City Forum
11 Florinis Street, Office 601, 6th Floor
Nicosia 1065, Cyprus

P.O.Box 22573, Nicosia 1522, Cyprus

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"Globally Connected, Locally Respected"

HEALTHCARE CONSULTING SERVICES

The delivery of healthcare in Cyprus is currently undergoing volatile change.  Along with the implementation of the National Health System, increasing healthcare costs and the rise of managed care have stimulated industry consolidation through mergers, acquisitions, alliances, and network formation.  The tradition of a solo-doctor medical practice that accepts fee-for-service reimbursement is giving way to group practices and the NHS which negotiate managed care contracts and accept per-capita payment arrangements.  This trend toward per-capita payments or capitation, is driving much of the change in the health-care delivery today.

 

As the consulting and financial advice needs of a medical practice have changed, in response to the new marketplace and reimbursement structure, the demand for specialized health care consulting has increased.  With the implementation of the National Health System, we have an increasingly complex regulatory environment and health care organizations are looking for competent advisors to help them navigate the changes they face. 

Government regulation has brought about profound change in the healthcare sector, creating financial hardship for some and opportunity for others.  The prospective pricing system utilized by the NHS where healthcare providers are reimbursed through a per-capita arrangement, and hospitals are reimbursed on an average, qualified amount for each patient treated with the same type of diagnosis specified by a Diagnosis Related Group (DRG), is exerting enormous pressure on healthcare providers to reduce costs.  To do so, providers need to employ more sophisticated management systems and strategies. 

APC Audit Tax Advisory Ltd, through our experienced staff and a dedicated department, offers bespoke Healthcare consultancy and business support services to hospitals, healthcare professionals and healthcare investors.   We assist hospitals and healthcare providers to understand the changing healthcare landscape; we guide them in complying with new requirements, and help them adjust their strategy to maximize benefits within the changing industry landscape. In addition, we help healthcare industry investors evaluate opportunities and upcoming projects within the industry and offer advice on suitable structures to undertake such projects. 

Our Healthcare Consulting services which are directed to three different groups within the industry include the following:

Services to Hospitals

  • Preparation of Strategic Business Plans and Projections

  • Business modeling for merging healthcare organizations

  • Review of existing business processes and recommendation for their optimization in terms of efficiency and cost effectiveness

  • Implementation of proper accounting systems including budgeting and internal controls

  • Preparation of annual operating and capital budgets

  • Establishment of proper reimbursement methodologies adhering to the contractual, accounting, payment calculation, billing requirements and compliance guidelines of the NHS

  • Establishment of effective revenue processes to keep patient Accounts Receivable at an acceptable level and maximize cashflow through sound credit and collection policies

  • Management of Assets and Investments.  Risk Management and examination of insurance and other policies to ascertain that assets are properly insured against potential loss

  • Assistance in setting, implementing and monitoring of financial goals.  Revenue, profitability and cashflow projections and forecasting

  • Financial due diligence review of hospitals

  • Evaluation of hospital compliance with NHS requirements

 

Services to Healthcare Professionals

  • Services to Medical Practice Start-ups and Merging Medical Practices

  • Business plans and feasibility studies

  • Advice on the most suitable integrated business model to carry out the proposed operations

  • Establishment of accounting systems and procedures

  • Tax planning and tax compliance advice 

  • On-going services to Medical Practices

  • Setting up and adhering to budgets and financial goals

  • Advice on profitable bottom line growth and cost control

  • Revenue growth, attracting new clients and retaining existing clients

  • Accounting, audit and tax compliance services

Services to Healthcare Industry Investors

  • Preparation of comprehensive and short feasibility studies on the viability of operations of both emerging and merging healthcare organizations

  • Evaluation of opportunities within the healthcare industry and recommendations as to their suitability and profitability

  • Valuations of hospitals and other healthcare organizations for buyouts and mergers

  • Advice on suitable business models and tax structures for upcoming projects within the healthcare industry