Keep control – and thrive – in a changing healthcare environment.
The healthcare industry is undergoing unprecedented transformation, fueled in large part by a constantly shifting landscape of federal, state, and local regulations. But other factors are equally disruptive:
- New technologies
- Rising costs
- Decreased third-party reimbursements
- Compliance issues
- Staffing shortages
- Growing demands in number of patients and quality of care
REDW understands the unique demands of the industry, and continually works to provide services beyond the traditional accountant’s role. Our team approach, coupled with our extensive industry knowledge, will help your organization balance risk, strengthen controls, and improve performance. REDW has worked with all types of healthcare organizations, including community health, tribal health, physician practices, surgery centers, imaging centers, behavioral health centers, hospital systems and more.
HEALTHCARE INDUSTRY SERVICES:
REDW’s sister company, Alliance Benefit Group Southwest (ABG Southwest), offers employee benefit plan consultation, design, recordkeeping, and administration services for benefit plans of up to 2,000 participants in size. ABG Southwest is a member of Alliance Benefit Group (ABG), one of the largest retirement-administrative-plan networks in the country.
Capital Projects Feasibility Studies
Healthcare entities face intense risk when choosing and implementing capital projects. REDW boasts a capital projects team specializing in assisting healthcare entities evaluate proposed projects to ensure that they have the greatest potential payoff in both patient care and profitability.
We provide accurate, insightful analysis, whether your organization’s concerns are a new project, the renovation or repositioning of an existing asset, or the purchase of an operating property. And we tailor the unique scope of our studies to the individual needs of your project.
Management Advisory & Accounting Services
Whether you need to supplement existing personnel or your information systems, or you wish to completely outsource your accounting function, our services can give you the peace of mind of accuracy and timeliness, and the freedom to concentrate on your organization.
- Timely processing and recordkeeping for services such as basic AP entry, cash receipts, timecards, and more
- Advanced month-end close tools to coordinate recurring compliance, regulatory reporting, and financial processes
- Dashboard models for quick assimilation of timely data, accelerated decision making and deeper insights
- Advisement, forecasting, budgeting, and modeling to enrich your organization, guide your vision, and achieve your ambitions
Financial Statement Audit
REDW has specialists in single audits for non-profits and government-owned hospitals that receive federal grant awards and require a Single Audit under 2 CFR 200, Subpart F. We use the latest audit technology and technical reference tools (such as IDEA-Interactive Data Extraction and Analysis) tailored to meet the unique and complex needs of healthcare organizations.
REDW accountants view financial statement audits as more than a routine compliance activity. We perform our services as an independent auditor, but during the process we also look for information that can lead to operational improvements and cost savings for your organization.
REDW provides governance training to strengthen Board governance responsibilities, financial oversight, and working relations with key executives. Further, we work closely with the executive team to develop new or update existing strategic plans.
Human Resources Consulting
We can help you navigate the rapid changes in compensation with a study that determines competitive rates of pay in healthcare while also considering internal equity factors. We can update your current structure to ensure it is externally competitive and internally fair, or develop a new compensation structure that meets your current and future needs.
In addition, if your HR needs are increasing, we can provide additional support to your team with “as needed” HR outsourcing.
REDW assists organizations in their internal audit function and in designing appropriate policies and procedures while making recommendations for operational and cost-saving improvements.
REDW can assist physicians in all aspects of their practice – providing accounting and tax services as well as assisting in structuring entities, designing physician compensation agreements, designing retirement programs, Stark compliance, developing ancillary services, outsourcing accounting and finance functions, and facility leasing or purchase decisions.
Public Law 93-638 Tribal Facilities
REDW has specific healthcare expertise for tribal governments and their healthcare programs, including transitioning to tribal healthcare under Public Law 39-638. These services include feasibility studies under tribal health management grants, start-up activities to design effective business strategies and operational set-ups, and negotiations.
Revenue Cycle Consulting
We make it a priority to know your mission and objectives, and the population of patients and staff you work with to help streamline your processes and improve patient experiences. Our revenue cycle consulting services will help you develop sound and efficient systems, positioning your organization to maximize revenue.
REDW offers a wide range of risk management services and solutions to help drive results and mitigate the many risks facing healthcare organizations. These include risks in such areas as Health Insurance Portability and Accountability Act (HIPAA) privacy and security, Health Information Technology for Economic and Clinical Health Act (HITECH) audits, internal audit services, and fraud management.
REDW can provide the right software to help manage your financial and other business information – plus maintain your systems and train your staff to use them. We offer a full range of solutions from Abila (formerly Sage) Software, and our software specialists will help you determine what will work best for your business. Since we are not only software consultants but also CPAs and business consultants, you can depend on our expertise when we work with you on your business needs.
We offer a full range of services to help both for-profit and nonprofit healthcare entities minimize tax burdens and meet federal, state, and local compliance requirements.
REDW’s tax experts understand nonprofit healthcare entities, and can help you quantify your benefit to the community and assess potential risk areas that could create tax penalties or potentially threaten an organization’s tax-exempt status. We can identify the information required for Form 990, and assist you with the processes, procedures, and systems that should be in place to consistently and accurately collect the required information.
Valuations are needed in many healthcare settings:
- Acquiring physician practices
- Forming joint ventures
- Considering buy-and-sell opportunities with other health systems
- Litigation and divorce proceedings
REDW Wealth services a wide variety of individual, corporate, ERISA plan, tribal, government, and institutional clients. We provide fiduciary services, consulting, and asset management services to a variety of clients across the nation, including investment consulting services to nonprofits and institutions with assets up to $21 billion. These services include 401(k) advisory, internal audit assistance, help with investment policies, asset allocation design, and fiduciary consulting.
REDW Wealth LLC is an SEC-registered subsidiary of REDW LLC.