CPAs & Advisors
Business Services
HintonBurdick has dedicated professionals who can help you with all your business needs from entity selection to help writing a business plan. You can rely on our experience to help guide you through complicated federal and state laws to set up the entity that makes the most sense for your situation.
Our success is contingent upon your success. We want to see your company meet your goals. We are dedicated to forming a partnership with you to help you get the most out of your company. As CPAs, we have extensive experience with tax law and case law regarding businesses and business transactions, but we also have experience with marketing, operations management, and alternate dispute resolution, which may save you hefty legal fees in certain situations. We are committed to providing a full range of services for you and your business.
Health care
Because of the many changes to the health care environment in the last few years, we have dedicated a team of professionals to assist the health care industry in planning and compliance. Our professionals know the laws and regulations governing health care and can assist in getting your health care organization fully compliant.
We offer the following services in the health care industry:
Accrual Basis Reporting
Balance Sheet Checkup
Organizational Culture Assessment
Internal Audit Services
Strategic Planning
Managing Accounts Receivable
Internal Control Assessments
Benchmarking Health Care PracticesThe health care environment has created several challenges for medical groups I the past few years. One challenge is providing financial information in a format that best represents the organization’s reported financial position to outside organizations. In the past, a medical group’s financial statements on a cash basis would best reflect their current position. As managed care contracting has increased and groups are assuming more risks on contracts, they are faced with producing financial statements on an accrual basis to better represent their financial position.
Many groups are finding that the development of accrual basis financial statements is no an easy task. HintonBurdick has the expertise to assist in this conversion. We have assisted several medical groups in converting their financial statements from cash to accrual. The conversion to accrual basis financial statements not only includes the proper presentation of data, but also draws an exact picture of the clinic’s value.
When most clinics analyze their operations, they focus in on the income statement with no consideration of the balance sheet. With all the changes in health care, theket to any clinic’s survival is a strong balance sheet. In our Balance Sheet Checkup, we focus on the balance sheet by looking at several key ratios. In turn, we compare these ratios to other medical groups and what lending institutions have established.
The financial ratios we calculate are analyzed together. Changing one ratio in a positive manner may have a negative effect on another. For example, increasing your cash position by not paying liabilities will increase your cushion ratio but decrase your current ratio.
Organizational Culture Assessment
Organizational culture is broadly defined as the “way we do things around here.” It is the pattern of social networks, rules, values, beliefs, and patterns of behavior that is passed from employee to employee by observation, imitation, and practice. The culture of an organization plays a strong role in client satisfaction, service quality, and the retention and satisfaction of staff.
Are you ready to examine the culture that exists in your organization? Whether your culture is one of bureaucracy and stagnation, or a place of learning and excellence, to change, enhance or fully benefit from your culture, you must first see it and understand it. HintonBurdick can help – with an organizational culture assessment.
Today’s business environment is facing mounting pressures and challenges, from increased stakeholder and public scrutiny to compliance failures and federal and state regulations. In order to achieve your organizational goals and address critical business risks, you need an internal audit function that integrates clinical and non-clinical departments, provides strong industry experience, and delivers expertise at a competitive cost.
HintonBurdick can help you implement a cost efficient and effective internal audit function that will be valued by your organization’s management, board members, and other stakeholders. We have assisted health care organizations by providing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control, and governance processes.
Our processes oriented approach focuses on aligning the right internal controls with organizational exposures. Inefficient business control processes are identified and new business processes are reviewed and evaluated for their impact on existing practices.
Strategic planning is a comprehensive planning process for enterprise success. It enables organizations to define a strategic vision, determine their mission, develop a focused strategy, and operationalize a plan to achieve it.
The foundation of this planning process is a systematic, step-by-step, data-driven decision making model. Working with a skilled HintonBurdick professional, owners/stakeholders employ this process to create a business vision and an implementation plan rooted in confidence, viability, and clarity.
The collection of accounts receivable becomes more difficult during economic slow-downs. While efficiently run practices routinely establish and implement systems to monitor and collect aged accounts receivable, innovative methods are needed to collect those problem accounts. Now, more than anytime in the past, businesses must learn to take control of these receivables and improve the processes by which they bill and collect for services rendered.
How well your billing, collection personnel, and billing system perform has a major impact on the future of your practice. It may be time to evaluate the efficiency and effectiveness of your personnel as well as billing and collection procedures and systems.
Every health care organization has developed internal controls to protect their assets from misappropriation. For those controls to be robust, they must be effective, and they must be used. Our professionals dedicated to health care can help determine if the controls your organization has in place are proper and are working as intended.
Benchmarking Health Care Practices
We have developed a database of key comparators from our clients and other sources. The information is compiled and used as a way to compare practices to their peers. We believe that analyzing operational ratios and comparing your clinic to outside successful clinics gives us better benchmarks for groups to achieve. In developing this model, we reviewed numerous single and multi-specialty practices within our client base. We then took attributes of the more operational and financially successful clinics and developed a stellar practice model.
Construction
Construction is a big industry with big numbers and big concerns. Not understanding industry-specific regulations can lead to a variety of problems. HintonBurdick has worked to develop expertise in the construction industry. We have professionals who specialize in helping contractors understand the complex financial reporting requirements as well as take advantage of certain tax considerations available to the construction industry.
