Healthcare

Is Technology Going Too Far, Too Fast?

May 10, 2023

Originally, I was going to write about six technologies that are changing healthcare, but as I started researching the topic, I realized two things. One – I’m an accountant not a healthcare professional and no amount of research is going to ever position me to advise a doctor or a

Understanding the Changing Landscape of Found Money

April 13, 2023

March 10 was the deadline for businesses to file an Abandoned Property Law Annual Report. Not filing potentially increases risk of an audit, but so does filing. What’s a business to do? Healthcare organizations may be particularly vulnerable, considering the complexities surrounding costs, who is responsible payment, and more. Whether

How Will the End of the Public Health Emergency Impact Your Organization and Finances?

March 16, 2023

Is your organization ready to “unwind” from the Public Health Emergency (PHE) and address the potential impact, financial or otherwise? Just about three years ago, the U.S. Government issued a nationwide emergency declaration due to COVID. At the end of the day, May 11, 2023, the U.S. PHE expires, along

Seven Ways Health Care Institutions Are Addressing Staffing Challenges

February 17, 2023

We can all agree there is a global talent shortage and, considering the U.S. population is shrinking along with the number of people in the workforce, the issue is only going to get worse. So, we scoured publications, websites, and more to learn how health care practices and hospitals across

The return to normal following COVID is not going to happen. Instead, economic, environmental, societal, geopolitical, and technology factors are reshaping healthcare globally and in the U.S. Understanding the forces at play can provide important insights for charting a course for 2023 and the decade ahead. The recently released World Economic Forum’s Global Risks Report 2023 identifies five newly emerging/ rapidly accelerating risks that could become a crisis by 2033 if immediate action isn’t taken – human health is one of them. It says growing financial pressure, budget cuts, revenue losses, higher costs of goods and labor, and the predicted global shortfall of 15 million health workers by 2030 are driving productivity declines and safety issues. What’s more, with medical inflation continuing to outpace GDP growth and the predicted government/insurer/employer response of limiting coverage, shifting costs, and reducing healthcare access and affordability, we may find ourselves with a “deeply entrenched” two-tier healthcare system for the haves and have nots. The report goes onto say changing this trajectory will involve public health policy and interventions; collaboration and coordination among public health agencies, healthcare providers and funders; stronger national and global health institutions and systems; and innovative care delivery, staffing and funding to prevent disease, promote early detection, and provide cost-effective care to the chronically ill. Also, opportunities exist for increasing capacity, combining virtual and in-person care, and reducing costs via technology and digital transformation. Concurrent with the risk report, the World Economic Forum completed a Global Health and Healthcare Strategic Outlook with the goal of uniting stakeholders behind a shared healthcare vision and actions to drive systemic long-term change. The vision has four strategic pillars: • “Equitable access and outcomes: Equilibrating access to determinants of health, ensuring health data is representative of the population and people with equal needs achieve equal health outcomes. • Healthcare system transformation: Structuring resilient healthcare systems to provide high-quality care under both expected and unexpected circumstances. • Technology and innovation: Cultivating an environment that supports funding, use and implementation of innovation in science and medicine. • Environmental sustainability: Reducing the healthcare industry’s environmental impact, preparing for and addressing climate change for better health and wellness.” When it comes to the U.S. healthcare, McKinsey & Company outlined challenges and opportunities that lay ahead in its Gathering Storm series. An Opportunity to Reorder the Healthcare Industry reports, “This gathering storm has the potential to reorder the healthcare industry and put nearly half of the profit pools at risk. Those who thrive will tap into the $1 trillion of known improvement opportunities by redesigning their organizations for speed, accelerating productivity improvements, reshaping their portfolio, innovating new business models to refashion care, and reallocating constrained resources.” As noted in the series’ introductory article, How Leaders Can Respond and Thrive: “Healthcare leaders, especially those in the private sector, have an opportunity to step up and invest in innovation for the betterment of healthcare. Indeed, implementing a well-known set of interventions—in care delivery transformation, administrative simplification, clinical productivity, and technology enablement—could generate a collective opportunity of more than $1 trillion and potentially up to $1.5 trillion through 2027, according to McKinsey analysis. However, to move fast enough to capture this opportunity, healthcare leaders need to rethink how they approach organizational growth and transformation. Those who act now could set themselves apart in leading transformative improvements of healthcare and accrue a sustainable competitive advantage for their organizations.” Whether you’re at the initial stages of understanding the new global and U.S. landscape for healthcare or embarking on an already formed strategic plan, remember, RBT CPAs can help. You can trust our accounting, tax, audit, and advisory services professionals to take on these responsibilities so you can reallocate resources to what’s really important – shaping the future of healthcare and your organization. Interested in learning what we can do for you? Give us a call. RBT CPAs is a leading accounting firm serving Hudson Valley businesses for over 50 years. We believe we succeed when we help you succeed. Give us a call today.

Navigating Health Care in 2023 and Beyond: What Is the Path Forward?

January 30, 2023

The return to normal following COVID is not going to happen. Instead, economic, environmental, societal, geopolitical, and technology factors are reshaping healthcare globally and in the U.S. Understanding the forces at play can provide important insights for charting a course for 2023 and the decade ahead. The recently released World

Ready to Unwind? Prepare for the End of the Public Health Emergency

December 21, 2022

Whoever gave the moniker “unwinding” to the work that will be required once the Public Health Emergency (PHE) ends must have a great sense of humor. While “unwinding” usually brings thoughts of relaxation and perhaps a sandy beach and a favorite cocktail or hobby, the “unwinding” that will occur when

How to Keep Your Medical Practice Safe from Telemedicine Fraud

October 26, 2022

Now that the Biden Administration has extended the Public Health Emergency (PHE) for another three months through January 11, Federal regulations put in place for the duration of the PHE continue, including those governing telemedicine. What’s more, certain telemedicine flexibilities will continue for five months after the PHE ends. While

Inflation Reduction Act Healthcare Provisions’ Rollout Timeline

October 6, 2022

When the Inflation Reduction Act (IRA) was signed into law in August, there was a huge rush to figure out what the law meant and what it would do. Now that we’ve had a little time to reflect on it, one striking characteristic is that the health care provisions roll