Health Care
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S&B supports a variety of health care professionals, including medical practices of physicians and surgeons, dental practices and chiropractic care offices.
Some of the areas that S&B analyzes for health care professionals are:
Insurance reimbursements
Slow insurance fee schedules and reimbursements typically cause medical practices to have high receivables. S&B works with health care offices to successfully manage cash flow and prepares charges and collections reports to help review the profitability of the practice by service, physician and insurance provider.
Internal control review procedures
Due to the complexity of billing, many health care professionals are vulnerable to intentional or unintentional billing fraud. S&B reviews the current internal control policies and procedures in place and can assist in implementing new procedures to help reduce fraud potential activities.
Profitability of physician assistants or dental hygienists
More frequently patients are being seen by physician assistances and dental hygienists. Using benchmarking tools, S&B can assist health care providers in understanding the current profitability of their assistants and how to better utilize them for increased profitability.
Timing of purchase of new assets
Rapid technological advances require frequent capital investments in expensive diagnostic tools and treatment equipment. Timing of these purchases can impact cash flow and tax results. S&B helps plan the timing of these investments.
Timing of sale of practice
There are many reasons why a practice might be bought or sold, or additional partners might be brought in. For example, the value of dental practices typically peak when the dentist reaches a specific age range. S&B performs business valuations to help determine the fair value of the practice or percentage of the practice to help determine the best time to buy or sell.