Article 6 in our series on CARF accreditation
Maximizing the benefits of CARF accreditation with an experienced CPA
CARF accreditation is a complex process, and navigating it successfully requires a CPA who understands the unique environment healthcare organizations face. Engaging a CPA experienced in performing financial statement audits and reviews for CARF-accredited entities can provide significant benefits. Such CPAs are familiar with the distinctive operational and accounting challenges healthcare organizations encounter and can support your organization in aligning its financial practices with its accreditation goals.
5 benefits of partnering with an experienced CPA
- Knowledge of CARF-accredited healthcare organizations
CPAs experienced in working with healthcare organizations that are CARF-accredited bring a deep understanding of the specific financial, operational, and compliance standards these entities must meet. This knowledge allows them to tailor the financial statement audit or review process to address the unique aspects of your organization, saving you time and resources. - Healthcare expertise
Healthcare organizations have unique operational challenges. An experienced CPA is familiar with the nuances of healthcare accounting, HIPAA regulations, and the requirements for safeguarding patient data and can provide valuable insights to strengthen your organization’s financial reporting processes and internal controls, which complements CARF requirements. - Efficient and effective audit and review processes
Experienced CPAs know how to streamline the financial statement audit or review process for healthcare entities, minimizing disruptions to your operations. They’ve worked with organizations like yours before, so they can anticipate and resolve common challenges quickly and efficiently, ensuring a smooth financial statement audit or review experience. - Mitigating risk
CPAs with healthcare experience can help identify risks that might affect your accreditation success. They’ll review internal controls and provide recommendations to mitigate financial and operational risks, ensuring your organization is audit or review ready and prepared for CARF accreditation. - Support beyond the audit or review
Experienced CPAs do more than just provide a one-time service. They can become long-term partners in your organization’s financial health, offering continuous insights into best practices and evolving industry standards. This ongoing support helps healthcare organizations maintain strong financial practices and remain well-prepared for future financial statement audits or accreditation reviews.
Working with a CPA who understands the environment of CARF-accredited healthcare organizations can bring significant advantages. Their expertise in healthcare operations and financial statement audits and reviews ensures your organization is equipped to meet its compliance and financial reporting needs effectively. Choosing the right CPA is a key step toward achieving your operational and accreditation goals.
Questions? Keiter’s Healthcare & Medical Practices team can help you if you’re considering an audit or review for your practice. Contact us. Email or Call: 804.747.0000
Sources:
About the Authors
Zac serves clients in the healthcare industry and is a leader in Keiter’s Healthcare and Medical Services Practice. He assists his clients with financial reporting in conformity with generally accepted accounting principles, consulting on strategic business initiatives, as well as helping them understand the accounting and financial reporting implications of complex equity transactions and implementation of new accounting standards. Read more of Zac’s accounting insights on our blog.
Jim works predominately with clients in the medical and dental industry where he provides tax planning and compliance services related to practice acquisitions and transitions. Jim strives to add value to his client relationships by being a trusted advisor. He is a leader in Keiter’s Healthcare and Medical Practices team. Read more of Jim’s accounting insights on our blog.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
