Scott B. Kaplowitch, Managing Partner, Edelstein & Company
Medical practices today cautiously try to walk a tight rope in the highly-regulated and constantly evolving healthcare environment. One of the biggest challenges that worry healthcare providers and administrators is declining reimbursements. Despite the increasing number of patients, medical practices face higher overhead costs, lower payer reimbursements, and increasing quantity of time spent on administrative tasks, reducing quality clinical time. Practices also face problems with their physician compensation models, employee count, and medical coding. It is evident how medical practices today cannot prosper without reliable healthcare advice and services to enhance their financial and operational management.
With 50 years of Certified Public Accountant (CPA) experience, including a growing healthcare niche, Edelstein & Company is uniquely positioned to provide medical practice management (MPM) to efficiently support a medical practice in today’s healthcare setting. The company’s rich and long-drawn experience gives them a clear view and understanding of the financial and operational challenges that exist in the healthcare space. Edelstein offers a diverse range of services comprising solutions-oriented accounting, healthcare and tax consulting, compensation model designing, and practice management support to help clients enhance their overall performance.
In terms of the process that Edelstein undertakes to cater to the needs of their clients, Jonathan Gorski, one of three healthcare partners at Edelstein, acknowledges, “it is never a one-size-fits-all” situation. First, Edelstein’s team of CPAs and healthcare consultants meet their prospects and understand their specific needs. The team then performs practice assessment, a step wherein they view the client’s practice from their expert healthcare perspective to assess major problems. Edelstein then addresses the issues, whether it is a glitch in the client’s medical coding, the compensation model’s suitability in their specialty, or more.
For instance, the accounts receivable of the prospect with Blue Cross and Blue Shield may have issues that need to be rectified.
Our staff performs the dual role of CPAs and healthcare consultants, so we can view a project through the multi-experienced lenses of accounting and healthcare
Raising the bar in the MPM landscape is Edelstein’s ability to have a complete understanding of healthcare, accounting, and tax. “Our staff performs the dual role of CPAs and healthcare consultants, so we can view a project through the multi-experienced lenses of accounting and healthcare,” says Gorski. Accordingly, upon designing a compensation model for a client, Edelstein ensures that the model complies with various rules and regulations pertaining to both tax and healthcare law perspective. Another forte of Edelstein is their exceptional client service, in terms of the company’s constant availability to their clients.
Describing Edelstein’s commendable work, Gorski recalls a recent instance where a client had stopped billing consult codes to all of their insurance companies when one of them stopped paying. Along with a decreasing average collection per patient, the client was suffering from other cash flow issues that they couldn’t figure out. Edelstein performed an analysis and determined that the client had incorrectly stopped billing multiple insurance companies instead of just one. Post-analysis, Edelstein’s in-depth understanding of healthcare enabled the client to pick up $40,000 in that very quarter.
Beyond their focus on private practices, Edelstein plans to become more available to the non-private practices, as well. Driven to keep up with industry trends—with rising private equity funding, Edelstein has oriented its work toward helping clients potentially find an appropriate buyer, oversee transactions, and conduct a quality of earnings (QOE) analysis to report the potential risks, opportunities, and sustainability of the earnings. In addition, the company aims to reach out to bigger healthcare institutions that are purchasing practices, and assure them of potential profitability.
Since its inception in 1968, Edelstein stays true to its roots by upholding its values of exceptional client service, teamwork and collaboration, professional excellence, personal satisfaction and growth, and collegiality.