Today’s growing and advanced health care industry is a fast-paced environment where regulatory issues, competition, and rapidly changing consumer expectations converge. Managing risks and realizing opportunities becomes a more important focus as health care organizations decide how they will adapt and evolve their business models for long-term survival.
Ensuring today’s actions will lead to achieving long-term goals can be a major challenge for anyone. Many health care organizations are unable to address the issues at hand and consider the “big picture” because they are overwhelmed with urgent matters and patient care. Our firm’s National Health Care Practice has significant experience serving health care clients. We bring an understanding of the industry together with innovative solutions that have a positive impact on bottom line. We understand the challenges facing health care providers and facilities.
Significant regulatory concerns facing the health care industry include:
- False Claims Act
- The anti-kickback statute of the Medicare/Medicaid Patient and Program Protection Act of 1987
- Stark I, II and III
- Emergency Medical Treatment and Active Labor Act (EMTALA)
- Privacy Rule of the Health Insurance Portability and Accountability Act of 1996
- Health Information Technology for Economic and Clinical Health Act enacted as part of the American Recovery and Reinvestment Act of 2009
- Patient Protection and Affordable Care Act
- Health Care and Education Reconciliation Act of 2010
Other major issues include:
- Medical cost inflation outpacing economic growth
- Advancements in technology favoring “cure” instead of “prevention”
- Declining governmental reimbursement for services
- Inability to recruit and retain good talent
- Patient privacy and security issues
- Problems related to health care negligence
We understand these complex issues and will work side by side with you to create a winning strategy. Most health care organizations do not have the time to devote the resources necessary to create a plan that can be easily executed, consider all of the potential impacts, gain buy-in from all stakeholders, assess the environment, and provide the mechanisms to monitor the implementation phase. Our team looks at markets and trends, competition and customers, and the organization itself, and use what we learn to ensure that a new direction can successfully be achieved.
Some of the key industry segments we serve include:
• Physician Practices and Groups
• Medical Equipment and Pharmaceuticals
• Hospitals, LTAC (Long-Term Acute Care) and Hospice
• Ancillary and Long-Term Care Centers