H. Cohn provide the business and financial advice to help our medical service clients achieve their business objectives. By focusing our knowledge on specific medical specialty areas, we help our clients in the following ways:
Accounting, Tax and Consulting Services that Add Value for Medical Practices
J.H. Cohn's Medical Industry Practice provides practice owners and managers with a breadth of accounting, consulting and taxation services designed to help build a more profitable and valuable practice. We help our clients in the following ways:
- Practice Growth
- Managed care contract reviews
- Market feasibility studies
- Real estate consulting
- Creating ancillary income
- Surgi-center/Outpatient development
- Mergers and acquisitions
- Entering and exiting of partners
- Practice Management Support
- Buy-sell agreements
- Employee benefit plans
- Estate planning
- Insurance
- Partner/Employee compensation plan analysis
- Practice valuations
- Risk management
- Succession planning
- Financial and Operating Efficiency
- Accounting, tax, and bookkeeping services
- Cost segregation studies
- Individual tax planning and preparation
- Billing/coding support
- Cost containment strategies
- Fee schedule negotiations with payers
- Financial controls
- Management reporting
- Operational policy review
- Technology consulting
Medical Services Industry Snapshot
In the United States today there are about 195,000 physician offices, the vast majority with fewer than 10 employees. About 1,000 offices are estimated at having more than 100 employees. Large or small, medical practices are facing major issues today, including:
- Advances in diagnostics and treatment knowledge
- Dependence on reimbursement rates
- Decreasing amount of time available to spend with patients
- Escalating malpractice insurance premiums
- Expanding capital investments
- Rising costs of labor and supplies
- Increased spending on electronic medical record (EMR) technology
- Supplier concentration
- Receivables difficulties
- Vulnerability to unintentional billing fraud
- Restrictions on outside revenue
- Competition from alternative medicine
- Electronic records
- Cost containment measures target physicians
- Growth in group practices
- Independent practice associations
- Less control over medical decisions
Changing business practice Golden opportunities are available as changes emerge:
- Growing demand for healthcare services
- Growing demand for preventative medicine
- Growing demand for cardiologists, gerontologists, and neurologists
- Fees for non-office consultations
- Greater profits from offering diagnostic imaging services generally only available in hospitals