Hospitals & Health Systems
At Baker Tilly, our team of professionals understands the complexities faced throughout the healthcare industry and can help organizations on their journey to a more financially sustainable future.
Top 15 healthcare consulting management firm (Modern Healthcare)
Serving more than 200+ hospitals and health systems
Baker Tilly’s solutions help hospitals and health systems address the unique needs and situation of their organization. Consisting of more than 200 individuals, our team of healthcare professionals helps companies become financially resilient through our assurance, tax and advisory solutions.
As your organization grows, so do the complexities and risks associated with assurance and tax. At Baker Tilly, our team of dedicated healthcare professionals helps address the unique assurance and tax needs of hospitals and health systems. Our team can help prepare and review your financial statements, understand current and looming accounting standards, maximize tax deductions, reduce tax liabilities, and develop a comprehensive tax strategy.
It is more important than ever for hospitals and health systems to take a more proactive approach to improving and maintaining the financial health and outlook of their organization. This is especially true after the ongoing impacts from the coronavirus pandemic. At Baker Tilly, our team helps organizations identify pain points within their organization and implement initiatives that helps reduce costs and improve reimbursement and revenue streams.
It is vital for healthcare leaders to be able to identify opportunities for improving the financial performance of their organization, especially in light of COVID-19. At Baker Tilly, our team uses innovative analytics and our Advanced Revenue Cycle (ARC®) methodology to evaluate your organization’s baseline performance, identify gaps in current operations and processes, and develop a plan to improve and transform your revenue cycle operations.
Hospitals are facing lasting challenges as the industry continues to transition from a fee-for-service (FFS) model of care to value-based care (VBC) arrangements. At Baker Tilly, we are able to help providers better understand VBC arrangements by conducting feasibility studies to identify gaps and determine VBC readiness. In addition to conducting VBC readiness assessments, our team helps healthcare providers design their VBC programs, implement new and enhance current programs, and monitor programs after implementation to make sure hospitals stay on track optimizing their VBC arrangements.
Hospitals face an array of challenges when negotiating fair reimbursement rates with health plans and managed care organizations (MCOs). At Baker Tilly, we assist healthcare providers with their managed care and physician contracting strategies. We help organizations understand market trends, perform pricing benchmarks, negotiate reimbursement rates, forecast revenue, and develop managed care agreement language within contracts.
Many external forces and internal factors can cause healthcare providers to be exposed to risk that can have financial, operational and reputational impacts on the organization. At Baker Tilly, we offer a plethora of enterprise risk management (ERM) solutions that will help management make more informed decisions. We help set up the proper internal controls to identify, prioritize and mitigate current emerging risks. In addition, we also aid in establishing cybersecurity policies, protocols, and response procedures.
Organization must be agile when complying with the Health Insurance Portability and Accountability Act (HIPAA) and continuing to protect the sensitive health information of their clients. Baker Tilly’s in-house specialists can help organizations with conducting HIPAA risk assessments as well as developing and executing a remediation plan for compliance gaps.
Healthcare providers should be analyzing the entire array of services they offer to the community as well as changes in consumer preferences and care delivery models. Baker Tilly is able to help hospitals and health systems conduct market assessments and research to better understand service line profitability and recommend potential operating model changes.
Whether it is a single-site hospital looking to grow its geographic footprint or a multi-site health system looking to renovate an existing campus, a large amount of risks and surprises can disrupt operations. From concept and planning to development and completion, Baker Tilly’s team is able to help hospitals and health systems with their construction projects.
There is a wide range of elements that can affect the long- and short-term plans and direction of hospitals and health systems, which was clearly shown by the impacts of the coronavirus pandemic. At Baker Tilly, we can assist hospitals and health systems of all sizes react to significant business disruptions through our robust scenario planning process, including building flexible, multi-year financial models.
"Working with Baker Tilly has been a seamless process due to their healthcare industry expertise, open line of communication and focused audit work. They are responsive and continue to demonstrate their value, answering our questions and helping us stay ahead of new regulations. I highly recommend Baker Tilly, because they are truly dedicated to their clients.”CFO, health system client
Hospitals and health systems within the U.S. have an increased focus on proactively improving the financial outlook of their organizations. With the coronavirus pandemic disrupting everyday operations and revenue streams as well as intensifying underlying issues of underperforming providers, it is more important than ever that hospitals and health systems have a trusted advisor to turn to in order to help position their organization for success.
At Baker Tilly, we understand the intricacies within the healthcare ecosystem and can help companies better prepare for, and react to, significant business disruptions. From tax and assurance solutions to strategic scenario planning to transitioning from a fee-for-service to a value-based care (VBC) model, our team of healthcare consulting specialists can help.
Our team works with a wide range of organizations, including small, rural, single-site hospitals and large, multi-site, multi-billion dollar health systems. Our practice also works with stakeholders from across the healthcare industry – not just hospitals and health systems, but also health plans and life sciences organizations – giving us a more well-rounded understanding of the complex dynamics across the healthcare space.