Because the health care industry is continually faced with rising health costs, complex insurance matters and regulatory scrutiny, it’s critical to have best practices in place to manage risk. Robust healthcare accounting offers an extensive solution to mitigate risk and solve the industry’s problems.
Health Care & Medical
Odoni Partners Offer Exceptional Medical Accounting Services
Odoni Partners will help you streamline operations and processes to accelerate growth, and improve efficiency and profitability. CPA medical services such as financial statements preparation, system and controls evaluation, audit and review, and tax planning and business valuation, will help your organization reduce the uncertainty associated with financial decisions and promote your entity’s financial health.
The health care industry additionally faces challenges like cost control and increasing regulations, and is under constant pressure to cut spending. Increased competition is forcing many organizations to reorganize processes. Our team will provide efficient medical accounting and CPA services like financial reporting, cost accounting, capital structures, budgeting and cost benefit analysis to help improve performance.
We work with:
- Hospitals
- Health systems
- Physicians and dentists
- Ancillary services providers
- Nursing homes
- Continuing care retirement communities
- Hospice and home health agencies
Areas of expertise:
- Internal control and operations review
- Audit of financial statements and risk consulting
- Governance and regulatory compliance
- Benefits and compensation
- Business structure analysis and implementation of efficiencies
- Benchmark financial performance
- Optimize revenues
- Control operational costs
- Develop employee stock ownership and 401(k) plans
- Develop tax planning and strategies
Healthcare and Hospital Accounting CPAs
Whether you’re an individual provider or organization in the healthcare and medical industry, we can diagnose your needs to recommend ways to cut costs, increase profitability, and mitigate overall risk.
Our deep knowledge of the healthcare and medical industry spans across organizations, ranging from hospitals to individual physicians. We are able to recommend specialized solutions to fit your unique needs as a healthcare provider.
We Offer Elegant Solutions to Complex Healthcare Problems
Healthcare is a complex industry due to ever-changing regulations, leading many healthcare organizations to feel uncertain about their future. However, there are many opportunities to be leveraged if you are willing to work with the right specialists to help you unlock your organization’s full potential.
As technology continues to advance in the healthcare industry, you may feel uncertain about the future of your business, or how to use technology to create value for your organization, and in turn, your customers. In the healthcare industry, costs matter–and costs have consistently been on the rise. At Odoni Partners LLC, we can help control costs so that you can focus on running an efficient healthcare organization.
Challenges that your healthcare organization may face include organizational needs, rising costs, tax uncertainty, and regulatory compliance. While the winds of change may always be in motion for healthcare, there is a way for you to plan ahead into the future. By working with Odoni Partners LLC, we can create a customized roadmap for you to plan for the future ahead, taking into account industry-level, geographic, and sector trends.
Who We Work With
Hospitals: At a hospital, efficiency is the key to organizational success. We can work with your hospital to create a strategy to streamline your operations, save you money on taxes, or even project future spending based on industry trends. We work to fully understand the complexities of your hospital to create a customized solution for you.
Health systems: We work with health systems to analyze and report on ways to save money, become more efficient, as well as focus on tax implications. While the concept of health systems may seem overwhelming, we can break down your needs into manageable pieces with real, actionable recommendations.
Physicians and dentists: As an individual or group physician or dentist, you are already occupied with managing patient needs, as well as keeping up-to-date on the latest health and technology trends. Insurance is yet another added factor to keep up with. We work directly with physicians and dentists to create strategic plans that fit their individual needs.
Ancillary service providers: An important piece of the health care puzzle, ancillary service providers fill in the gaps in service, often behind the scenes. However, working to fill in the gaps can often mean that the needs of ancillary care providers are forgotten or simply not accounted for by professionals. We can fulfill the needs of ancillary service providers through our expertise.
Nursing homes: A nursing home has extremely unique needs when compared to other healthcare facilities. For example, changes in Medicare and Medicaid may impact costs or affect services in nursing homes. Our extensive experience allows us to provide superior services to those in the nursing home field.
Continuing care retirement communities: Continuing care communities face challenges that many other consultants ignore. Their financial success is based on ever-changing factors, such as bed capacity and insurance costs. We can help you achieve success in the continuing care field through our expansive knowledge of finance, taxes, and compliance.
Hospice and home health agencies: When providing home health services or hospice care, organizations must be prepared to navigate the complex regulatory and financial outlook of the industries. We work directly with hospice and home health agencies to create customized plans to maximize success.
Our Areas of Expertise
Our areas of expertise in the healthcare and medical industry span across regulatory, financial, and compliance. In the healthcare industry, various functional areas in the industry, such as billing or clinical services, are more related than you may realize. The high volume of patients can also create the need for streamlined accounting services. Furthermore, constantly changing medical codes and billing changes can create a headache for many practitioners and organizations.
That’s why Odoni Partners LLC is here to help.
We can untangle your strategic, financial, tax, and compliance issues, and break them down to real recommendations that you can execute daily.
Adding more structure to your healthcare or medical organization will result in higher cost savings, more revenue streams, increased revenue, and an overall increase in efficiency. Specifically, we are able to focus on operational, financial, and tax strategy to help you run the best possible organization.
Our areas of expertise include:
Operational
- Internal control and operations review
- Audit of financial statements and risk consulting
- Startup operation needs
- Streamline technology systems and functions
Regulatory
- Governance and regulatory compliance
- Local, state, and federal compliance
Internal Financial
- Develop employee stock ownership and 401(k) plans
- Benefits and compensation analysis
- Business structure analysis and implementation of efficiencies
- Optimize revenues
- Control operational costs
- Audit and review financial statements
Industry-Level Financial
- Benchmark financial performance
Taxes
- Develop tax planning and strategies
- Prepare taxes
Our areas of expertise encompass the wide range of needs that healthcare organizations and practitioners face. By developing systems and benchmarks that you can rely on, your organization will operate smoothly and see increased profitability.
Depending on where your healthcare organization falls in the business cycle, it may have varying needs based on size, growth trajectory, geographic location, and area of focus.
We are well-equipped to handle any and all strategic needs for your healthcare and medical organization. Contact us today to learn more about our healthcare accounting services and how we can best support your unique needs.
