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The health care industry is transforming like never before. Lumsden McCormick has worked closely with many hospitals, physicians’ groups, and long-term care facilities, as well as numerous nonprofit health and human service agencies, throughout New York State. From community-based home health care agencies and clinics to regional health care systems, we offer valuable insight and exceptional expertise to the rapidly changing health care industry.
Managing Risk, Improving Cash Flow
Our health care auditors and consultants will assist you to manage risk, find state reimbursement opportunities, and improve cash flow. Through our leadership in the Healthcare Financial Management Association (HFMA), our affiliation with the BDO Alliance USA, and a working knowledge of the New York State Department of Health (NYSDOH), Office of Addiction Services and Supports (OASAS), Office for People With Developmental Disabilities (OPWDD), Office of Mental Health (OMH), and the State Education Department (SED), we understand these increasingly regulatory environments and proactively offer practical solutions to even your most complex issues.
Our health care services include:
Firm Resources
For more information about our accounting and consulting services for the health care industry, contact Michael Grimaldi, Jill Johnson, or complete the form below.
Decanting an irrevocable trust explains the concept of decanting, which involves transferring assets from one trust to another with different terms. This process allows trustees to update or adjust the terms of an irrevocable trust under certain conditions, making it a strategic way to modernize an inflexible trust and better serve long-term goals and beneficiaries.
Failing to comply with employment tax obligations can lead to severe consequences, including the Trust Fund Recovery Penalty (TFRP). This penalty imposes personal liability and financial hardship on business owners and responsible parties who willfully fail to collect, account for, and pay over employment taxes.
This article discusses the dilemma of whether to disclose estate planning details to family members, highlighting that the best approach depends on individual goals and family dynamics. It outlines the advantages, such as explaining wishes and streamlining estate administration, as well as the disadvantages, including strained relationships and encouragement of irresponsible behavior.
