LBMC Healthcare Solutions and Services
Healthcare organizations have complex business challenges — and LBMC has the experience and comprehensive solutions to meet them head-on. With an industry that is ever-changing, your healthcare organization deserves optimized processes that allow you to focus on what matters most: patient care. That’s why we take a collaborative, transparent approach to every engagement, so you always know what to expect.
Our comprehensive selection of healthcare business solutions and resources has helped a range of clients, from multi-billion dollar health systems to start-up practices and private equity groups. In addition to traditional audit, tax and accounting services, we also provide healthcare consulting, reimbursement, security compliance and strategic business services. As our firm’s largest industry practice area, our dedicated team of healthcare specialists brings unprecedented knowledge to your organization’s unique needs.
There’s a reason we’ve been a leader in healthcare services for more than a decade. Discover how our time-tested solutions can improve the way you do business.
We understand your challenges. LBMC brings the strength of an experienced healthcare team, deep resources, and a reputation as an effective advisor to each client situation.
What makes us different?
LBMC has been one of the most recognized firms in Healthcare Services for over a decade. Key differentiators for LBMC include:
- Accessibility – Engagement teams are there when needed.
- VIP Treatment – Healthcare clients represent approximately one-third of our overall practice and are always considered a high priority.
- Industry Knowledge – Our team members have significant experience in the healthcare industry from acute care hospitals and physician practices to behavioral and post-acute services. Our dedicated healthcare service team consists of over 200 professionals supported by over 300 others.
- Strong Engagement – A hands-on, collaborative, and transparent approach that provides clients with ‘no surprises’ and other healthcare companies the opportunity to change with ‘eyes wide open.’ We meet with our clients often to build a relationship and ensure we understand the vision.
- Involved Management – At LBMC, we do not have a “national office” that requires technical consultations on matters with individuals not involved in the project. Our resolution process ensures management has a “seat at the table”, explores a range of acceptable alternatives to get to the right answer, allows for timely resolution (hours and days, not weeks) and reflects confidence in our technical research.
Hospitals & Health Systems
Healthcare executives face nuanced issues in this ever-changing and complex healthcare environment. Improving quality, reducing cost and maximizing outcomes are three fundamental activities organizations must take to stay relevant and ensure sustainability in today’s healthcare market. As organizations are pressured by patients, payors, and the market, they need to have the appropriate processes, tools, and structures to respond. LBMC can help equip organizations to manage these challenges.
Solutions for Hospitals & Health Systems:
Audit Services l Lease Accounting Services l Physician Compensation Valuation l Cybersecurity l Tax Consulting and Outsourcing l Coding & Compliance I Data Analytics l Hospital & Health Systems Advisory Services l Reimbursement Consulting
Client Story: PhyMed Healthcare Group
My name is Chris Farley. I’m the VP of Integration for PhyMed Healthcare Group, a practice management company owned and managed, and led by physicians.
PhyMed Healthcare Group has worked together with LBMC on six to eight deals at this point, and it’s always with Lisa Nix and her team. She’s very easy to work with and very responsive to our needs. I totally trust her insight, as does the rest of the PhyMed team.
Our CFO, our deal team, assist development team of which I’m a part of, we rely very heavily on the information that the LBMC Transaction Advisory Services team provides. And we will typically try to tie it back from our finance team as well, but not to the level that LBMC does, and it always ties back together.
There is a very high degree of trust and confidence in the work that LBMC produces, and we use it for multi-million-dollar deal purchases. There’s a great deal of faith in LBMC.
Behavioral Health Providers
We have a long history of providing quality services to top healthcare organizations across the country. Our deep industry, and specifically behavioral health expertise, breadth of resources, and local decision-making authority mean that we are nimble and able to offer proactive advice and fast responses. We spend significant time and resources recruiting top talent with vast experience in order to strengthen our expertise and service offerings.
We have deep experience serving clients in the not-for-profit and private equity and behavioral health industries. Our Firm/team is accustomed to large, multi-location, multi-state engagements with the ability to grow with our client’s future expansion. We have experience in Medicare and Medicaid cost report preparation and reimbursement consulting. We also have experience performing OMB A-133 audits.
Solutions for Behavioral Health Systems:
Our LBMC healthcare team is comprised of seasoned industry experts with strong backgrounds in serving healthcare organizations, specifically medical practice, and practice management entities. We have vast industry experience, are leaders in the healthcare industry, and have experience working with physician practices with significant growth plans.
Our level of resources and breadth of service offerings set us apart from our competitors. The combination of LBMC’s specific industry sector experience and additional comprehensive service offerings provide a unique solution not only for where you are today, but even further, as a long-term partner to assist with other needs and projects as part of your future growth.
Solutions for Medical Practices:
Tax Consulting and Outsourcing l Human Resources Services l Audit Services l MSO Services l Revenue Cycle Services l Finance and Accounting Outsourcing l Data Analytics l Transaction Advisory Services l Coding & Compliance | Physician Practice Management l Technology Solutions
Post-Acute Care Providers
As reimbursement challenges continue to rise amid the increasing financial constraints imposed by recurring cuts to Medicare and Medicaid, providers must develop new fiscally strong strategies to preserve and increase revenue. Regardless of the downward pressure on revenue, the patients need and must receive high quality care. Coordination of care among ambulatory, acute and post-acute care providers is critical. Effective strategies begin with managing care prior to an acute episode and collaborating with all providers and the patient throughout the continuum to ensure safe transition back into the community.
LBMC’s Post-Acute Care Consulting Team of experts assist with the coordination of care among ambulatory, acute and post-acute care (PAC) providers from an operational perspective. We work with providers to effectively respond to strategic, regulatory and reimbursement challenges as well as with hospitals to develop post-acute care network strategies and focus on more coordinated less-costly continuum of care. This strategy includes working with long term care facilities and home health & hospice providers.
Solutions for Post-Acute Providers:
Tax Consulting and Outsourcing l Human Resources Services l Audit Services l MSO Services l Revenue Cycle Services l Finance and Accounting Outsourcing l Data Analytics l Transaction Advisory Services l Coding & Compliance
Healthcare Technology Companies
LBMC offers audit, tax, advisory, and HR Outsourcing services to help clients propel towards growth. Our professionals understand the complex issues executives face in technology. In this fast-paced world of e-commerce and new technology, our clients must be ready to seize new opportunities and scale while simultaneously planning.
We have experience working with healthcare technology companies in every stage of growth—from startups, venture and private equity-backed to publicly-traded. By taking time to understand goals and objectives of healthcare technology business owners, we offer solutions are on point and provide for optimal results as they grow.
Solutions for Healthcare Technology Companies:
Other healthcare industries served
LBMC has significant experience in the healthcare industry. With more than 300 healthcare related organizations ranging from multi-billion-dollar organizations to smaller organizations, our industry experience have knowledge and expertise in serving companies in these segments:
- Durable Medical Equipment
- Health Plans & Payors
- Clinical Laboratories
- Dental Providers
- Life Sciences Companies
- Rehabilitation and Physical Therapy
- Renal Dialysis
- Rural Health Clinics / Federally Qualified Health Centers
- Urgent Care
Case Study: Dermatology and MedSpa Practices
A pureplay cosmetic company, MedSpa was purchased by a private equity group with plans to add a new dermatology vertical. Medspa is an industry leader nationwide, specializing in laser hair removal and medical aesthetic treatments with multi-state, multiple locations.
LBMC was engaged to perform pre-close services to include financial, tax, and coding/compliance /billing due diligence. Post close, LBMC was engaged to provide an IT solution (PM/EMR) selection and revenue cycle services (payor enrollment, credentialing, billing, AR mgt ) in addition to audit /tax compliance work.
LBMC provided back-office solutions and audit/ tax compliance work to support the overall growth model. MedSpa was enabled to recruit /retain multiple dermatologists to provide a more comprehensive array of services to include general, cosmetic and surgical dermatology services in multiple states.
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Christopher M. Lovin
Shareholder, Practice Leader Valuation and Litigation Support Services
Shareholder, CEO/President, Physician Business Solutions, LLC and Healthcare Consulting
201 Franklin Road
Brentwood, TN 37027
Office Hours: 8 a.m. – 5 p.m., Monday-Friday
P.O. Box 1869
Brentwood, TN 37024-1869
605 Chestnut Street, Suite 1100
Chattanooga, TN 37450
2095 Lakeside Centre Way, Suite 220
Knoxville, TN 37922
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Louisville, KY 40202
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Charlotte, NC 28273
We’re happy to answer any questions you may have on what our healthcare experts can do for you. Please send us an email using the form and one of our professionals will get back to you promptly.