Hospitals & Health Systems

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.

Assurance and tax solutions

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.

Financial sustainability solutions

Medicare reimbursement rules and regulations are continuously changing, making reimbursement opportunities even more difficult to identify and claim. At Baker Tilly, our team of reimbursement specialists can help hospitals and health systems of all sizes compile, prepare and review their annual cost reports. In addition to helping properly submit these reports, we also take a strategic perspective and help providers understand new/updated regulations, waivers, exemptions and opportunities that will increase their reimbursements.

Reimbursement solutions

A robust network infrastructure is crucial to optimize enterprise applications such as electronic health records (EHRs) and telehealth services, as the demands from healthcare IT systems are continually evolving. Baker Tilly can help enhance your provider organization's IT systems, enabling you to improve clinical, operational and financial performance by evaluating, designing, implementing, integrating and enhancing your systems.

Healthcare IT solutions

It is vital for healthcare leaders to be able to identify opportunities for improving the financial performance of their organization. At Baker Tilly, our team uses innovative analytics 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.

Revenue optimization solutions

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.

Value-based care solutions

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.

Managed care and physician contracting solutions

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.

Cybersecurity, internal audit and risk management solutions

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.

Market assessments and research solutions

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.

Development advisory services

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.