Our expertise in the healthcare industry results in teams that are prepared with the background and knowledge to serve most efficiently. Special risk areas to consider during the audit process include IBNR calculations, Medicare/medical, accounting for refundable fees, continuing care retirement community accounting, valuation of receivables and analysis of third-party reimbursements including assessment of third-party liabilities.
SOX for Healthcare
SOX for Healthcare is an abbreviated version of Sarbanes-Oxley compliance specifically designed to establish reliable financial reporting for not-for-profit hospitals. Armanino and HFS Consultants, two of the leading accounting and consulting firms in the California healthcare industry, have teamed together to form a group of experts in Sarbanes-Oxley compliance and healthcare to perform the testing and methodologies to implement SOX for Healthcare.
Some of the benefits for implementing SOX include enhancing community reputation, promoting community trust and confidence, helping discharge the Board's fiduciary responsibility, promoting ethical business practices, providing added assurances for lenders and donors and ensuring hospital executives are aware of material information emanating from a well-controlled environment.
By implementing SOX for Healthcare, hospitals will achieve new levels of reporting excellence and a "best practice" for fiscal and financial reporting. With our specialized practice in healthcare, our focus is on providing a top team of experienced professionals to serve the accounting and business needs of the healthcare industry.
Armanino consults with healthcare professionals in many areas including systems consulting and support, due diligence, benchmarking studies, development of health benefit and retirement plan, internal audit.