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Marketing your Commercial Sales Department & Inventory in Q4

Publication | Sep 15, 2020
More About | Dealerships | Performance & Growth

Despite recent changes in the way business is conducted, fluctuating and unpredictable inventory levels, followed by a bounce back in retail activity over the last few months, the year 2020 is quickly coming to a close, and one major seasonal trend remains – commercial selling season.

Emerging Strong: A Fresh Look at Internal Controls

In this new normal, can we look at our environment, work-flow structure and economic impacts to claim business as usual? In this second half of 2020, it is pertinent for financial institutions to reassess the control environment and business processes to confirm changes are appropriately captured.

GrowthCast Episode 35: Performance Improvement 101

Join Mark Miller, a principal in DHG's private equity group, as he discusses the importance of performance improvement and the four key value drivers of performance.

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As Consumer Preferences Evolve, So Does M&A

Now more than ever, people are finding new ways to live, work, play and shop. Everyone is a consumer. Yet the branded goods they consume and the companies they support are changing at a rapid pace, and so are the M&A deals and trends that follow. Many new realities have altered consumer behavior and preferences—including demographic diversity, technological developments, and a greater focus on environmental and social responsibility, just to name a few.

GrowthCast Episode 33: Updates on the Payroll Protection Program (PPP) - Aug 28

Podcast | Aug 28, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

Denny Ard returns to discuss the latest SBA Interim Final Rule for the Payroll Protection Program that covers owner-employee compensation and loan forgiveness eligibility of rental space and rent payments.

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GrowthCast Episode 32: Government Contractors Seeking Business Systems Points

Podcast | Aug 27, 2020
More About | Government Contracting | Performance & Growth

Government contractors considering bidding on new multiple award contracts, such as NIH's CIO-SP4 program, are finding agencies are offering points for acceptable business systems. Establishing acceptable policies and procedures and implementing them is not something for the faint of heart. Join Bill Walter as he talks about the business systems, the criteria used to measure their acceptability and how you need to take action today to get those points.

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New York Insurers: Group-Wide Supervisor Requirement for IAIGs

In 2014 the New York State Department of Financial Services (DFS) adopted Regulation 203 (Reg. 203), which outlined the requirements for an insurer’s enterprise risk management (ERM) function and Own Risk and Solvency Assessment (ORSA) filing.

Dual Deal Accounting Challenges During a Pandemic

Bank mergers and acquisitions are not easy: balancing the standard process of due diligence to verify financial and credit information, adapting processing methods and measuring fair value assets and liabilities. The ongoing pandemic coinciding with the implementation of the current expected credit loss model, or CECL, by larger financial institutions has made bank mergers even more complex. As your financial institution weighs the benefits of a merger or acquisition, here are two important accounting impacts to consider.

COVID-19 and Geographic Footprint Rationalization

The COVID-19 pandemic has led to a fundamental shift in how companies do business as social distancing and other safety efforts impact various business practices. Businesses with a brick-and-mortar footprint need to re-examine their customer service strategy and assess how to best utilize digital service delivery channels. This also means that brick-and-mortar locations must consider new operating models in order to adapt to low foot traffic and balance operating expenses. Therefore, geographic footprint rationalization considerations can help in making important decisions regarding the future utilization of physical company locations.

Lessons Learned from Nemours Children’s Health System

In this installment of our Emerge communication series, we begin to catalog Lessons Learned, one of the key elements of the Recovery phase of DHG Healthcare’s Emerge framework. We share a conversation between Laurajeanne Fligor, Senior Manager at DHG Healthcare, and Gina Altieri, Executive Vice President and Chief Communications Officer at Nemours Children’s Health System (Nemours). Their discussion focuses on lessons Nemours has learned in responding to COVID-19 as well as how COVID-19 as impacted the organization’s strategic direction.

GrowthCast Episode 29: Emerging Strong: Crisis Management Principles for the Insurance Industry

DHG’s Matt Church explores the impacts of COVID-19 on the insurance industry and discusses what companies can do now to be emerging strong with business agility.

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GrowthCast Episode 28: Exploring the Employee Retention Credit

Join Troy Taylor as he discusses how companies can find additional liquidity with the Employee Retention Credit (ERC) and who is eligible for this tax incentive.

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SBA Forgiveness Process for Lenders

On July 23, 2020, the Small Business Administration (SBA) released a procedural notice to all Lenders involved with the Paycheck Protection Program (PPP) detailing “the processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payments of the forgiveness amount determined by the Lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by the SBA.”

Data Analytics and Workplace Re-Entry

As companies look to assess their best approach to reopening their physical office space and business within their state’s reopening plan, the utilization of data analytics could play a key part in the decision-making process. The data surrounding COVID-19 changes daily and varies for each state, county and zip code. Therefore, if you have offices that span multiple locations, it is important to invest in an analytic framework to assess emerging risks since the insight from comprehensive data can inform social distancing protocols as well as business contingency plans.

GrowthCast Episode 27: Valuation Considerations for Evaluating Goodwill Impairments

Join Brian Steen, a principal in our valuation practice, as he summarizes considerations for management to meet the valuation requirements of a goodwill impairment test, both qualitatively and quantitatively.

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Weathering the Pandemic with R&D and Orphan Drug Tax Credits

With the constant discussions surrounding how to weather the COVID-19 storm, more technology and life sciences companies should be evaluating their ability to take advantage of the Credit for Increasing Research Activities (R&D tax credit) to potentially realize substantial cash tax savings. In addition, many life sciences companies that are focused on developing products in accordance with the Orphan Drug designation may be able to take advantage of the Orphan Drug Credit (ODC).

COVID-19’s Heightened Impact on the Implications of Price Transparency

The Price Transparency requirements issued by the Centers for Medicare & Medicaid (CMS) in response to the Executive Order signed by President Trump in June 2019, are scheduled to go into effect January 1, 2021. These requirements will force hospitals to publish billed charge and third-party contract rate information at a procedure code level. With the Price Transparency requirement on the heels of recovery from the COVID-19 pandemic, hospitals will be challenged with implementation resources and costs. Still, key negotiated data points will be in the hands of third-party payers and consumers.

Provider Relief Funds: Single Audit Requirement

The Department of Health and Human Services ("HHS") recently confirmed that the Provider Relief Fund and COVID-19 Testing for the Uninsured programs are subject to the Uniform Guidance under 2 CFR 200 and the related Single Audit requirements. The ramifications will impact potentially thousands of healthcare providers that received funding under these programs that will be required to comply with the myriad cost principles, procurement policies, and various other requirements under the Uniform Guidance, including an independent audit of the organization’s financial statements, program expenditures, compliance with federal requirements, and internal controls over compliance.

How has COVID-19 Impacted Our Long-Term Strategy?

This installment of our Emerge communication series, dives into the potential long-term strategic implications and considerations of COVID-19 as Healthcare providers deliver care. Today, we explore the demand for healthcare services, care delivery models, the future healthcare landscape, disruptors (and disruptions), regulation and reform, and reimbursement – all from the perspective of the impacts of the COVID-19 pandemic.

COVID-19 Impact: Time to Rethink Enterprise Risk Management

This installment of the FORWARD communication series focuses on Deep Market Understanding, one of the five fundamental priorities of Risk Capability.

GrowthCast Episode 26: Triggering Events for Interim Goodwill Impairment Evaluation

Join Gareth Montague-Smith as he discusses goodwill impairment, the possibility entities experiencing multiple triggering events as a result of COVID-19 and the importance of discussions with your external auditors during this time.

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Considerations Checklist for PPP Forgiveness Calculation

As you approach the end of your covered period and are starting to perform calculations and gather documents for your application, there are a handful of considerations you may want to take into account. Our PPP Task Force team has prepared this checklist of items for you to consider prior to submission of your PPP Loan forgiveness application

Nine Ways Audit Committees Can Add Value Towards Emerging Strong

The COVID-19 pandemic brings new challenges to many companies, ranging from financial reporting and the ability to meet filing deadlines, to the execution of work-from-home plans. With the uncertainty of the immediate future, and with large percentages of the workforce either working from home or considering some phase of reopening, audit committees will need to discuss items that were most likely not included on their pre-COVID-19 agendas.

GrowthCast Episode 25: Updates on the Payroll Protection Program (PPP) - July 10

Podcast | Jul 10, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

In this week's update, Denny Ard covers the latest updates to the PPP program, including the extension of the application deadline to August 8 and the release of IFR21 and 21 which address some of the changes that arose from the release of the revised application and EZ form.

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GrowthCast Episode 24:Cybersecurity in a Work from Home Environment

With most companies operating as a remote workforce, it’s can be easy to blur the lines between "work" and "home," increasing your vulnerability for cybersecurity attacks. In this episode, RJ Sudlow covers the little things that play a factor in keeping you and your data protected and offers advice on three steps you can do now that will help you stay safe and hopefully vigilant, while being part of a remote workforce.

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NC Updates IRC Conformity, Decouples from CARES Act Provisions, and Enacts Franchise and Sales & Use Tax Changes

On June 30, 2020, North Carolina Gov. Roy Cooper signed into law House Bill 1080 (HB 1080) which updates the Internal Revenue Code (IRC) conformity date to May 1, 2020. The change is effective for tax year 2020 for calendar year taxpayers. Even though the conformity date is subsequent to the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which became law on March 27, 2020, HB 1080 specifically decouples from various CARES Act relief provisions.

President Enacts PPP Application Deadline Extension

On July 4, President Donald Trump signed into law legislation extending the Paycheck Protection Program (PPP) application deadline from June 30, 2020 to August 8, 2020.

GrowthCast Episode 23: COVID-19 Impact on Financial Reporting Valuations

There's no doubt that COVID 19 has had and will continue to have a significant impact on the global economy. While it is anyone’s guess as to the depth and duration of that impact, it's important to remember that every situation is unique; the impact on companies and their assets' values will vary depending on industry, geographic location, and strategic response. Join Tanner Shaw as he discusses the impact that COVID-19 has had on financial reporting valuations.

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SBA Releases Two Additional Interim Final Rules on PPP

Recently, the Small Business Administration (SBA) released two new Interim Final Rules (IFRs) to modify previously issued guidance on the Paycheck Protection Program (PPP). On June 22, the SBA released IFR 20, Revisions to Loan Forgiveness Interim Final Rule (IFR 14) and SBA Loan Review Procedures Interim Final Rule (IFR 15). On June 24, the SBA released IFR 21, Additional Eligibility Revisions to First Interim Final Rule (IFR 1). Below is a summary of both IFRs.

A New Era in Regulatory Compliance – Hitting a Moving Target

As the COVID-19 pandemic continues to impact our economy, healthcare organizations and providers find themselves challenged on multiple levels. The Provider Relief Fund, made available by the CARES Act and administered by the Department of Health and Human Services (HHS), remains the most significant source of funding for impacted healthcare providers.

GrowthTV: Managing Rising Employer Healthcare Costs

Laurajeanne Fligor, a senior manager in DHG's healthcare practice, discusses the steps that private equity owners and businesses can take to address employee healthcare cost increases caused by COVID. She explains what impact COVID-19 is expected to have on premiums for employer-sponsored health plans, what private equity investors should ask to ensure they're addressing healthcare cost exposure during due diligence, steps that PE-investors can take with their existing portfolios to manage rising healthcare costs, and much more.

The Growing Remote Workforce – Challenge and Opportunity

The onset of COVID-19 forced much of the nation's workforce to adopt a remote work model quickly. With uncertainty still ahead of us, much of this workforce will continue to work remotely for the foreseeable future. Executive leaders and managers now face a new challenge: engaging and motivating a remote team.

Modeling & Budget Analysis: Key Financial Considerations for CARES Act Reporting

As COVID-19 brought unprecedented challenges to healthcare organizations (HCOs) across the country, the ability to develop agile, adaptable financial models is more important than ever. While government assistance programs met the immediate need for cash flow, HCOs who now find themselves unprepared or unable to demonstrate proper accounting for these funds may ultimately be asked to return them.

Accounting for PPP Loans Under the CARES Act

In the immediate aftermath of the economic shutdown, small businesses across America struggled to make ends meet and were most concerned about liquidity and the survival of their business. Now that the initial shock has passed and the economy is beginning the process of reopening, many are asking questions regarding how loans under the Paycheck Protection Program (PPP) should be accounted for.

Levels of Transparency Announced for Paycheck Protection Program Loans

On Friday, June 19, 2020, the U.S. Department of Treasury (Treasury), the U.S. Small Business Administration (SBA) and U.S. Senate Small Business Committee agreed on terms that will make specific Paycheck Protection Program (PPP) loan borrower information available to the public in order to provide transparency to taxpayers. Although the loan amount provided to each business will not be provided, each loan will be identified as falling within a bucket within the $150,000 to $10 million range.

GrowthCast Episode 21: Updates on the Payroll Protection Program (PPP) - Jun 19

Podcast | Jun 19, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

In this week's episode, Denny Ard walks through the recently released revised loan forgiveness application, the new EZ loan forgiveness application form and IFR 19.

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Sources of Funding – Dynamic and Challenging

Nationally, healthcare organizations have seen financial downturns due to the COVID-19 pandemic due to increased expense and lost revenue. To assist providers during this challenging time, state and federal entities established a variety of funding opportunities.

Developing Appropriate Reconciliation for Provider Relief Funds

The HHS Provider Relief Funds distributed in the early days of the COVID-19 pandemic require future reporting to demonstrate compliance with the HHS terms and conditions. This critical task of justification for the receipt and use of funding should begin with defining the reasonable and appropriate application of increased expenses and lost revenues associated with the COVID-19 pandemic.

The Good Fight – Winning the Battle Against Negativity

In the earliest days of the COVID-19 pandemic, widespread clinical ingenuity, expressions of positivity and gratitude, and transformative innovation shaped the response amongst front-line healthcare providers. However, as the pandemic continues to change the healthcare landscape, individuals and organizations alike can utilize a proven strategy to combat negativity and reinforce positivity and the subsequent boosts in performance and well-being.

Bridge to Post-COVID-19 Rebound // Part Four: Clinical and Operational Considerations

As healthcare organizations move toward a post-COVID-19 emergency response, providers across the country are increasing levels of patient engagement, providing care for both COVID and non-COVID patient populations. While operational considerations vary by an organization’s unique service offerings and geographic location, universal lessons learned from successful organizations, such as Prisma Health, can help leaders continue the evolution of their response to a dynamic environment. Chief among those lessons being that innovation and collaboration to meet the needs of patients, staff, and providers is a crucial ingredient of success.

PPP Forgiveness Application, Guidance and EZ Form Issued

The SBA released a revised PPP loan forgiveness application (Form 3508) to address changes recently made by the PPP Flexibility Act of 2020 (PPPFA). The SBA also issued an “EZ” version of the PPP loan forgiveness application (Form 3508EZ) to simplify the process for select borrowers. The new forms were accompanied by the SBA’s nineteenth interim final rule, making changes to prior IFRs to reflect the recent PPPFA forgiveness changes.

GrowthCast Episode 20: Lease Concession Considerations

When conserving cash flow is paramount, lease concessions can help provide some temporary relief. In this podcast episode, Rob Cherry walks through the financial reporting considerations when you are determining whether or not to request a lease concession.

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GrowthCast Episode 19: Updates on the Payroll Protection Program (PPP) - Jun 12

Podcast | Jun 12, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

Join Denny Ard as he discusses the clarifications included in the SBA and Treasury joint statement issued this past Monday after the PPP Flexibility Act was passed into law the previous Friday.

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EMERGE: Converting the Challenges of COVID-19 into Actionable Opportunities

Healthcare providers are experiencing COVID-19 forces that are both unprecedented and broad reaching. Unprecedented, in the sense that we have never experienced this specific combination of financial, clinical and operational headwinds; and Broad reaching in that no provider, system or organization is immune to these challenges. In addition, the magnitude and timing of these forces vary from region to region, state to state and provider to provider.

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Episode 18: The Importance of Social Connection in a Time of Physical Distancing

Join Scott Spohn as he discusses how to create strategic and systemized approaches to social connection to help your organization emerge strong in the COVID-19 environment.

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Lessons for Health System Governance

As the United States healthcare system makes the profound transition from fee for service to value-based care, we believe healthcare organizations need to examine their existing governance structure to ensure it is evolving in sync with the organization as a whole. With the fast-paced organizational changes underway in response to the current pandemic, COVID-19 is serving as a catalyst to intensify this imperative. There has never been a more essential time for governance to be fully functioning and highly effective.

Treasury and SBA issue Joint Statement on PPP Flexibility Act

The Paycheck Protection Program Flexibility Act of 2020 was signed into law President Trump on June 5, 2020. Following the passage of the Act, the SBA and U.S. Department of the Treasury issued a joint statement issuing rules and guidance on implementing the Flexibility Act.

Establishing Strong Leadership Teams for the Next Crisis

As the healthcare industry reacts to the drastic changes brought with COVID-19, executive leadership face the opportunity to take lessons learned and prepare for the next, inevitable industry disruption. Executive teams must organize and ground themselves in structure, process, and clear decision rights, while fostering deliberate and healthy working relationships required for tough decisions.

Claiming Losses Due to COVID-19

Many businesses in 2020 are looking for access to cash. Many taxpayers are also evaluating whether they are able to recognize deductions in 2019 or 2020 to maximize the potential benefit for tax savings and access to cash, such as carrying losses back to prior tax years to obtain refunds of taxes paid in prior tax years. Identifying and recognizing disaster losses related to the Coronavirus Disease (COVID-19) can provide this flexibility.

GrowthCast Episode 17: Updates on the Payroll Protection Program (PPP) - Jun 5

Podcast | Jun 05, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

Denny Ard dives into the details of a significant update this week for the PPP. The Payroll Protection Program Flexibility Act of 2020 just recently passed the house and senate. The bill will need to be signed by President Trump in order to become enacted.

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FASB Issues Delay to Effective Dates of ASC 606 and ASC 842 for Private Companies and Not-For-Profit Entities

On Wednesday, June 3, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities.

Senate Passes Paycheck Protection Program Flexibility Act of 2020

On June 3, 2020, the U.S. Senate passed the Paycheck Protection Program Flexibility Act of 2020. The bill had previously passed the U.S. House of Representatives on May 28, 2020. The bill will need to be signed by President Trump in order to become enacted.v

GrowthCast Episode 15: Updates on the Payroll Protection Program (PPP) - May 29

Podcast | May 29, 2020
More About | Performance & Growth | Risk & Regulatory | COVID-19

During this week's segment on the PPP loans, Denny walks through the two most recently release IFRs 14 and 15 that provide more insight around the loan forgiveness application, process, timeline and clarity around the costs that are included in the forgiveness calculation.

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Best Practices for Dealership Month-End Close

Publication | May 29, 2020
More About | Dealerships | Assurance | Performance & Growth

The primary reason that most dealers want a timely financial close is so they can have access to accurate financial data in order to measure performance. With a rapidly changing economy and consumer buying habits, it is imperative that management have timely financial data to adjust business plans and strategies to capture all opportunities.

New Interim Final Rule 15 Provides Guidance for PPP Loan Forgiveness Process

On May 22, 2020, the U.S. Department of the Treasury and the Small Business Administration issued a new Interim Final Rule (IFR 15) related to the SBA’s loan forgiveness review process and the Paycheck Protection Program. IFR 15 provides lenders and borrowers with insight on the process and timeline that the SBA will work with for PPP loan forgiveness.

New Interim Final Rule 14 Provides Clarity on PPP Loan Forgiveness Application

On May 22, 2020, the U.S. Department of the Treasury and the Small Business Administration issued a new Interim Final Rule (IFR 14) related to loan forgiveness and the Paycheck Protection Program (PPP). FR 14 outlines the general process for forgiveness and provides guidance to help borrowers “take immediate steps to maximize their loan forgiveness amounts.

Managing Adversity with a Resilience Mindset

Publication | May 27, 2020
More About | Performance & Growth | Talent

In his video “Resilience: A Minute with John Maxwell”, Maxwell shared, “Resilience comes through adversity.” In other words, we can only achieve resilience if have been given the gift of struggle. But for many of us, amid our own varying levels of resilience, the real question becomes, “How do I actually handle adversity itself so that I come out of it with resilience?”

GrowthCast Episode 14: Emerging Strong

Podcast | May 27, 2020
More About | Performance & Growth | Talent | COVID-19

Tricia Wilson and Jeff Outten provide insight on how leaders can emerge strong by relying on the foundation of trust in their relationships, focusing on being present, transparent and agile in our new normal.

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Part 2: Financial Accounting and Reporting Impact During COVID-19

This installment of our FORWARD communication series is the second part in a series of communications that focuses on providing answers to new and emerging FAR questions that have arisen from recent COVID-19 relief activities. This video piece provides insight into certain FAR issues on topics with immediate relevance to healthcare providers.

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GrowthCast Episode 13: Updates on the Payroll Protection Program (PPP) - May 22

Podcast | May 22, 2020
More About | Performance & Growth | COVID-19

Now that the safe harbor date has passed, Denny Ard distills down the recently issued SBA loan forgiveness application provisions and much needed guidance for PPP borrowers.

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CMMC Accreditation Body Announces Plans for Assessor Certification

On May 21, the CMMC Accreditation Body (CMMC AB) posted a video update to its website providing clarification about the CMMC assessor program and training for CMMC Third Party Assessor Organizations (C3PAOs). Ben Tchoubineh, the chair of the AB’s Training Committee, detailed a two-phase approach to rolling out assessor training and certification. A provisional training program is being introduced in the coming weeks for an initial class of 60 assessors to perform initial CMMC compliance assessments in “close collaboration” with the CMMC AB in 2020.

SNFs and Other Post-Acute Providers: A COVID-19 Strategic Response

As the nation moves through the phases of the COVID-19 public health emergency (‘PHE’), the front lines of the fight against the novel coronavirus have expanded from the intensive care unit of U.S. hospitals into the surrounding post-acute care markets. Of concern is the continued operating and economic impact on SNF providers. To achieve long term sustainability, it will be vital for SNF organizations to successfully navigate the next several months and emerge strong from the pandemic.

Lessons Learned by a Nurse Executive During COVID-19

The COVID-19 pandemic has changed the roles and responsibilities of nurse executives around the country in a profound way. Nurse executives faced immediate, unprecedented challenges related to PPE, staffing, and safety protocols all within a rapidly changing, high-stakes environment. As the pandemic has progressed, burnout, moral distress and family worries have joined the growing list of concerns for our nation’s frontline leaders. Lessons learned encourage the implementation of new skills and communication, the importance of acknowledgement and the management of teams across multiple service lines like never before.

GrowthCast Episode 12: Growing Your Business in a COVID Environment

Podcast | May 20, 2020
More About | Performance & Growth | COVID-19

In this episode, John Atkinson shares lessons learned on how the COVID environment has changed go to market and business development strategies.

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States Announce Temporary Nexus Positions on Employee Workplace Changes by COVID-19 Pandemic

From a state and local tax perspective, the presence of employees performing their duties in an alternate jurisdiction can impact the tax obligations of both the employer and the employee. First and foremost, the presence of an employee in a new jurisdiction could create nexus for the employer for income / franchise tax, sales / use tax, or other various business activity taxes.

GrowthCast Episode 11: Updates on the Payroll Protection Program (PPP) - May 15

Podcast | May 15, 2020
More About | Performance & Growth | COVID-19

Join Denny Ard as he discusses the latest SBA FAQ guidance on good faith certifications and the extension of the PPP certification safe harbor repayment date to May 18, 2020.

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Data Driven Decision-Making to Subdue Uncertainty and Fuel Growth

 In this installment of our FORWARD series, we explore the vital importance of providers' ability to make informed and real-time decisions – from the near-term tactical to long-term strategic.

Social Connection in a Time of Physical Distancing

As the world embraces the realities of a post-COVID-19 environment, every business, from financial services and healthcare to transportation and hospitality, will need to rethink the full scope of their human interactions - internally and externally. But while the "current normal," marked by social distancing and public health vigilance, dictates physical distance - we know our well-being requires social connection.

GrowthCast Episode 10: Valuation Impacts of COVID 19 on Technology Companies - May 14

Join our guests Tim Smith & Steven Frank as they share their insights in how the COVID environment is shaping value drivers for the technology industry.

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Audit Committee Insights in Response to COVID-19

The COVID-19 pandemic brings new challenges to financial institutions: liquidity and executing on contingency funding plans, managing interest margins with historically low interest rates, and anticipating a decrease in credit quality leading to significant judgment in the determination of additional loan loss reserves. Not to be overlooked, there is also the sudden need for significant resources to originate and fund extraordinary volumes of the new Paycheck Protection Program (PPP) loans to small and mid-size businesses.

Prioritize Organizational Culture in the Midst of COVID-19

As life settles into a modified normal in the COVID-19 aftermath, it is time to rethink how financial services companies operate from a cultural perspective. Culture is paramount to achieving the benefits of an effective, sustainable risk management program, as well as for an internal audit function that can effectively challenge the business.

Bridge to Post-COVID-19 Rebound // Part Three: Workforce and Human Capital Needs

As healthcare organizations move toward a post-COVID-19 emergence, providers face several unique challenges that directly impact staff safety and wellbeing, as well as patient care. Leaders must respond with flexibility and urgency to meet the current and immediate near-term patient care demands by first re-engaging their workforce. Careful planning and thoughtful communication will set the tone for the organization's workforce as they return to full-scale operations.

The Path Forward: Care Management and Strategy Development

As we look to the future, past the current realities of COVID-19, now is the time to begin to consider early clinical lessons learned and start developing plans for new models of care. In this installment of our FORWARD communication series, we focus on emerging models of care management delivery - those designed to positively impact healthcare providers and the communities they serve in the wake of the COVID-19 pandemic.

Financial Accounting and Reporting Impact During COVID-19

The COVID-19 impact on U.S. healthcare providers has been singularly profound as they heroically address the medical needs of the populations they serve, many of which are in health crisis situations, while at the same time being significantly challenged by the extraordinary economic, financial and liquidity headwinds associated with this pandemic. As a result, the federal government has provided a variety of new options to provide economic relief, and other organizations with regulatory authority have also stepped up to provide available relief, much of which may be temporary and/or conditional, for the benefit of healthcare providers. Many of these changes, however, have resulted in a host of questions with respect to financial accounting and reporting (‘FAR’).

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GrowthCast Episode 8: Digital Marketing Strategy

Podcast | May 06, 2020
More About | Dealerships | Performance & Growth

Our guest today is Nick Brunotte, Director of DHG Dealerships Digital Solutions Group. Nick discusses how companies can optimize both their exposure and profitability by way of digital audits, continuous monitoring and management, and reporting of digital performance.

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Looking Beyond COVID-19: Streaming Analytics

Since companies in every industry may have data streaming from multiple sources, analyzing such data in real-time can be helpful for providing valuable insights. Streaming analytics tools provide advancements in the streaming of business intelligence (BI) by improving access to data that is changing constantly, including social media activity, sales leads, websites, mobile apps, customer activity, etc.

Bridge to Post-COVID-19 Rebound - Part Two: Strategic Risks and Opportunities

As healthcare organizations across the country begin COVID-19 recovery planning, their leaders will require a clear understanding of their organization's execution and deployment capabilities. Only with this clear understanding in mind can leaders successfully answer the challenging strategic and operational questions they face, and productively prioritize and sequence their response. This thoughtful preparation will assist forward-looking organizations in being first-to-market in capturing repressed demand, bolstering provider alignment, and ultimately driving market share.

The New Imperative for Dynamic Scenario Modeling

Enterprise Sustainability is the first order of the day in the "current normal" that is COVID-19, but we know that one day this pandemic will end. When it does, healthcare providers should turn their attention to emerging from this crisis with clarity and strength. To emerge in this fashion will require them to recognize and address current strategic, operational and financial uncertainty as they simultaneously look forward. Establishing holistic capabilities, including dynamic financial modeling, can be a key driver of sustainability in the future state.

Imaged Loan File Best Practices for Financial Institutions

Whether your financial institution is beginning to transition from paper loan files to imaged loan files, or already has an imaged file retention program that would benefit from enhancements, here are some key considerations to include in your project planning.

The Path Forward: Interim Infection Prevention and Control

While healthcare providers are in the midst of continual process refinement to handle the influx of patients with COVID-19, it is now crucial to begin developing strategy related to clinical and operational policies once COVID-19 peaks in their geographies and as their operations begin to refocus on the non-COVID-19 healthcare. Timeliness and speed are essential due to any future peaks of COVID-19 as well as the reemergence of the seasonal flu in the coming months.

Employer’s Healthcare Cost Expected to Rise Significantly Through 2021

The COVID-19 public health emergency has profoundly altered the healthcare industry, forcing our federal and state governments, healthcare insurers and healthcare providers to react quickly and innovatively. As organizations are forced to make tough decisions due to eroding margins caused by the global pandemic, the wellbeing and health of employees is of top concern. Organizations with self-funded health plans can expect to see costs rise significantly through 2021 as a result of the global pandemic. Despite these rising costs, there are several strategies organizations should consider as they seek to position both their employees and organizations to emerge from COVID-19 strong and thriving.

Cash Acceleration: Pre-Bill Review and Clinical Documentation During the COVID-19 Pandemic

The COVID-19 pandemic has ushered in a new era for healthcare organizations calling for significant operational changes while providing the opportunity to revisit existing strategies. As most organizations experience significant financial burden, identifying strategies to boost revenue integrity is likely front of mind.

COVID-19 and Allowance for Loan Loss Considerations

As financial services companies have been devoting a considerable amount of time and energy on pandemic planning and response, in addition to quickly responding to the short-term lending needs of their borrowers, they find themselves now turning their attention to quarterly financial reporting and, more specifically, how best to estimate and support an allowance for loan losses (ALL) in the current COVID-19 environment.

Maintaining the SOC Environment During COVID19

In January 2020, many organizations began a new year with a strong outlook on the next twelve months and a low priority for reassessing the effectiveness of their internal controls. Given that many System and Organization Controls (SOC) examination reporting periods are underway, the COVID-19 pandemic could result in a significant impact on the design and operating effectiveness of controls.

The New and (Dare We Say) Better Normal

Publication | Apr 22, 2020
More About | Performance & Growth | Talent

Trying to wrap your head around the day to day implications of this “new normal” is challenging at best…this is unchartered territory, and we seem to be figuring it out as we go. However, the bigger question may be, “What are the long-term implications of this global crisis?” Recently, the Chair of DHG’s Executive Committee asked a very interesting question: “What is it about this ‘new normal’ that you want to keep when we come out on the other side of this virus?” The question stopped me in my tracks as all I had been thinking about was how much longer until we can get back to the way it was. And, of course, what a silly thought – there is no getting back to the way it was. Our world and our lives will be significantly changed by virtue of this experience. Ironically though, we may look back on this time as having had a silver lining and a time when we took a positive leap forward on many fronts.

Loan Growth at the Outset of the Coronavirus Pandemic

When the U.S. president declared the coronavirus pandemic (COVID-19) a national emergency on March 13, 2020, local governments responded quickly by issuing shelter-in-place orders, which effectively left many businesses unable to operate. The federal government and associated agencies reacted quickly with a series of expansionary fiscal and monetary policy initiatives.

Impacts from COVID-19 on the 2020 Internal Audit Plan

Your risk assessments are complete. You have carefully designed a 2020 internal plan that is responsive to risk. The audit committee presentations are complete and the audit plan is approved. As you began to implement the 2020 audit plan, phrases such as COVID-19 coronavirus (COVID-19), social distancing and shelter-in-place became part of our daily conversation. Now what?

Network Monitoring Considerations for Remote Workforces

As COVID-19 quickly spread across the U.S., organizations had very little time to react before they were required to send employees home. While everyone swiftly transitioned from their offices to remote-work, cybercriminals began developing new tactics to take advantage of our “new normal.”

Key APM Considerations in the COVID-19 Environment

The COVID-19 outbreak has ushered in unprecedented governmental and regulatory changes, including those impacting Alternative Payment Models (APMs), quality reporting, and clinical transformation. In recent weeks, the Centers for Medicare and Medicaid Services (CMS) has announced several extensions, waivers, and other efforts to provide regulatory relief as healthcare providers are facing extraordinary challenges given the current pandemic.

Bridge to Post-COVID-19 Rebound // Part One

As COVID-19 continues to grow in communities across the country, healthcare leaders are facing unprecedented challenges and rapidly responding to the demands of the pandemic. While these in-the-moment responses are critical in the short-term, eventually the immediacy of COVID-19 will recede, and we will begin to re-adjust operations. Timing is crucial, and planning can begin today.

COVID-19 Impacts for ASC Topic 855, Subsequent Events

COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. A few weeks later, the first quarter of 2020 closed, and financial institutions should consider the impact COVID-19 will have on their financial reporting framework now, specifically relating to subsequent events. Accounting Standards Codification (ASC) Topic 855, Subsequent Events, states that entities need to consider events or transactions subsequent to the balance sheet date to determine whether adjustments or disclosures are needed in the financial statements.

To Test or Not to Test: Goodwill Impairment Considerations During COVID-19

Given the recent impact of COVID-19 on the economy, unemployment and daily operations, the discussion of potential goodwill impairment (and related testing thereof) has become a hot topic for many financial services companies as the March 31, 2020, quarter has closed. Accounting Standards Codification (ASC) 350, Intangibles – Goodwill and Other, states that entities must evaluate their goodwill for impairment at least annually; however, during interim periods, a goodwill impairment analysis could be necessary if the entity has an indication that the fair value of a reporting unit has fallen below carrying value, a condition defined by the guidance as a triggering event. The consideration of whether a triggering event has occurred is significant for many financial services entities for the first quarter of 2020.

Data Analytics for Improved Business Operations

Publication | Apr 14, 2020
More About | Data | Innovation & Technology | Performance & Growth

In our current world, technology is a key driver and one of the largest disruptors in the operational functions for a business. Therefore, it’s no surprise that the goal for many companies is to develop faster, more efficient and productive business processes. In response, companies are shifting toward the adoption of new technologies to better record data as well as analyze and understand its implications for overall performance.

Data Lakehouse – Changing the Analytics Landscape

Publication | Apr 14, 2020
More About | Data | Innovation & Technology | Performance & Growth

Data is the new currency of the modern world. Companies that have learned to amass and leverage the power of data have reached significant valuations on Wall Street, with companies like Google and Facebook being the prominent ones leading the charge.

Telehealth in a COVID-19 Environment & Beyond

COVID-19 brought unprecedented challenges to the healthcare industry - most specifically the challenge to in-person interactions. In response, the Centers for Medicare and Medicaid Services (CMS), along with many state Medicaid programs and private payors, expanded access to telehealth services. Beginning March 6, 2020, and throughout the COV-19 Public Health Emergency, individuals covered under these plans gained access to increased telehealth options - to promote public health while maintaining access to clinical care.

Questions CFOs Should Be Asking

Publication | Apr 10, 2020
More About | Dealerships | Performance & Growth | COVID-19

There are interesting times, there are challenging times, and then there are completely unprecedented times. Luckily, in times like these, there are questions should be asking ourselves – we find these questions don’t have easy or well-defined answers. However, asking these questions can help us begin to focus on a plan of attack and keep us from feeling completely overwhelmed. Below are some top questions that dealership CFOs should be asking themselves during these challenging times.

Financial Institutions Prepare During COVID-19 to Evaluate Loan Portfolios and Segment Customers to Offer Loan Modification Alternatives

With the spread of the coronavirus (COVID-19) across the U.S. causing federal, state and local authorities to order individuals and businesses to cease certain economic activity, the ultimate impact of the virus on the U.S. economy is uncertain but inevitable. The stock market has entered bear market territory, and the economy may enter a recessionary period. Regardless of what the final economic outcome will be, many individuals and businesses are scrambling for cash and liquidity to meet expected obligations. Financial institutions across the U.S. have publicly announced a number of programs to support customers during these uncertain times.

CARES Act: Healthcare Providers’ Options for Liquidity

The extreme disruption and volatility associated with the current life-and-death struggle to defeat the worldwide COVID-19 pandemic is challenging and stressing the healthcare provider community in a way that has never been experienced. The concept of Transformational Agility that is embedded in DHG Healthcare’s Risk Capability perspective has taken on new urgency.

Sentiment Analysis

In previous installments to this series, we shared our views on the concept of macro analytics and discussed the importance of exploring alternative key performance indicators (KPIs) to develop foresights on evolving situations. This article shines light on one such alternate KPI known as sentiment analysis.

Lambda Data Architecture for Timely Insights

Core Concepts of the Data Lake Driven by Lambda Architecture - While the world seems to have come to a standstill in the wake of the COVID-19 pandemic, there is more data clogging the internet pipelines than ever before as working from home becomes the new normal in most industries. With more data comes the need to store, analyze and develop relevant insights – this is where big data technology comes into play.

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