Services
Industries
Overview
Larry Sophian has been with ORBA since 1981 and became a Director in 1991. Throughout his career, Larry has provided accounting, tax and business consulting services for business owners in various industries, including not-for-profit, medical and others.
He is Chair of the firm’s Health Care and Dental Groups and Co-Chair of the Not-For-Profit Group. As such, he has been responsible for the financial statement audits and other related activities of numerous health care and dental practices, as well as not-for-profit organizations.
Services
Industries
Overview
Larry Sophian has been with ORBA since 1981 and became a Director in 1991. Throughout his career, Larry has provided accounting, tax and business consulting services for business owners in various industries, including not-for-profit, medical and others.
He is Chair of the firm’s Health Care and Dental Groups and Co-Chair of the Not-For-Profit Group. As such, he has been responsible for the financial statement audits and other related activities of numerous health care and dental practices, as well as not-for-profit organizations.
Proactive
Larry understands that one of the greatest services ORBA can deliver is helping clients see as far down the road as possible. To accomplish this, Larry continually stays ahead of pending regulations and changes in the economic environment.
Larry’s experience also provides him with a wealth of best practices on which to draw. It enables him to help clients see where they stand within their industry, including areas where they might be exposed to possible fraudulent or inappropriate behavior. Larry helps those companies to establish systems and controls that eliminate the potential for losses.
Outside of the Office
Much like finding the operational details of his clients’ companies, Larry is an avid reader who enjoys uncovering the subtext of major historical milestones, such as the Civil War. Larry considers it more interesting to know how major national events affected the daily lives of people back at home. He and his wife also love to travel to different countries that provide them with the opportunity to explore new cultures.
Civic Activities
- Board Member, Palatine Township Senior Center
- Board Member, Alternatives, Inc.
- Former Member, Accountant’s Division Executive Committee, Jewish United Fund
- Former Board Member, Treasurer, Alternatives, Inc.
- Former Board Member and President, Wheeling/Buffalo Grove United Way
- Former Member, Finance Committee, United Way Crusade of Mercy
Seminars & Events
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How the Tax Cuts and Jobs Act Impacts Not-For-Profit Organizations, Chicago, IL, August 21, 2018
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The Impact of Tax Reform on Your Practice, Schaumburg, IL, February 15, 2018
- Not-For-Profit Board Members: What are Your Responsibilities?, Chicago, IL, November 29, 2017
- How to Prepare for Your Annual Not-For-Profit Audit, Chicago, IL, May 19, 2015
- Not-For-Profit Board Training: What Board Members Need to Know, Chicago, IL, January 16, 2013
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
- Illinois CPA Society Former Member, Accounting Principles Committee
Education
- B.S., Accounting, University of Illinois
- M.B.A., University of Chicago
Blogs
Is It a Good Time to Buy a Practice? Consider These Factors Before You Make the Leap
Even in times of economic uncertainty, there may still be opportunities for growth. While some medical practices are struggling, others are doing well and may even want to expand their operations. If you are considering acquiring a practice, you will first need to know its value. In addition, a buyer needs to take several specific […]
How Can You Avoid “Paralysis” When Making Key Decisions?
How many times have you wanted to improve some aspect of your medical practice but found yourself unable to take the necessary steps? How many times has a staffer come to you with an idea and been told, “Okay, let me think about that.” But, rather than decide, the hectic nature of running a busy […]
Six Ways to Motivate Your Employees
In this time of national emergency due to the Covid-19 pandemic, your staff is almost certainly under more stress than normal. This is a very important time to work cooperatively with your employees, listening to and taking seriously their fears and concerns. Conditions will eventually return to normal and employees will likely remember how you […]
Staying Solvent — and Maybe Even Profitable — in Tough Times
Maintaining profitability is a challenge for medical practices in the best of times. When the economy undergoes a sudden and unforeseen downturn it can be hard for any business, including a physician practice, to stay afloat. What is worse, you may find coping with economic change even more difficult because of the constantly shifting Medicare, […]
Financial Reporting: How Not-For-Profit Accounting Differs From its For-Profit Counterpart
Many effective not-for-profit board members come from the for-profit world. They bring talent and organizational savvy that may help elevate your organization’s overall performance. However, when it comes to understanding financial reporting in this new arena, these for-profit pros often need some training to help them understand how to read your not-for-profit’s financial statements. You […]
Three Keys to Providing Terrific Patient Service
One of the cornerstones of a successful medical practice is terrific patient service. In a non-medical context, you would call it customer service, but patient service needs to go beyond simply fulfilling a patient’s demands. Here are three keys to getting it right: Service Design For any service business, when designing how you are going […]
Newsworthy Notes for Not-for-Profits
Cryptocurrency Donations pose problems It’s hard enough figuring out how to manage donations of art or other nonfinancial assets — now some not-for-profits must navigate the challenges that come with cryptocurrency donations. According to Bloomberg, several colleges and universities have recently received crypto donations. These can raise accounting questions, complicate tax filings and require special […]
Head Off Problematic Physician Behavior at the Pass
Of the issues and problems that can arise in a medical practice, disruptive behavior on the part of a physician is one of the most difficult to address.
More Lease Accounting Rules: Changes to Accounting for Leases
As you probably know, there are some significant changes to not-for-profit financial reporting that will affect your calendar 2018 and fiscal 2019 financial statements. Depending on the type of revenue streams that you have, the rules regarding how you recognize revenue may also affect your financial statements.
The Pros and Cons of Offering Ancillary Services
Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing, endoscopy, pain management and physical therapy. Before deciding whether to offer ancillary services, however, physicians need to answer two questions:
Accident Versus Intention: Six Ways to Improve Office Protocols
All too often, protocols in a medical practice evolve by accident. A person decides that something should be done a certain way, everyone follows suit and it becomes standard operating procedure. However, it is better to intentionally assess your processes and develop systems that can be used as guidelines for meeting your practice’s goals.
How the Tax Cuts and Jobs Act May Affect Physician Practice Owners
Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.
The Effects of Tax Reform on Charitable Donations
In December 2017, the Tax Cut and Jobs Act became law. This law, which represents the biggest overhaul of the tax code in over 30 years, does not, at first glance, seem to have a big impact on charitable donations. In fact, in one area, the limits on charitable donations became more liberal. However, when […]
You cannot control costs if you do not know what they are. Unfortunately, many medical practices do not have enough granularity in their budgets to determine what is actually going on, let alone where to start making cuts if needed.
Buy-Sell and Partnership Agreements Can Keep Things Running Smoothly
One of the more common transactions that occurs in any business is new owners buying in, while established owners are bought out. Medical practices are no exception. The existence of buy-sell agreements which spell out the terms under which these transactions will occur can make these transitions in the practice much easier.
The Power of Delegating: Improving Practice Efficiency
From a business perspective, spending too much time on non-medical concerns can reduce a practice’s efficiency and profits in the long run. This brief article points out that physicians need to delegate responsibilities so that they spend less time taking care of financial, recordkeeping or other functions unrelated to their medical responsibilities, and more time performing the duties of a physician.
Harnessing Best Practices in Claim Denial Management
Claim denials are a huge financial drain on physician practices. If nothing is done to reverse a denial, the revenue that it represents is lost to the practice. Attempts to manage and resolve the denial can cost an average of $25 to $30 per claim, according to the Medical Group Management Association (MGMA). In this blog, we take a look at some best practices you can employ to help manage claims denied by payers.
Preliminary Thoughts on the Trump Administration’s Impact on Not-For-Profit Organizations
Many not-for-profit organizations may be impacted by new policies coming from the Federal government as a result of the 2016 election. While it is obviously too early to tell, you should be closely monitoring the kinds of proposals that are being presented by the incoming administration during the transition period, and then, the status of legislation once both the new president and Congress have been installed. This article presents a few precursory thoughts on a few proposed pieces of legislation.
Can Your Practice Meet HITECH Goals? Smart Ways to Optimize Your EMR System
The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 prompts physicians and other health care shareholders to adopt health information technology to help improve efficiency and cut costs. As a result, most practices have implemented some version of an electronic medical record (EMR). This article suggests various ways to optimize an EMR system. A Sidebar looks at how mobile technologies are affecting EMR.
What the New DOL Overtime Rules Will Mean for Your Not-For-Profit Organization
The DOL’s new overtime rules, which will make many more employees eligible for overtime pay under the Fair Labor Standards Act (FLSA), take effect December 1, 2016 — and not-for-profit organizations are not exempt. Even if an organization is not covered by the FLSA, its employees may be covered as individuals and thus eligible for overtime. This article addresses the new salary-level tests for exempt workers, the impact on not-for-profit organizations and some exceptions to the rules. A Sidebar offers four options for compliance.
Payer Contracts: How to Drive a Hard Bargain
Practices often allow their payer contracts to renew automatically each year without re-examining the terms. However, falling into this habit can be a bad mistake. This article discusses why it is important to understand all of the practice’s contracts, individually and comparatively.
How to Value Donations of Goods and Services
One of the issues we frequently see when working on financial statements of our not-for-profit clients is how to place value on donations of goods and services. The accounting rules require that the value of goods and certain types of services should be recognized in an organization’s financial statements. This article provides a few tips on how you can properly assess the value of the goods and services donated to your not-for-profit organization.
How to Flourish as an Independent Practitioner
While the trend is clearly toward physician employment by hospitals and health plans, many doctors would prefer to practice independently for as long as possible. So what does it mean to be independent and how can one stay that way? This blog notes that the dream is more manageable when five components are in place: fiscal strength, care coordination, risk assumption, competitive advantage and embracement of change.
Should Board Members be Required to Make Donations to the Organizations They Serve?
You may think one of the barriers to recruiting someone to join your not-for-profit board is that they will feel obligated to make a financial donation. Because board members want to see the organization succeed, this may not be as big of a challenge as you think.
How Not-For-Profit Watchdogs Rate Your Organization
Watchdog organizations that patrol not-for-profits have been around for several years, and you probably know that they aim to make available information on charities’ financial health to benefit donors and funders. But do you know how they evaluate not-for-profits like yours?
Want to Join a Bundled Payment Network?
In January 2013, the Centers for Medicare & Medicaid Services (CMS) announced the health care organizations selected to participate in its three-year Bundled Payments for Care Improvement initiative. This article discusses differences between the four models of care and notes the importance of planning ahead for operating under such arrangements.
Harnessing Best Practices in Claim Denial Management
Claim denials are a huge financial drain on physician practices. If nothing is done to reverse a denial, the revenue that it represents is lost to the practice. Fortunately, there are some best practices that can help manage claims denied by payers. This article discusses how to keep a claim “clean” in the first place, how to respond to a claim denial and how to prevent future denials. A Sidebar looks at analyzing data to reveal the root causes of denials.
Are You Ready for “Play or Pay” Under the Health Care Act?
Beginning on Jan. 1, 2014, the Patient Protection and Affordable Care Act requires large employers to offer comprehensive and affordable health care coverage to employees and their dependents or risk a penalty. This article discusses what a “large” employer is and the degree of coverage that’s necessary to avoid penalties.
Study Examines Political Leanings and Donor Behavior
This week’s blog discusses one study that examines the effects of political leanings on donor behavior, and another that reveals a significant drop in multiyear grants to charities.
Advisory Boards: Building Blocks for Not-For-Profit Organizations
One of the building blocks of a strong not for profit organization is an active Board of Directors who can support the organization in many ways – financially, with their time, and with the skills the members possess, both personally and professionally. While organizations should take full advantage of the resources their Board provides, they must also recognize that those resources won’t always be available.
Finding the Right Mix: Board of Directors
Attracting the right people to your not-for-profit board can be challenging. You obviously want people who are enthusiastic about your mission, and who are willing to give of their time. Time is often a scarce commodity for people, so you need to exercise caution to not overwhelm your Board members or other volunteers. These constraints, […]
Federal Grants: What’s the Catch?
Great news! You just found out your organization is going to get a grant from the Federal government. Now you need to spend some time making sure you understand what the requirements of this grant are. Oh, by the way, does this mean you’re now receiving at least $500,000 from the government? If so, you also better call your auditors and let them know.
One of the issues we frequently see, both when working on the financial statements of our not for profit clients and the tax returns of our individual clients, is how to value donations of goods and services. Not for profit organizations typically don’t advise their donors regarding what value to place on donated goods, as the organization appropriately doesn’t want to take any responsibility for what the donor reports on their tax returns. Further, donors are not entitled to a deduction for the value of services they provide.
To Contract or Not To Contract, That Is The Question
The question, to contract or not to contract has baffled business owners and organizations for as long as Shakespeare as been asking, “To be or not to be”.
If you are a not-for profit organization, you should know that the tax law that was passed in late December 2010, Congress temporarily reinstated a provision allowing taxpayers receiving taxable IRA distributions to make donations of up to $100,000 to their favorite charity. The great thing about this tax provision is that the donor does not have to include the gift as income.
Newsletters
Not-For-Profit Group Newsletter – Fall 2020
Our Not-For-Profit Newsletter provides you with action steps for enhancing fiscal oversight and spotlights a not-for-profit’s innovative revenue-producing effort during the COVID-19 pandemic.
Health Care Group Newsletter – Fall 2019
Our Health Care Group’s Fall 2019 Newsletter offers advice on four ways your medical practice can stay ahead of the curve and insight on how to deal with a possible staffing shortage at your practice.
Not-For-Profit Group Newsletter – Fall 2019
Our Not-For-Profit Group’s Fall 2019 newsletter provides clarification on the Financial Accounting Standards Board’s new accounting standards for not-for-profit organizations and includes the latest Newsworthy Notes for Not-For-Profits.
Health Care Group Newsletter – Spring 2019
Our Health Care Group’s Spring Newsletter offers insight on when to establish a governing board of directors and what types of insurance are available.
Health Care Group Newsletter – Summer 2018
Navigating a Shifting Landscape: Solutions to Top Practice Management Challenges Larry Sophian, CPA, MBA Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges crop up whenever Medicare and Medicaid policies, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some […]
Not-For-Profit Group Newsletter – Summer 2018
Will the Tax Cuts and Jobs Act Make Your UBIT Jump? Laurence Sophian, CPA, MBA As the new tax bill worked its way through Congress last fall, not-for-profits across the country raised their voices high to share concerns about its disincentives for charitable donations — as well as the proposed repeal of the Johnson Amendment. […]
Health Care Group Newsletter – Spring 2018
How to Handle a Medicare Audit Laurence Sophian, CPA, MBA Generally speaking, the question isn’t if you get a Medicare audit, it’s when. Every Medicare claim undergoes statistical analysis, and Medicare compares individual claims data to all other data submitted. In addition, it now does so in real-time. It’s important to understand how a Medicare […]
Not-For-Profit Group Newsletter – Summer 2017
ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Summer 2017 issue includes two articles: “Boards and Their Fiduciary Responsibility” and “Newsbits: Summer 2017.’”
Health Care Group Newsletter – Spring 2017
ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective health care practice management. The Spring 2017 issue includes two articles: “Taking Care of Business: Four Strategies for a More Dynamic Medical Practice” and “Catching Up with Meaningful Use in 2017.”
Health Care Group Newsletter – Fall 2016
ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective health care practice management. The Fall 2016 issue includes two articles: “What is the Best Insurance Coverage for Your Practice?” and “Prescription for an Ailing Practice.”
Not-For-Profit Group Newsletter – Fall 2016
ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Fall 2016 issue includes two articles: “The Not-For-Profit Organization’s Life Cycle: Challenges and Opportunities Mark Growth Stage” and “Newsbits: Fall 2016.’”
Health Care Group Newsletter — Winter 2016
ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective health care practice management. The Winter 2016 issue includes two articles: “Staffing in a Changing Health Care World” and “How Not to Lose a Claim Denial.”
Not-For-Profit Group Newsletter — Fall 2015
ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective practice management. The Fall 2015 issue includes two articles: “Think Before You Jump” and “Not-For-Profit Governance Survey.”
Health Care Group Newsletter — Fall 2015
ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective practice management. The Fall 2015 issue includes two articles, “Preparing to Sell a Medical Practice: Three Key Steps,” and “Choose Malpractice Coverage Wisely.”
Health Care Group Newsletter – Fall 2014
ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective practice management. The Fall 2014 issue features two articles, How Health Insurance Marketplaces May Impact Your Practice and What’s Your Medical Practice Worth?
Not-For-Profit Group Newsletter – Fall 2013
Does your not-for-profit receive and make use of endowments? The term “endowment” is a frequently misused term in the not-for-profit world. A true endowment consists of funds received from external donors with restrictions that the principal or gift amount is to be retained in perpetuity and cannot be spent.
Not-For-Profit Group Newsletter – Spring 2013
This edition focuses on two topics. The first article addresses how organizations can maximize the potential of current technology tools by developing mobile websites and apps, leveraging social networks and expanding their Web presence. The second article focuses on not-for-profit mergers and what you need to consider before joining forces.
News
ORBA’s Larry Sophian Reappointed to Board of Directors for Alternatives, Inc.
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest accounting firms, is pleased to announce that Larry Sophian, CPA, and a Director at ORBA, has been reappointed to the Board of Directors of Alternatives, Inc., a multicultural youth development agency serving more than 3,000 young people and their families in the Chicago area.