The healthcare industry is undergoing enormous growth and gaining in importance. Since the population of Germany is (happily) always getting older, the importance of health is increasing too. Many people who can no longer take care of themselves are reliant on professional care services due to age.
The care industry has developed at a rapid pace since the introduction of long-term care insurance. Apart from non-profit and local government service providers, private care companies also operate. Healthcare providers (doctors, hospitals and rehabilitation centres) are also confronted with a massive increase in demand.
Healthcare policy faces the enormous challenge of being able to financially cover these burgeoning needs. To create profitability reserves, state regulations foster competition among the providers. The patient can choose services from the ‘social market’.
However, the social market is only effective within defined boundaries. Traditionally, the healthcare and nursing sector is heavily regulated. Services can only be rendered by registered entities. Remuneration is based on the level of insurance contributions; furthermore, additional personal payments and services provided by private insurance policies are also possible.
Businesses operating in this sector have to manage a balancing act between keeping legal and sector-specific regulations, fulfilling the quality criteria as well as they can, and creating a competitive business model. In-patient facilities are reliant on regularly investing in their fixed assets. In past years, the state provided grants for the investments required. Since public funds are becoming tighter, facilities are now also increasingly self-financing or taking out loans. Furthermore, the shortage of qualified staff means that service providers are having to fight for the brightest and best on the labour market.
To be able to master all this, businesses need to be flexible, dynamic, and adaptable. In an economically uncertain world, they have to be able to develop efficient strategies to be able to meet standards and regulations that are becoming ever more complex and to stand their ground against the competition.
Three key aspects of this are:
- Optimal positioning – it needs to be clear in what legal form services are to be offered, as part of a large association or alone
- Good corporate governance – in the local government and non-profit sphere, the division of labour between professional management and volunteer supervisory committees should be checked. The right solutions need to be identified according to the motto ‘good corporate governance’.
- Compliance – service providers in the healthcare and nursing sector have to deal with complex regulations, which have to be observed to avoid the risk of liability. To ensure their actions are compliant, efficient corporate compliance systems need to be set up.
We possess many years of experience in the sector and a comprehensive understanding of the healthcare and social care market and the regulatory developments. The top level of professionalism, an absolute consciousness of quality, intelligent networking and a new focus on the patient are the key requirements of the industry. Our experts are familiar with the trends of tomorrow and, together with you, will develop tailor-made solutions. We also consider ourselves advisers to small and medium- sized companies – whether in the field of healthcare, nursing care or in the manufacture and sale of medical equipment. We also have many years’ experience in auditing and advising local government, non-profit, and private healthcare and social enterprises.
- Audits of financial statements and consolidated financial statements
- Accounting and compilation of financial statements
- Special audits (cost statements, investments)
- Audit of the regularity of management activities
- Governance, risk and compliance
- Audits related to negotiations about costs
- Restructuring audits
- IT audits
- Advice on business structuring
- Reorganisation tax law
- Law relating to non-profits
- Advice for tax audits and representation in legal proceedings
- VAT advisory
- Tax due diligence
- Business valuations
- Transaction services (M&A)
- Financial due diligence
- IT due diligence
- Restructuring of business models and reorganisation
- Assessment of investor models and public-private partnerships (PPP models)
- Assessment of business plans and business cases
- Audits related to transformations
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