We provide efficient, strategic business solutions to the ever-changing healthcare community. Our healthcare consultants guide you in measuring and streamlining your practice, and we assist you in running your practice efficiently and profitably.
Strategic Practice Management
- Operational Reviews
- Practice Valuations
- Technology Solutions
- Mergers, Acquisitions, and Separations
- Compensation Plan Design and Implementation
- Lease vs. Buy Decisions
- Business Plan Development
- Internal Control Review
- Succession Planning
- Banking and Finance Relationship Management
- Accounting System Design and Implementation
- Bookkeeping Support using MGMA Guidelines
- Budgeting and Forecasting
- Accounts Receivable, Billing, and Collection Analysis
- Fee Schedule Analysis
- Cash Flow Analysis
- Financial Benchmarking
More Than Standard CPA Services
- Minimizing Taxes and Enhancing Net Worth
- Navigating through Changing State and Local Tax Regulations
- Tax Abatements
- Federal, State, and Local Tax Compliance
- Personnel Recruiting and Evaluation Services
- Analyzing Employee Benefit Plans
- Estate Planning
- Cost Segregation Studies
EHTC has served the healthcare industry since 1977. You can rely on our expert team for high-quality service, integrity,
and innovation as we help solve the challenges you face.
With business costs and regulations increasing at what seems to be the speed of light, our highly skilled professionals can assist you in reviewing the various aspects of your practice from the overall financial state down to internal controls. We perform our reviews after consulting with you and customize our work plan to fit your needs. Whether it is analyzing your financial statement presentation, redesigning the workflow of your office, revising your lease arrangement, establishing budgets, reviewing staffing needs, or analyzing the financial impact in a decision-making process, we can provide assistance that will help your practice run more effectively and efficiently.
A professional valuation report can be a very powerful tool for your business practice. The most common reason to have a business valued is to plan for the sale of the business. However, there are numerous other reasons to seek valuation services. A valuation may also be a practical tool for financial planning, succession planning, estate and gift tax planning, partnership formations and dissolutions, mergers, shareholder buy-ins and separations, and legal matters. Our Business Valuation team members have the knowledge, certifications, and experience that is vital for providing a quality professional valuation report. Contact us to discover how a business valuation can benefit your practice.
Mergers, Acquisitions, and Separations
The professionals at EHTC understand the many challenges a business owner may encounter when considering either growing or selling a practice. Today’s business owners are faced with numerous complex issues with many potential pitfalls. Our advisors can unravel those complexities and provide prudent advice so that you can make sound decisions for your practice.
Compensation Plan Design and Implementation
One of the most important issues a group has to decide is how to “divide the pie.” In order to make sure your programs are competitive, we will benchmark your existing compensation and benefit programs against local and national standards and assist you in designing a compensation plan that uniquely fits your situation and culture. We meet with the physicians and the administrative team to design a plan that allocates overhead appropriately, meets the needs of the physicians, rewards productivity and quality standards, and helps achieve practice objectives. We then assist in implementation of the plan and on-going monitoring to ensure it continues to meet the practice objectives.
Lease vs. Buy Decisions
Is it better to lease or buy? The answer is… it depends. One method of financing is not always better than the other. The decision will depend on the specifics of each individual situation. Our professionals can help you make “lease or buy” decisions by looking at financial comparisons, while keeping in mind your own personal and business goals and priorities.
Business Plan Development
A comprehensive business plan is essential for starting and running a successful business. It can help you obtain outside funding, serve as a guide for the management of your operations and finances, and promote and market your business. We can help you develop a business plan that will define your business, identify your goals, and provide a strategy for the successful start and continued operation of your business.
Internal Control Review
Effective internal business controls play an important role in protecting assets and resources, and preventing fraud. Fraud can be detected with an effective accounting system in place that includes the appropriate internal control features for your business. Our professionals at EHTC can help you improve your existing controls and develop new controls where needed. With a review of your internal control system, we can help you safeguard your assets and ensure that your business is operating as safely and efficiently as possible.
One of the greatest challenges a business owner may face is creating a succession plan. Who will lead the business when I retire? How and when will the transition take place? Whether making generational transfers or sales to key employees or third parties, a good succession plan is the key to a successful transition. The advisors at EHTC can help you to create a comprehensive succession plan that will secure the future for you, your family, and your business.
Banking and Finance Relationship Management
As your practice grows, it is increasingly important to develop the relationships between your organization and your trusted advisors. Our professionals have established close business relationships with local bankers and attorneys that can assist you in meeting your financial objectives. We can help in developing business plans for initial practice start-up loans or expansions, return on investment analysis, analyzing various loan terms, and establishing initial banking relationships.
Accounting System Design and Implementation
We believe effective design and implementation of an accounting system is essential to a successful practice. We work with our customers to deploy a system that will achieve these five main objectives:
- Accomplish the business goals of the practice
- Save time and money by utilizing standard tools and processes whenever possible
- Inform staff of key information required to accomplish effective operations
- Keep all staff informed through communication management
- Transfer knowledge through focused training
The EHTC project manager is the point person who manages these objectives. This allows the team the ability to focus on delivering the solution. The project manager achieves these objectives through management and technical disciplines. We believe deploying an effective solution requires appropriate planning, project management, and communication throughout the process.
Bookkeeping Support Using MGMA Guidelines
Accounting is a vital part of your practice. From day-to-day accounting procedures to financial statement preparation, we tailor our services to those that make the most sense for your practice, giving you the time and flexibility to focus on providing patient care. We offer full financial statement preparation, bank reconciliation services, check-writing assistance, and temporary bookkeeping help as needed. We offer bookkeeping solutions that produce financial statements which categorize your operating expenses in the same format the Medical Group Management Association utilizes for its cost surveys. This process allows you to very quickly analyze how your practice compares to your peers.
Budgeting and Forecasting
An effective budgeting and forecasting model can lay the foundation for successful financial management. A budget will allow you to compare your initial projections to actual results. A forecast can reveal potential cash flow problems that might be encountered in the future. Our experts can help you design a budgeting and forecasting model that will allow you to set goals and profitability objectives for your business. We can analyze your current level of operations and help you determine where you need to be in order to achieve both your business and personal goals.
Cash Flow Analysis
Maintaining an adequate cash flow is essential for the continued success of your business. A cash flow study takes into account your present and future sources of income and expenditures. Our professionals can examine the various business components that affect the flow of cash, such as inventory, accounts receivable, accounts payable and debt. With a cash flow analysis, we help you identify problems and find ways to improve the cash flow for your business.
As members of the Medical Group Management Association and other medical associations, we have the ability to provide financial benchmarking analysis for your practice. It is important to know how your practice is performing in relation to other practices of like size, geographic territory, and specialty. When we prepare your financial statements, we work with you to set them up in a format that allows you (and us) to efficiently benchmark your performance. We can then assist you in designing plans for areas where your practice appears to be underperforming.
Team Members Available to Assist You