Healthcare Industry | CPA | Florida

HEALTHCARE

We know the Healthcare industry. Learn how we can help companies like yours.

The Patient Protection and Affordable Care Act is the most significant regulatory overhaul of the U.S. healthcare system since Medicare and Medicaid were created almost 50 years ago. Healthcare organizations and their business associates face stiff penalties for not complying with regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act.

The outlook for growth in the healthcare market is strong, projected by Hoovers/D&B at an annual compounded rate of 5% through 2016.  Prices for both medical care commodities and services are rising.  The industry is one of the leading sectors for growth in the state of Florida, with jobs increasing in both the traditional “ambulatory health care” category and among the growing number of organizations focused on the products and services needed as regulatory changes force technology transformation.

Are you up-to-date on the latest regulatory requirements? Healthcare reform legislation continues to change the way healthcare organizations do business and place increasing demands on healthcare administration.

Our professionals keep current on changing requirements and make sure clients understand their compliance obligations and can identify new opportunities. We perform audit, tax, accounting and consulting services for dozens of medical-related businesses, including physician practice groups, dentists, outpatient care centers, nursing care facilities, HMO medical facilities, outpatient care providers and medical billing and collections companies.

Is your organization at risk of a healthcare data breach? As of December 31, 2011, 407 data breach incidents involving more than 500 individuals were reported on the Department of Health and Human Services website. These incidents compromised the protected healthcare information of 19,134,403 individuals.

Kaufman, Rossin's information security and IT audit team help healthcare providers and their business associates perform risk assessments and evaluate compliance to meet the security requirements of the HITECH Act and the HIPAA Privacy and Security Rule.

Are you a business associate? More and more healthcare providers are requiring Service Organization Control (SOC) reports when renewing contracts with business associates. Regulations like Sarbanes-Oxley, HITECH and HIPAA put businesses associates under the microscope. If you don't have a SOC report, you may lose long-term to a competitor.

And even if the healthcare providers trust you without a SOC report, new clients have no experience with you. Business associates that are trying to break in to new markets or just expand within current areas need to gain providers' trust that they can deliver as promised and minimize risk. SOC reports can help you build that trust, giving you a competitive advantage.

Kaufman, Rossin's SOC services are designed to minimize business disruption, meet compliance requirements and improve internal controls.