Audit CPA Whitney Schiffer Describes our Healthcare Practice
Posted on February 25, 2015
Berkowitz Pollack Brant has extensive experience in the healthcare field. Our clients include:
- For-profit hospitals
- Medical centers
- Health maintenance organizations
- Insurance plans
- Third-party administrators
- Physician practices
- Foundations and funders of research and services
In our healthcare experience, our clients include hospitals, medical centers, physician practices, insurance companies. Our services for our healthcare clients include financial statement audits, Medicare consulting, business consulting, tax compliance and consulting, we also do internal audit services for some of our hospital clients.
We do Medicare consulting and as part of the audit we are always reviewing the Medicare cost reports and looking at compliance issues and reconciliations into the financial statements.
It will involve in looking at the cost report and looking at the Medicare part A. and part B. reimbursement and whether all the factors have gone into cost report correctly in order to compute, either at the end of the day, a receivable or payable that is due to Medicare. If there is a receivable owed to the hospital, we reconcile the receivable in the financial statements to make sure that the receivable is recorded properly.
We’ve had some hospital clients with us for over 25 years and a lot of the clients that I worked on when I first came to the firm I am still working on today.
How do our clients grow and evolve? They mostly involve in consulting type services because a lot of times we’re helping them look at their internal controls and identify a weakness in their internal controls and then provide a recommendation on how they can enhance their internal controls. We get involved in helping them with their strategic plans which would involve helping them generate cash flow projections and even annual budgets. Same for the next three, five or even ten years.
We also do a lot of mergers and acquisition work. If a physician practice wants to sell, we would get involved in that process and help them get their financial statements in order to be looked at by the potential buy and maybe even gathering documents that we know a potential buyer may be interested in looking at. A lot of times to the buyer will ask questions about the company and we will get involved in looking at the numbers and the ratios in order to help them answer those questions.