Hospitals & Healthcare Systems

Primary Contact

Eugene Korjeski
570.820.0101
ekorjeski@parentenet.com

Principals

Debra Bowes

Press Releases (PDF)

July 10, 2008
Pittsburgh Office Holds Healthcare Finance Workshop

June 1, 2008
Heather Weber Profiled in Garden State FOCUS

August 1, 2007
Deana Joins Parente Randolph's Philadelphia Team

Brochures (PDF)

Exempt Organizations Tax Services Brochure

Healthcare Business Services Brochure

Healthcare Consulting Brochure

Healthcare Industry Experience

Parente Randolph’s healthcare audit practice consists of predominantly community-based, not-for-profit hospitals and healthcare systems. Our practice has grown over the years to include more than 65 hospitals, and we have clients in Pennsylvania, New Jersey, Maryland, Ohio, Massachusetts, Missouri, California, Colorado, Kentucky, and West Virginia.

Because Parente Randolph’s practice is structured on a regional basis, we are able to bring value to clients with a thorough understanding of healthcare issues. In particular, we are experts in dealing with managed care providers, reimbursement matters, third-party payors, and commercial insurers. And we have access to a growing number of professionals with healthcare expertise in the delivery of local audit and tax services.

Value in the Audit Process

The vast experience of Parente Randolph’s healthcare Principals outside of audit-related areas allows us to leverage our healthcare knowledge in the audit process. For example, we have professionals practiced in tax-exempt financing transactions, reimbursement matters, managed care contract negotiations, merger transaction due diligence, and preparation of financial forecasts.

What does this mean to you? This range of know-how enhances the services we provide and helps us serve your exact needs.

Additionally, Parente Randolph’s extensive knowledge of the healthcare industry allows us to utilize a comprehensive audit process. Our experienced engagement team has assisted clients in the following areas:

Financial reporting and analysis
Revenue recognition and receivables
Accounting and reporting for investment interest rate swaps and accrued expenses
Estimates, such as medical malpractice, workers’ compensation, health insurance, pension, and post-retirement benefit

Memberships

Parente Randolph’s Principals and healthcare team members are actively involved in the Pennsylvania and New Jersey chapters of the Healthcare Financial Management Association.

Case Studies

At Parente Randolph, we have a 35-year history of providing professional services to not-for-profit and for-profit organizations, just like yours.

One of the strongest indicators of our clients’ satisfaction is the longevity of our relationships. Below are a few examples of the value we have brought to clients’ respective businesses.

Saving clients money through acute analysis…

Parente Randolph analyzed and summarized the potential savings for a proposed merger of two healthcare systems of approximately 550 beds. Based on our analysis, the proposed merger would have resulted in savings of $22 million for the combined system. Parente Randolph’s involvement included direct interaction with executive management teams and presentations to the special steering committee comprised of representatives of both health systems.

Overall excellence in our comprehensive approach…

Parente Randolph assisted a healthcare system with the development of the strategic analysis of a contemplated open-heart program; participated in all rating agency presentations; negotiated the terms of the $55 million tax-exempt bond issue to partially fund the overall $68 million construction project.

Negotiating solid settlements…

Parente Randolph negotiated settlements for two healthcare systems with the Department of Justice, aggregating $2 million in which the initial settlement demands to our clients were $30 million.

Quality due-diligence…

Parente Randolph performed due-diligence for a healthcare system’s proposed acquisition of a free-standing ambulatory surgery unit. The work uncovered numerous accounting and operational deficiencies. Our client decided not to pursue the transaction, given a significant, adverse effect on expected cash flows.

Keeping our eyes on a detailed audit…

While auditing estimated third-party payor settlements for a new healthcare system, Parente Randolph noted that the client had established a liability related to filed-cost reports. Utilizing a previous national accounting firm to file appeals on the cost report issues, the healthcare system was unsuccessful in overturning the fiscal intermediary’s decision.

Parente Randolph identified an opportunity to reverse the decision and recommended management file petitions for appeal. As a direct result, the healthcare system was successful in reversing the fiscal intermediary’s decision and ultimately received additional reimbursement in excess of $900,000.