Healthcare providers across the country are focusing on the primary task at hand ... caring for those affected by COVID-19
The healthcare team at Baker Tilly is passionate about the healthcare industry. As such, we appreciate everything that healthcare providers are doing to serve their communities.
Although we cannot assist healthcare providers with patient/resident care, we are available to help in a number of other ways to help navigate through these unprecedented times. Please know that we are here if you need us.
Some areas we can offer assistance in are as follows:
- Providing advice and counsel related to accessing COVID-19 related government grant and loan programs, including improving cash flow and accessing SBA loans
- Proactively addressing the complexities of processing past and current accounts receivables (AR) while also implementing new work from home arrangements and managing a remote workforce.
- Supporting efforts to establish Periodic Interim Payment (PIP), or PIP-like, programs with health plans. These programs can provide cash flow support during these challenging times.
- Analyzing the current and future effects of telemedicine on the healthcare business model (coverage by payers, how providers are impacted economically, etc.)
- Assessing HIPAA and cybersecurity risks
- Ensuring that an organization has robust enterprise risk management capabilities, including consideration of disaster recovery and business continuity plans
- Optimizing managed care contract arrangements in these unprecedented times and taking proactive steps to improve these arrangements
- Developing financial models for changes in the current business model, as well as changes to planned capital and other projects
- Providing advice and counsel related to self-insured health insurance programs (claim audits, benefit design adjustments, etc)
- Ensuring major change initiatives (e.g., systems implementations) are executed successfully
- Performing grant compliance engagements for those organizations that will be receiving Federal Funds to support COVID-19 related initiatives
- Evaluating the effectiveness of existing on-site or off-site (virtual) internal audit programs
- Preparing governing boards to continue to fulfill their responsibilities during times of crisis