Healthcare Archives - Wiss & Company, LLP

8 Ways to Get the Most Out of Your EHR System

Written on August 24, 2022. Posted in Healthcare.

Struggling with your EHR system? You’re not alone. EHR systems present healthcare organizations with the opportunity to improve workflows, enhance the patient experience and generate better clinical outcomes. Unfortunately, EHR systems aren’t always optimized, which can cause more work — and greater headaches — for both your clinicians and patients. Want to know how to get the most value out of your system? Check out these steps to ensure you’re taking full advantage of all the benefits...

Healthcare Organizations: Ask These Questions Before You Pursue an M&A Transaction

Written on June 30, 2022. Posted in Healthcare.

Written by Matthew Barbieri and Michael Castle. Your guide to making sure your transaction decisions are what’s best for your business M&A remains a key growth strategy in 2022, with more than one in five healthcare CFOs (22%) planning to pursue M&A this year, according to the 2022 BDO Healthcare CFO Outlook Survey. With high valuations and uncertainty around future market trends, it’s important that healthcare organizations carefully consider if an M&A deal is the right...

R&D Tax Credits for the Life Sciences Industry

Written on October 26, 2021. Posted in Healthcare, State & Local Tax Services, Tax Alerts.

Generate cash from your past and future investments in developing or improving products, formulas or devices, or advancing medical and pharmaceutical technology. In recent years, the Life Sciences industry has been under heavy pressure to drive innovation in an environment of escalating R&D costs, increasing scientific complexity and enhanced regulatory scrutiny. If your company has worked to develop new or improved pharmaceuticals or medical devices, formulas or technology,...

R&D Tax Credits for the Healthcare Industry

Written on October 19, 2021. Posted in Healthcare, State & Local Tax Services, Tax, Tax Alerts.

Capitalizing on evolving patient care through past, present, and future innovation. R&D is likely to be a continued priority for the healthcare industry, as organizations in the space work to address the emerging needs of the aging population, respond to trends in telehealth and value-based care and fend off competition from new entrants, like Amazon, which has signaled that healthcare is a key priority for growth. If your organization has worked to develop a new or improved...

NY HERO Act Activation

Written on September 14, 2021. Posted in Healthcare, Human Resources.

As mentioned in our earlier blog, What You Need to Know About the HERO Act, NY private employers were obligated to develop a safety plan should COVID-19 ever be designated an infectious disease. New York’s Governor Hochul has now made this designation, thus triggering activation of the safety plans created by employers under the NY HERO Act. As a result of this designation, NY employers must implement the plans they had adopted. Employers should now take the following action steps: Review...

Biden’s Announcement on Employer Vaccine Mandates

Written on September 13, 2021. Posted in General Business, Healthcare, Human Resources, Small Business.

Employers have been grappling with whether to enforce vaccine mandates in their companies, however President Biden’s recent Executive Order may now take that decision out of their hands. Late last week, the President announced his multi-level strategy for combatting the continued spread of COVID-19 – a key piece of which includes sweeping vaccine mandates for many employers. The mandate for private employers affects those with 100 or more workers. The proposed plan stipulates that...

What You Need to Know About the HERO Act

Written on July 30, 2021. Posted in Healthcare, Human Resources.

Private employers with worksites in New York State will soon need to comply with the New York Health and Essential Rights Act (HERO Act), recently signed into law by Governor Cuomo. This Act mandates all employers to adopt a written plan that meets minimum standards that are designed to combat the spread of infectious disease in the workplace. The New York State Department of Labor has published a model standard and model template plan that employers can use to satisfy this obligation....

The Masks are Off! …Or Are They?

Written on June 1, 2021. Posted in Healthcare, Human Resources.

Business leaders are grappling with how to manage company practices regarding mask mandates and vaccinations. The CDC’s recent announcement that fully vaccinated individuals do not have to wear masks or social distance, except in limited circumstances, is welcome news to so many people. Employers need to tread carefully, however since many states and localities have their own legislative requirements that companies may still need to comply with. New Jersey’s Governor Murphy recently...

COBRA Model Notices Issued by Department of Labor

Written on April 9, 2021. Posted in General Business, Healthcare, Human Resources.

The Department of Labor has now released model notices as well as additional guidance regarding the COBRA premium subsidies provided under the American Rescue Plan Act. You can review our recent blog for background on the original Act. The model notices and election forms can be found on the Department of Labor website, and are summarized below. These notices can be used to help employers satisfy the new notice requirements under ARPA. Model General Notice and COBRA Continuation...

New York State Paid Leave for COVID Vaccine

Written on March 16, 2021. Posted in General Business, Healthcare, Human Resources.

New York State employers will now be required to provide paid leave to employees who receive the COVID vaccine. The recently passed legislation, already signed into law by Governor Cuomo, takes effect immediately and ends December 31, 2022. The new law requires all employers in New York State to provide their workers with a “sufficient period of time, not to exceed four hours”, for each injection. Employees must be paid their regular rate of pay for the period of leave. Employees...

American Rescue Plan: Free COBRA Coverage

Written on March 12, 2021. Posted in Financial Planning, Healthcare, Human Resources.

The American Rescue Plan Act (ARPA), now signed by President Biden, includes important changes which employers need to be aware of regarding COBRA coverage for certain eligible employees and their dependents. It provides up to 6 months of free COBRA coverage for Assistance Eligible Individuals, a special COBRA enrollment window, and new notice obligations. Premium Subsidy for Assistance Eligible Individuals One of the major provisions includes a new premium subsidy equal to 100%...

How Companies Can Plan To Reopen the Office

Written on June 12, 2020. Posted in General Business, Healthcare.

States have begun to ease restrictions put on businesses due to the COVID-19 pandemic, including laying out timelines for when many businesses may open. Companies now face significant challenges regarding how to reopen their offices safely. A carefully planned approach to returning to work will be necessary to make sure workers are safe and confident and that the business can thrive. Planning the Approach The approach to opening is fairly straightforward — plan, open gradually, monitor...

Families First Coronavirus Response Act

Written on March 19, 2020. Posted in Healthcare, Human Resources.

President Trump has now signed into law the Families First Coronavirus Response Act, providing emergency economic relief and support to American workers who may be impacted by the COVID-19 pandemic. The Act applies to businesses with less than 500 employees and will take effect on April 2, 2020. There are two main aspects of the Act as outlined below: Emergency Paid Sick Leave This portion of the Act allows eligible employees to take two weeks of paid sick leave in the event they...

How U.S. Healthcare Organizations can Secure Their Operations to Better Support Patient Care

Written on March 18, 2020. Posted in Healthcare.

by Michael Castle Uncertainty still abounds on whether and how the virus could mutate as well as how many waves of the outbreak might take place. And with the Centers for Disease Control and Prevention (CDC) warning that it’s no longer a matter of if but when the coronavirus spreads further within the United States, patient care is priority #1. Still, for U.S. healthcare organizations, business continuity management is critical, and they must have a proper risk plan in place sooner...

Employer Concerns in the Wake of the Coronavirus

Written on March 9, 2020. Posted in Healthcare, Human Resources.

The Coronavirus is on everyone’s mind, and while news channels continue to report on the speed in which the virus is spreading, fear and panic has started to set in. Employers should take proactive steps to not only communicate to their employees, but to also develop contingency plans should an outbreak disrupt their normal business operations. Your employees want to know that you care about their safety and have a plan in place, so if your business has not yet started discussions...

Business Insurance Coverage your Physician Practice Should Have

Written on July 9, 2015. Posted in Healthcare.

By Russ Faye Your greatest exposure and risk as a Physician is in the area of Professional Services. Most doctors are aware of coverages in this area, but there is liability when it comes to the business side of a medical practice and this is where other types of coverage become important. Through consultation with a reputable insurance agent, we encourage our clients to consider the following types of coverage: ERISA/Fidelity Bond This coverage is specific to your practice’s retirement...