Affordable Care Act (ACA)
The Affordable Care Act (ACA) signed on March 23rd, 2010 established a new direction for the US healthcare system that includes an emphasis on preventive services and primary care. Almost everyone was impacted by the new bill. The taxpayer, business, and health providers were forced to understand the new reporting requirements, noncompliance penalties, patient care plans and how the new act was going to change to their existing insurance plan. Bottom line, the new law created additional challenges and investment needed to remain compliant. Costs went up for everyone, and the medical service industry reacted to the law. The changes swept across the country and everyone adopted new software solutions, staffed new employees to administer the new requirements, and sought consultants to create options to manage the increased responsibility and transition.
Customized ACA Solutions
The challenge, for Abercrombie & Associates P.C., was to learn about what solutions are available, partner with consultants who offer options, and discuss the impact openly. Each business, medical practice, health care service and technology organization have a different opinion and solutions to the problem. We noticed that healthcare groups had to react quickly by realigning their patient care, figuring out the optimal ways of receiving insurance reimbursement while improving the services offered. Everyone continues to understand how the ACA changes impacted their world and what new restrictions are down the road.
Our professionals are ready to discuss and learn about the impact of the changes to the health care professional. We will come visit and observe the client service process and work flow within the medical professional’s operations. This enables us to understand what processes manage different risks and the vendors who offered different services or have partnerships that might help automate tasks. Through the process, the health care provider usually discovers advanced solutions and minor to major improvements. We communicate and involve the staff to offer their suggestions and ideas deployed in previous employment. The goal in this process is to reduce risk, gain efficiencies, and build relationships and partnerships. Our response was to provide positive opportunities by dealing with the constraints. We constantly explore and communicate the future challenges. Our team is skilled to work one on one with our clients to understand and review their cash flow, create opportunities to build strong balance sheets, discussed equity requirements, and optimize tax benefits.
Ensuring that you are paid for your services is vital to every medical practice or service provider. Mandated technology, patient or employee health reporting, and increase in equipment replacement costs are ongoing costs that can’t be ignored. Doctor management groups, merging practices, and joining networking specialty groups are beneficial as long as the combined service provider allows you to understand the cost to you for the service, accountability, and communication. Is your medical practice solution better for your patient’s and have they provided benefits to allow you to work more efficiently to increase your wealth?
Why Our Clients Succeed After The ACA
Our team has discovered that organizations struggle with outdated workflows, manual processes, and fragmented systems that hinder efficiencies, drive up operating costs and limit both the patient care and staffing productivity. Our clients realize significant gains by making small changes to improve patient collections, limiting overtime and benefits, streamline vendor payments, and eliminate paper based systems. In addition, we review equipment debt, lines of credits, merchant credit card transactions, and financing long-term solutions. The improved cash flow and tax savings are based on partnerships, strategies, relationships, and knowledge.
Our professionals provide robust and efficient financial, tax, and accounting solutions that allow you to focus on what is important – your patient and practice. With extensive experience with medical and healthcare industry, we are familiar with your day-to-day operations, overhead structure, billing routines, banking portals and ACH deposits, staffing requirements, and tax payments and savings. Through careful planning and analysis, together we can determine your needs and create a personalized service package to keep your on track towards a more profitable business.
Our goal is for you to work at what you have been trained to do best and let us build relationships that improve your business, client services, and overall wealth. Our professionals have big firm talent, but we have a small firm touch. We offer a free initial consultation to explore if we can add value to your business, give us a call or fill out our online form today!