Accounting Systems & Financial Reporting Review

ORBA’s Accounting Services Group conducts accounting system assessments to evaluate the efficiency and effectiveness of our clients’ current systems and capabilities. While many of our clients use one of the various versions of QuickBooks, our experience also includes many accounting software programs such as Great Plains, PeachTree, Thomson Reuters Accounting Creative Solutions and Quicken to name a few.  We work side-by-side with each client to determine if their accounting resources are being used to their fullest potential and make recommendations to improve efficiency, controls and reporting.

Our reporting services allow clients to improve their ability to monitor and assess various aspects of their operations.  We work with clients to enhance their reporting capabilities, which in turn, allows them to determine profitability of a particular office or location, specialties or specific doctors.  The ORBA team helps clients discover the potential of these reports and teach them how to extract the data they need to make critical business and expansion decisions.

Benchmarking

Benchmarking is a performance measure process that provides a means of comparing a company’s financial statistics to established industry standards or goals. For those in the health care industry, the widely accepted benchmarks compiled and published by medical associations and industry groups are vital to assessing their organization’s financial well-being.

At ORBA, we access the latest statistics and compare them with our clients’ comparable numbers. After thoroughly analyzing the data, we work closely with clients to help them identify and understand where they stand in relation to others in the industry. Our team helps clients pinpoint areas where their numbers fall below the norm, and help them develop strategies designed to improve their positions.

Buy/Sell Analysis and Due Diligence

One of the most difficult decisions in today’s health care environment is whether to continue doing business as an independent practice or team up with a large group or hospital. ORBA’s team of health care experts and valuation professionals provide you with all of the information you need to make the right decision for your practice.

Before making a decision to merge or to remain independent, ORBA’s team of experts will provide you with a comparative analysis of the financial impacts of a merger or sale, along with a financial forecast and strategic plan for your existing practice. Our tax experts are keenly aware of the tax aspects of any transaction and will advise and guide you through the process to make sure you understand the effect to your personal bottom line. Because ORBA’s team of health care professionals has been involved in numerous mergers and acquisitions over the years, we offer value-added experience that goes above and beyond advising you of the financial benefits and pitfalls of any potential transaction. Armed with this information, you can be confident you have the facts you need to make an informed decision about the future of your practice.

Once a decision is made to move forward with a transaction or to seek a strategic partner, ORBA’s team will provide you with guidance regarding pre-transaction due diligence. This includes identifying and addressing any perceived or potential problems regarding either financial or legal issues.

Because ORBA understands not only your practice, but also the financial impacts to both your business and personal bottom line, engaging our professionals to play key roles in the process is extremely beneficial. The services and advice we offer are tremendous assets in any buy/sell decision and will have a lasting impact on your practice’s value.

Compensation Modeling and Strategies

One of the most important issues facing any medical practice is how to allocate the profits it generates. In designing an appropriate compensation system for your practice, you need to balance the need for fairness to all of the doctors with the complexity of the system. These goals can often be in conflict with each other. Further, in today’s rapidly changing world of medical economics, a system that worked in previous years may not make sense today.

At ORBA, we have been working with medical groups in designing their compensation systems for more than 35 years. While the ultimate design of the system is, of course, up to the doctors in the group, we develop models that will show the effects of various proposed systems. Based on our experience, we then advise you of systems that are the most successful in various practice scenarios. This allows you to choose a system that provides the fairest compensation methodology for your medical team.

Employee Benefit Plans

ORBA offers audit, tax and consulting services that help employee benefit plan sponsors as well as employers manage the complexities associated with plan administration, reporting and compliance. Our professionals offer a wide array of services, ranging from retirement plan audits in compliance with annual filing requirements, to Form 5500 filings for health and welfare plans, to retirement plan tax and consulting services for self-employed workers. As a member of the AICPA Employee Benefit Plan Audit Quality Center, we stay on top of emerging issues so that we can provide our clients with proactive and practical guidance.

For more information about our employee benefit plan services, visit our Employee Benefits page.

Fair Market Value Analysis

One of the most challenging aspects of managing your health care practice is making sure that you are fairly and appropriately billing for your services. In addition to ensuring you are receiving fair compensation, you also must make sure your billing process does not violate any of the numerous rules surrounding physician services.

ORBA assists health care professionals in these areas by benchmarking your fee schedule against others in your specialty and/or geographic area. While we are not attorneys, our experience with other medical groups and their compensation systems helps us recognize when our clients may consider an option that could cause a problem with regulators. By quickly identifying the issue and reviewing your objectives, we consult with you and offer other permitted alternatives that will allow you to achieve the outcome you seek.

Internal Control Evaluations

ORBA’s team of accounting professionals are experts in providing clients with the guidance needed to implement and sustain the internal controls vital to any health care organization’s business. We deliver the services you need most, including consulting services as well as reporting on the internal controls that are put in place to ensure accurate financial reporting and compliance. Drawing upon our knowledge of your organization, its environment and the health care industry, we plan and perform internal control evaluations using an objective and independent approach that allows us to provide practical recommendations designed to improve operating efficiency, ensure reporting accuracy and strengthen compliance.

Long-Term Care – Skilled Nursing and Assisted Living Facilities

ORBA provides a full range of services to skilled nursing facilities, more commonly referred to as nursing homes, and assisted living facilities.  Our professionals provide audit and other attest services as well as tax compliance and consulting services for large and small operators.  Additionally, given the nature of these businesses, ORBA’s Health Care Group leverages the expertise of our Real Estate Group to address the many real estate issues that are prevalent in the long-term care facilities industry.

Personal Financial/Retirement Planning

ORBA’s expertise in both personal financial planning and retirement planning is the perfect complement to the robust array of consulting, accounting and tax services we provide to our health care clients.

Our personal financial planning services, tailored to meet your individual requirements, are provided by Certified Financial Planners and other experts who concentrate their approach on providing the best advice at an affordable price. We cover investment consultation, insurance needs and estate planning. We can work with your lawyer, broker or provide referrals to other competent professionals to collaborate and develop the best plan to minimize the impact of both income and estate taxes.

Our retirement planning service includes a thorough evaluation of your retirement assets and plans and is offered in conjunction with our personal financial planning and our estate planning process. We design plans that help increase a client’s  benefits and also work with clients to structure their retirement payouts to maximize their distributions and minimize their taxes.

Practice Valuations

ORBA’s team of certified valuation professionals is dedicated to helping you understand the value of your health care practice and the steps you can take to enhance that value. We assist you with the difficult decision of whether to continue as an independent practice or begin the search for a strategic partner.

Using our industry knowledge and insight into your practice and its goals, ORBA’s experts determine your practice’s fair market value and create reports that are both readable and understandable to you and your team of advisors. We then go beyond the valuation report to look for ways to enhance your practice’s value through industry benchmarking, profitability and cash flow improvement strategies, as well as personnel and operational evaluations.

With detailed information regarding your practice’s current valuation, along with a strategic plan based on ORBA’s enhancement strategies, you have the resources required to make an informed decision about the future of your practice.