What is Ahead for Healthcare Looking Forward Financially


What is Ahead for Healthcare – Looking Forward Financially

A growing population, with greying segments, and a prevalence of chronic diseases, demands advances in innovative, digital medical technologies — but the costs of these developments continue to increase the American health care bill along with the demand for services. In this environment, financial sustainability becomes very important no matter what your healthcare specialty: medical, dental, drugs, research, services, equipment, etc.

Digital technologies can enable convenience-driven access to care, and engagement in wellness and prevention. Understanding and responding to the fact that consumers would like to use digital health, telehealth, wearable monitoring and fitness devices as well as online resources, is paramount for practices that wish to be well-positioned in the competitive community.

No matter what the size of your practice, your patients want health care solutions that are convenient, customized, affordable and accessible. Investments in technology and telehealth could expand services and meet changing consumer needs. But that means your billing, accounting and financial needs will be changing as well.

What to Expect:
  • Growing demand for capital to invest in new technology, whether for medical treatments, record-keeping, or practice management.
  • Creation of new models for health care delivery and assessment.
  • More consolidation, as large hospital networks buy up individual practices, and sole practitioners join larger groups.
  • Clinical innovations and connected medical devices creating a need for regulatory oversight and risk management.
  • Cybersecurity is already a top concern due to the volume of high-value data and a growing demand for interconnected devices and technology.
  • Automation is already impacting a number of administrative processes, so practices must build new staffing models, and redefine the roles of health care practitioners.
  • Providers will need to proactively re-strategize and re-budget for profitability; cash flow will continue to be the most common challenge small businesses and practitioners in the healthcare space grapple with.
  • Rigorous financial management will be needed in addition to efficient operational performance to reduce costs, increase margins, and align care models with reimbursement trends.
  • The sector will still have to answer to insurers, state and federal regulators, and government payors, creating pressure to increase quality of care, and keep mis-billings and fraud down.
Contact Us: Given the complexity and changes ahead, physicians and medical practitioners will require a host of advisory and planning services, as well as business model advice. The Fuoco Group healthcare specialists understand your challenges, respond quickly, communicate clearly and are proactive in planning and making recommendations. Contact us for a consultation toll free at 855-534-2727.

 

In The News

The New York Real Estate Journal recently featured a "Ones To Watch" Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019!
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Press and Events

Fuoco Group and TFG Related Entities are proud to announce that Fuoco Group’s Hauppauge Office, was voted #2 overall in the category of “Accounting Firm Less Than 100 Employees” in the 2019 Long Island Business News Reader Rankings. The Firm was also honored to be recognized as a “top three” Best Accounting Firm Finalist.
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Scott Small, CPA, has  joined the Fuoco Group accounting and business advisory firm as Audit and Accounting Senior Manager in the Hauppauge office. Scott will assist the Directors in New York and Florida with expanding the Firm’s accounting and assurance practice. 
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