Article 8 in our series on CARF accreditation
Selecting the right CPA for your healthcare practice
Selecting the right CPA for your healthcare organization is one of the most impactful decisions you can make. The right CPA can provide valuable insights to help streamline operations, enhance compliance, and set your organization up for long-term success. For CARF-accredited organizations, it is vital to find a CPA with the expertise to meet both the general healthcare and financial support that CARF accreditation requires. So, how do you know you’re choosing the right one?
Key qualities to look for in a CPA
- Expertise in financial statement audits and reviews for healthcare organizations
The healthcare industry has unique regulations and financial structures that require specific expertise. Look for CPA’s who have extensive experience performing financial statement audits and reviews for CARF-accredited organizations. Their deep understanding of healthcare accounting and industry-specific requirements such as compliance with HIPAA, Medicare, Medicaid, and other relevant regulations, ensures they can address your organization’s specific challenges effectively. - Familiarity with CARF accreditation standards
A CPA’s familiarity with the operational and financial dynamics of CARF-accredited organizations, ensures they can help align your organization’s financial reporting with CARF standards, ensuring compliance and readiness for accreditation audits and reviews. - Strong reputation and references
Reputation is critical when selecting a CPA. Choose a CPA with a strong history of serving CARF-accredited organizations. Ask for references from organizations they’ve worked with in the past and inquire of the CPA’s ability to simplify complex processes, provide actionable insights, and support long-term financial health. - A collaborative approach
Effective financial statement audits and reviews requires a partnership. Your CPA should work closely with your team, providing clear guidance and education throughout the audit or review process. A collaborative CPA will engage with your organization to ensure that all stakeholders understand the audit or review objectives and how it aligns with CARF accreditation goals and requirements. This ensures that your organization benefits from the audit or review process beyond compliance. - Ongoing support and consultation
CARF accreditation is an ongoing commitment. Financial statement audits and reviews are not just about compliance; they’re an opportunity to gain strategic insights. An ideal CPA offers ongoing consultation and support, helping you maintain financial health and prepare for future accreditation cycles. Their proactive approach ensures sustained compliance and operational efficiency. - Technical expertise and technology integration
Ensure that your CPA is up to date on the latest tools and technologies, such as advanced auditing and review tools, data analytics, and risk assessment technologies. This expertise leads to more efficient audits and reviews and provides insights that can optimize your organization’s financial management processes.
Selecting the right CPA for your CARF-accredited organization requires careful consideration of their experience with financial statement audits and reviews, familiarity with CARF standards and requirements, and ability to provide long-term strategic value. By focusing on these qualities, you can ensure your organization not only meets accreditation standards but thrives in achieving its financial and operational goals for years to come.
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
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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.
