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LITIGATION SUPPORT

Upcoming UA Seminar: Do You Know the Real Value of Your Medical Practice?

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You probably think you already know the value of your business. After all, who would know it better than the owner? The reality is, however, that there are several factors that impact the value that many business owners are unaware of.  This topic will be addressed at the upcoming complimentary U&A seminar, the first installment in a four part series tailored to medical and healthcare professionals. Issues covered will include:

  • What elements and factors enter into the value of your healthcare practice?
  • How can you increase and maintain the value of your medical practice?
  • How and why CPT codes and RVUs impact value
  • Value for Divorce vs. Value for Buy-Ins/Buy Outs
  • Starker I and II: a brief overview of these fundamental laws 

 The seminar will take place in our office (1581 Route 27, Edison, NJ) on Tuesday morning, Dec. 10th, at 8:30 am to 10:00 am and will be presented by Jeffrey D. Urbach CPA/ABV (Accredited in Business Valuations). Jeff, who has co-authored Continuing Professional Education (CPE) courses in the field of business valuation, will explain the benefits of understanding your practice’s value. He will also highlight the various factors that can impact its value.

For more information, click here: Medical Seminar Flyer

 

 

Fraud: It’s More Common than You Think

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Fraud is a shockingly common problem for businesses. According to a 2012 study performed by the Association of Certified Fraud Examiners (ACFE), the average business loses approximately 5% of its gross revenue to fraud schemes each year. Business owners would be wise to realize that financial fraud may be happening right now in their company, perhaps even perpetrated by their most trusted employee. Potential fraudsters are often people of good character who are experiencing intense financial pressure. They are usually aware of the threshold amounts that require higher level approval for fund disbursement, and are cognizant as well of the amounts that internal and external auditors are likely to flag for review. Thus, they are confident that their fraud will go undetected. What’s a business owner to do? The first step is to be aware of the most common fraud crimes. They include:

  • Billing Fraud – creating false vendors, submitting personal invoices for payment
  • Check tampering- stealing blank checks or diverting checks to a personal account
  • Skimming- accepting payments from a customer and failing to report them

The next step is to perform a risk assessment. This involves a review of current internal controls and the ranking of potential vulnerabilities to fraud. These vulnerabilities should be addressed by eliminating the temptation and opportunity for fraud, as well as ensuring prompt detection of fraud, should it occur. The changes made should be revisited on an ongoing basis and reassessed for effectiveness.

Factors that can further enhance fraud prevention include stricter due diligence and control procedures. Business owners should be aware that their conduct plays an important role as well, setting the “tone at the top”. Creating a strict code of conduct that is adhered to by all establishes a low-tolerance atmosphere that keeps fraudsters at bay.  Setting up a whistleblower telephone hotline is another prevention practice worth considering.

If fraud is detected, it is essential to seek assistance of an experienced fraud investigator. The expert may choose to conduct the investigation with oversight from general counsel or outside attorneys.

Urbach & Avraham specializes in risk assesment. Our fraud team, which includes several Certified Fraud Examiners, is ready to help you prevent and identify fraud in your business. Contact us today for a free consultation to assess your company’s needs.

   

Take Advantage of our Updated Executor Checklist

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Urbach & Avraham, CPAs, is proud to offer an executor checklist to help alleviate the nightmare of financial affairs of a deceased relative. This comprehensive list, which is regularly updated to reflect the latest changes in estate tax regulation, will help you:

  • Ensure compliance with tax requirements
  • Take advantage of tax saving opportunities
  • Preserve the assets of the estate
  • Clarify the tax ramifications of distributions
  • To view the checklist, click here: Executor To-Do List

Jeff Urbach Appointed to Board of Directors of IACVA

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Jeffrey D. Urbach was recently appointed to the Board of Directors of the International Association of Consultants, Valuators, and Analysts, IACVA ( www.iacva.org ). IACVA will be hosting a welcome booth as part of the annual NACVA Conference in Washington in June.  IACVA is offering an all-day training for its members from China. Jeff will be speaking on the topic of preparing valuation reports for Court use to a special delegation from China of over 30 financial experts, most of whom, like Jeff, hold advanced credentials such as the CVA.

Jeff, a Certified Valuation Analyst, specializes in several areas including business valuation, gifting/retirement planning, and healthcare practices (financial management, benchmarking, and valuation of practice).

Congratulations to Claire Snow, Certified Public Accountant

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Congratulations to Claire Snow on her well-deserved designation as a Certified Public Accountant (CPA). Claire passed all four sections of the CPA exam on the first sitting. As an integral member of the Urbach & Avraham team for the past 7 years, Claire has continually refined her tax and accounting skills. Clients from a wide range of industries have benefited from her expertise, including medical and health care practices and staffing agencies.

Claire, who is also a Certified Fraud Examiner, has applied her forensic accounting abilities in the reconstruction of books and records, and has frequently prepared court accountings for executors, trustees and guardians. Her unique expertise and experience is reflected in the outstanding success of the U&A tax and forensic teams.