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Florida healthcare provider pays $5.5M settlement over potential HIPAA violations

Florida healthcare provider pays $5.5M settlement over potential HIPAA violations

Mar 14, 2017

A Florida healthcare provider (Memorial Healthcare Systems) has paid the U.S. Department of Health and Human Services $5.5 million to settle potential HIPAA violations. The Health Insurance Portability and Accountability Act of 1996 (HIPAA), was enacted to publicize standards for the electronic exchange, privacy and security of health information. The reasoning behind this settlement was a security breach that occurred within the last several years. 115,143 patients’ information was accessed using a former employees’ login credentials. This security breach was reported by Memorial Healthcare Systems to the Department of Health and Human Services. At Hertzbach & Company, P.A., not only is protecting our clients’ information a top priority, but assisting our clients with protecting their clients’ information is a top priority as well. Here you can view the recent presentations given by our Healthcare Industry Services Group regarding industry-specific issues of fraud and cyber security. If you have any questions about how to protect your healthcare business or your clients, please do not hesitate to contact us at...

The rising costs of skilled nursing care

The rising costs of skilled nursing care

Mar 1, 2017

Per recent study, national averages for long-term care expenses have risen. Lincoln Financial Group’s annual “What Care Costs” study provides an interactive website that includes more detail. For instance, the national average cost of a private room has increased from 99,000 in 2015 to $102,900 in 2016. The report also elaborates on how long-term care costs can vary drastically from state to state. In Maryland, a studio apartment in an assisted living facility averages at $61,152 per year. Whereas in Florida, the cost averages at $45,204. These cost differences can be attributed to the type of care needed, the availability of care, and where a person lives. As an accounting and consulting firm with many of our long-term care facility clients being in Maryland (9th highest cost for private room in a skilled nursing home), California (7th highest), Pennsylvania (14th highest), Virginia (29th highest), we find it important to keep them up to date on the rising costs of skilled nursing care and how it is affecting their facility and the industry in which they operate. For more information on how we can help you control costs, maximize reimbursement and prepare for change, contact a representative from our Healthcare Industry Services Group today at...

Hertzbach sponsored HAND event: “Winning the QAP”

Hertzbach sponsored HAND event: “Winning the QAP”

Feb 21, 2017

Winning the QAP Date: February 23, 2017  10:00 AM-1:00 PM Location: DC Housing Finance Agency (DCHFA) 815 Florida Avenue NW Washington, DC, 20001             Do you have a budget gap? Is your project in need of some tax credit equity? If the answers to these questions are “yes,” then you want to be sure to pay attention to your State’s Qualified Action Plan (QAP). Please join HAND for an engaging and informative session on how to put forth a competitive QAP application on February 23, 2017 from 10:00 AM – 1:00 PM at the DC Housing Finance Agency (DCHFA), 815 Florida Avenue NW, Washington, DC 20001. As part of this two-panel session, you will hear from senior officials from each jurisdiction’s (DC, MD, VA) allocating agency on recent policy changes and housing priorities in the QAPs. You will also hear from an experienced group of consultants and syndicators whose projects have scored successfully on the QAP. From common pitfalls to avoid, to positioning your project to be competitive, you will walk away with insider tips and tricks to help you in your effort. The panel discussions will also discuss changing needs and policy priorities of state and local jurisdictions, as well as how market conditions, cost constraints, and political considerations play out in the QAP process. Confirmed speakers are as follows: Panel 1:  JD Bondurant, Virginia Housing Development Authority Elaine Cornick, Maryland Department of Housing and Community Development Danilo Pelletiere, DC Department of Housing and Community Development Steve Smith, Sun Trust Bank Erik Hoffman, Klein Hornig (Moderator) Panel 2:  Jim Chandler, Astoria LLC Bryan Hollander, Enterprise Community Partners Brian Lopez, Osprey Property Companies Jordan Bishop, Audubon Enterprises Gerry Joseph, Joseph Development (Moderator) Click here to register. Registration Fees: This event is free for current HAND members and $75 for...

Hertzbach moderates CREW Baltimore MD-PACE Financing Breakfast

Hertzbach manager, Nikkia N.A. Fitch, CPA will be moderating an upcoming panel for the Commercial Real Estate Women Baltimore Chapter (CREWBaltimore). Ms. Fitch will be part of an informative breakfast to help others learn more about the MD-Pace, or Property Assessed Clean Energy Financing, which allows the cost of improvements to be tied to the commercial building over an extended term for more advantageous financing. This event will take place at the office of Corporate Office Properties Trust (COPT) in Columbia, MD on February 2, 2017. To learn more please visit the CREW Baltimore...

New changes to Maryland Section 529 investment plans

New changes to Maryland Section 529 investment plans

Jan 4, 2017

If saving for college is on your list of New Year’s resolutions, new laws in Maryland will make 2017 a great year to start. Two new changes to Maryland Section 529 investment plans will make them even more attractive vehicles to save for college expenses. A Section 529 plan is created by making contributions to the Maryland College Investment Plan (which is managed by T. Rowe Price) on behalf of a beneficiary. The beneficiary can be anyone who will be able to use the money towards qualified higher education expenses—a child, grandchild, friend, or even the account holder. Earnings on the contributions grow tax-deferred (at both federal and Maryland levels) and will also be free from federal and Maryland taxes on withdrawal, provided that the money is used for qualified education expenses. In addition, taxpayers can take a subtraction on their Maryland income tax returns of up to $2,500 in contributions per beneficiary ($5,000 for married filing jointly if each contributes $2,500). Amounts contributed in excess of that amount can be carried forward and used for up to 10 years. The first change affects who can take the subtraction for contributing to a plan. Until recently, only the account holder could take the subtraction. Beginning July 1, 2016, a subtraction is available for anyone making a contribution to plan, even if they are not the account holder of the plan. For example, parents could establish a plan for their child, and the subtraction would be available not only to them, but also to any other relatives and friends who would contribute. A second change affects the benefits available to account holders who make plan contributions. As an alternative to the Maryland income tax subtraction, the College Affordability Act of 2016 provides that the state will make a $250 “matching” contribution to for qualifying accounts. In order to qualify: The account must be established after December 31, 2016; the qualified beneficiary must be a Maryland resident; the account holder must have had Maryland taxable income in the previous tax year of no more than $112,500 ($175,000 for a married couple filing a joint return); the account holder must submit an application between January 1 and...