• GJM Blog

    Important Industry News & Helpful Tips

Business Valuation: In Depth Report or Not?

Do you need to figure out what your business is worth? If you’re looking into getting a business valuation, you have some decisions to make. Gilmore Jasion Mahler (GJM) Partner Jeff Denning specializes in business valuation and says you could pursue a detailed (possibly 100 page) report, or a less detailed report. Which one do you need? Jeff has some answers in our most recent video blog.

Learn more about Jeff’s expertise in business valuation and GJM's forensic services, and don’t forget to sign up for our free quarterly newsletter The Expert. It offers timely and helpful articles with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm's professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities

Is it Time to Outsource Your Business Accounting?

Running a business isn’t for sissies. You bring in good people to manage the office, handle human resources and oversee the financials for you, but in the end, you know you’re ultimately responsible.

Did you double check that last invoice that went out to your best customer? What’s the balance on your business loan? How much cash is available right now? 

What if you could stop fretting over questions like that and know someone’s got your back around the clock? That’s the basic concept behind Gilmore Jasion Mahler’s Outsourced Accounting Services. We’ll call it the best of both worlds: a team of specialists is on the job, and you get to see the numbers anytime you want right on your cell phone.

Your team is there to answer questions, advise you on business decisions, if desired, and yes, to handle the books.

Advances in technology are changing the way many businesses handle the business manager role at the office. That includes many healthcare entities, including physician and dental practices. Many are embracing the technology, letting a specialized team handle the work, and turning their attention to growth strategy and other priorities. Outsourced accounting can also be an excellent fit for nonprofit organizations struggling to fill positions with knowledgeable, capable individuals.

Picture this: real time financial key performance indicators you can see any time of the day or night on your cell phone or other device. More importantly, a team of professionals working with you who not only look at today’s numbers, but help you plan and strategize for the future.

Some key benefits to outsourced accounting with Gilmore Jasion Mahler:

  1. Stop struggling to fill that internal business manager role (seems like there’s always an opening, doesn’t it?).
  2. Real time data at your fingertips around the clock whether you’re in the office or the sidelines of your daughter’s soccer game.
  3. A team consisting of accounting specialists, including a GJM partner, to handle the business finances and also guide and advise on other important financial decisions as needed.
  4. Dashboard view of your financials via leading edge accounting software platform Sage/Intacct.

Interested in learning more about Gilmore Jasion Mahler’s Outsourced Accounting Services? Read up on our team's capabilities. You can also contact our Accounting Specialist Team to start the conversation.

Gilmore Jasion Mahler’s Judy Anderson, CPA contributed this blog. Judy leads the GJM Outsourced Accounting Specialist Team. With over 20 years of experience in public accounting and private industry, Judy works with clients across a number of industries, including healthcare, nonprofit, and professional services.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.  

GJM Staff Announcements

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson Gilmore Jasion MahlerJudy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Matt Cavanagh Gilmore Jasion MahlerCavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

Nikki Clement Gilmore Jasion MahlerThe Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough Gilmore Jasion MahlerMike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Act Soon To Take Advantage of New Business Tax Credit

Your business could qualify for a new tax credit created when the Tax Cuts and Jobs Act was signed into law at the end of 2017. The Employer Credit for Paid Family and Medical Leave (Section 45S of IRS Code) applies to certain employers who offer paid family and medical leave to their employees. It’s only around for this tax year and next (at least for now), so take advantage of it while you can.

Does your business qualify?

There are certain requirements in place for businesses interested in claiming this tax credit, including:

A written policy in place that meets certain requirements including:  

  • At least 2 weeks paid family and medical leave a year to all qualifying full time employees (prorated for part time employees)
  • The paid leave can’t be less than 50% of the wages normally paid to the employee

Which employees qualify?

  • Employed for a year or more
  • For 2018 credit: employee can’t have made more than $72,000 from the employer

What qualifies for family and medical leave in order to qualify for the tax credit?

  • Birth of a child/care for the child
  • Adoption or foster care placement
  • Care for spouse, child, parent with serious health condition
  • Serious health condition making employee unable to perform his/her job
  • Family member or employee called to active duty
  • Care for a service member who is a spouse, child, a parent, next of kin

What now?

Evaluate your company policies regarding the Family Medical Leave Act (FMLA). You still have time to create a company policy regarding family medical leave. You can also change your existing policy or include additional policies to fill in the gaps needed in order to qualify for and take advantage of the tax credit for 2018. The credit will apply retroactively for family/medical leave already taken in 2018 by qualifying employees. The policy just needs to be in place by and have an effective date of December 31, 2018.

We’ve already spoken to some clients about this tax credit, and expect more conversations in the weeks to come. Now’s the time to figure this out with your tax advisor so you’re not up against the deadline and can actually enjoy ringing in the New Year.

Jessica Nunn contributed this blog. Jessica is a manager in the tax department with nearly 10 years of public accounting experience at Gilmore Jasion Mahler, LTD.  She specializes in for-profit entities, with a concentration in manufacturing & distribution.  

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Final Changes to Home Health Payments for 2019

home health payments 2019It’s official. Changes are coming to the payment system for home health agencies and we now know what those changes look like.

Medicare home health agencies have access to the Prospective Payment System (PPS) under the 1997 Balanced Budget Act. Though regularly amended annually, major changes to this system have, until now, been mostly talk. In October 2018, however, the Centers for Medicare and Medicaid (CMS) issued the final rule containing several major changes to the operations, regulations, and payment system for HH PPS for calendar year 2019.

Current System

The current system is based on a case-mix model. Under this system, a home health agency receives payment for each 60-day episode of care, which is adjusted based on the assessment of a patient’s condition and expected therapy needs. Additional payments can be made for the costliest beneficiaries, for cases in which the cost of care exceeds a threshold amount established for each case-mix group. Low-utilization patients who require four or fewer visits in a 60-day episode are paid on a per visit basis.

Major Changes for Fiscal Year 2019

The final rule establishes a 2.2 percent increase for the payment rate in the Home Health PPS which is estimated to be approximately $420 million. According to CMS there will also be a new rural add-on policy that requires CMS to classify rural counties (and equivalent areas) into one of three categories based on:

  1. high home health utilization
  2. low population density
  3. all others

Rural add-on payments for calendar years 2019 through 2022 vary based on counties’ (or equivalent areas’) category classification.  Further notes include a slight tightening on outlier payments with the Fixed Dollar Loss ratio dropping to 0.51% from 0.55%. Lastly, Low Utilization Payment Adjustment (LUPA) stays the same.

Major Changes Looming for Fiscal Year 2020

There are also major changes planned related to how payments will be calculated and distributed. Final refinements to the case-mix methodology, known as the Patient-Driven Grouping Model (PDGM), intend to better estimate cost based on resource use and are to be implemented on January 1, 2020. CMS states “The PDGM removes the current incentive to overprovide therapy, and instead, is designed to reflect CMS focus on relying more heavily on clinical characteristics and other patient information to allow payments to more closely reflect patients’ needs. Using patient characteristics to place home health periods of care into meaningful payment categories is more consistent with how home health clinicians differentiate between home health patients in order to provide needed services.” The PDGM will also change the payment structure to a 30 day payment unit from a 60 day episodic payment. The overall changes seek to remove therapy thresholds, and better incentivize quality of care over quantity.

Finally, the Final Rule defines “remote patient monitoring” as part of the Medicare Home Health Benefit and includes this as an allowable cost on the Home Health Agency (HHA) cost report. The definition would cover the collection of physiological data to include information that is digitally stored and/or transmitted from the patient to the HHA. This is in effort to better utilize emerging technology that has been able to digitally capture data, such as ECG, blood pressure, and glucose monitoring.

Other Changes

CMS plans to change some aspects of their home health quality reporting (HH QRP) program. These changes outline different factors for consideration when removing measures and proposing new reporting features, both for the future and the present changes. The goal is to lower agency costs when it comes to reporting – the current estimate is these measures will reduce agency spending by an estimated $60 million total, or $5,150 per year per agency.

Summary

CMS continues to update HH PPS and other related home health policies starting in 2019, with some policies rolling out between 2019 and 2021. Overall, these changes are intended to promote higher-quality treatment while staying budget-neutral. Rural counties will receive a payment add-on by classification based on population and home health use, and agencies will have fewer items to report to Medicare. Finally, new items, such as remote patient monitoring, will be included as an allowable cost starting as early as next year.

jamie dixon gilmore jasion mahlerJamie Dixon contributed this blog. Jamie is a member of the Gilmore Jasion Mahler Healthcare Specialist Team, with an expertise in long-term care, home healthcare and hospice. A member of the Ohio Council for Home Care and Hospice, he has served on the organization’s Financial Issues Committee for close to 20 years. 

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory and healthcare management. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.