Meeting the Strategic Financial Needs of New Mexico Hospitals
In a unique partnership that combines their extensive financial and healthcare expertise, and MARKA Strategic Financial Consulting, LLC offer New Mexico Hospital Association members a local resource for addressing their top business priorities. From identifying ways to reduce costs and optimize operational and financial performance, to predicting and managing the impact of changing payment models, and even integrating smart and strategic planning processes throughout your organization, the professionals at REDW and MARKA will help hospitals navigate risk, improve operational efficiency and seize opportunities.
· Contracts with Third Party Payers: Assist with hospital insurance, physician and tribal contract negotiations to improve revenues.
Supply Chain and Inventory Management
· Purchasing Process Assessment: Evaluate the entire process – from purchase requisition through receiving and accounts payable – and identify opportunities for improvement, such as optimizing process efficiency, using GPO contract prices to improve pricing, and offering discounts to improve cash flow.
· Inventory Charge Capture: Assess the process to identify ways to improve revenue, performing a cost/benefit analysis on specific supply items in relation to the chare structure.
· Inventory Management: Analyze inventory storage and usage procedures to improve asset management and minimize spoilage.
Financial Strategic and Capital Planning
· Strategic Planning: Develop or review the organization’s three to five-year strategic plan and devise a method for tracking progress.
· Capital Planning: Assess the organization’s capital needs and develop recommendations for improving revenues, cash flow and total margin.
· Program Planning: Evaluate the current mix of programs and services offered by the hospital and develop a plan for funding future programs. Assist with the implementation of new programs, including charge structure and contract negotiations to assure payment.
New Mexico Gross Receipts Tax (NMGRT)
· Assist with understanding complex tax deductions and credits available to hospitals and physician groups, including compensating tax responsibilities.
· Assist with compensating tax refund claims resulting from over-reporting of gross receipts and compensating tax.
· Assist with managed audits to address the under-reporting of gross receipts and compensating tax, minimizing penalties and interest and providing audit defense as needed.
About REDW LLC:
The largest independently-owned accounting and advisory firm based in New Mexico, REDW has served more than 130 healthcare clients over the past two decades, including hospitals, medical groups, clinics, physicians, and laboratories.
About MARKA Strategic Financial Consulting, LLC:
Steve McKernan, Principal of MARKA and former CEO of University of New Mexico Hospital, is a 30-year healthcare veteran who brings considerable hands-on experience from a CEO/CFO perspective.
Contact: Steve Cogan
Title: Managing Principal