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Larry Sophian, CPA, MBA

Larry Sophian, CPA, MBA

Author's details

Name: Larry Sophian, CPA, MBA
Date registered: January 31, 2011

Contact Information

Phone: 312-670-7444
Fax: 312-670-8301

Email: lsophian@orba.com
Website: http://www.orba.com/a_sophian.html
Facebook: http://www.facebook.com/#!/pages/ORBA-Ostrow-Reisin-Berk-Abrams-Ltd/166547440023634
LinkedIN: http://www.linkedin.com/pub/larry-sophian/0/333/397

Biography

Larry provides accounting, tax and business consulting services for business owners in various industries, including medical, not-for-profit and others. He is Chair of the firm's Not-For-Profit Group. As such, he has been responsible for the financial statement audits and other related activities of numerous not-for-profit organizations. Larry’s experience also provides him with a wealth of best practices on which to draw. It enables him to help clients see where they stand within their industry, including areas where they might be exposed to possible fraudulent or inappropriate behavior. Larry helps those companies to establish systems and controls that eliminate the potential for losses.

Latest posts

  1. The Power of Delegating: Improving Practice Efficiency — March 31, 2017
  2. Harnessing Best Practices in Claim Denial Management — February 10, 2017
  3. Preliminary Thoughts on the Trump Administration’s Impact on Not-For-Profit Organizations — November 18, 2016
  4. Health Care Group Newsletter – Fall 2016 — November 17, 2016
  5. Not-For-Profit Group Newsletter – Fall 2016 — October 3, 2016

Most commented posts

  1. Preliminary Thoughts on the Trump Administration’s Impact on Not-For-Profit Organizations — 1 comment

Author's posts listings

2017
Mar 31

The Power of Delegating: Improving Practice Efficiency

From a business perspective, spending too much time on non-medical concerns can reduce a practice’s efficiency and profits in the long run. This brief article points out that physicians need to delegate responsibilities so that they spend less time taking care of financial, recordkeeping or other functions unrelated to their medical responsibilities, and more time performing the duties of a physician.

2017
Feb 10

Harnessing Best Practices in Claim Denial Management

Claim denials are a huge financial drain on physician practices. If nothing is done to reverse a denial, the revenue that it represents is lost to the practice. Attempts to manage and resolve the denial can cost an average of $25 to $30 per claim, according to the Medical Group Management Association (MGMA). In this blog, we take a look at some best practices you can employ to help manage claims denied by payers.

2016
Nov 18

Preliminary Thoughts on the Trump Administration’s Impact on Not-For-Profit Organizations

Many not-for-profit organizations may be impacted by new policies coming from the Federal government as a result of the 2016 election. While it is obviously too early to tell, you should be closely monitoring the kinds of proposals that are being presented by the incoming administration during the transition period, and then, the status of legislation once both the new president and Congress have been installed. This article presents a few precursory thoughts on a few proposed pieces of legislation.

2016
Nov 17

Health Care Group Newsletter – Fall 2016

ORBA’s Health Care Group Newsletter is a quarterly publication focused on effective health care practice management. The Fall 2016 issue includes two articles: “What is the Best Insurance Coverage for Your Practice?” and “Prescription for an Ailing Practice.”

2016
Oct 03

Not-For-Profit Group Newsletter – Fall 2016

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Fall 2016 issue includes two articles: “The Not-For-Profit Organization’s Life Cycle: Challenges and Opportunities Mark Growth Stage” and “Newsbits: Fall 2016.’”

2016
Sep 09

Can Your Practice Meet HITECH Goals? Smart Ways to Optimize Your EMR System

The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 prompts physicians and other health care shareholders to adopt health information technology to help improve efficiency and cut costs. As a result, most practices have implemented some version of an electronic medical record (EMR). This article suggests various ways to optimize an EMR system. A Sidebar looks at how mobile technologies are affecting EMR.

2016
Sep 07

What the New DOL Overtime Rules Will Mean for Your Not-For-Profit Organization

The DOL’s new overtime rules, which will make many more employees eligible for overtime pay under the Fair Labor Standards Act (FLSA), take effect December 1, 2016 — and not-for-profit organizations are not exempt. Even if an organization is not covered by the FLSA, its employees may be covered as individuals and thus eligible for overtime. This article addresses the new salary-level tests for exempt workers, the impact on not-for-profit organizations and some exceptions to the rules. A Sidebar offers four options for compliance.

2016
Apr 06

Payer Contracts: How to Drive a Hard Bargain

Practices often allow their payer contracts to renew automatically each year without re-examining the terms. However, falling into this habit can be a bad mistake. This article discusses why it is important to understand all of the practice’s contracts, individually and comparatively.

2015
Nov 11

How to Value Donations of Goods and Services

One of the issues we frequently see when working on financial statements of our not-for-profit clients is how to place value on donations of goods and services. The accounting rules require that the value of goods and certain types of services should be recognized in an organization’s financial statements. This article provides a few tips on how you can properly assess the value of the goods and services donated to your not-for-profit organization.

2015
Oct 14

Not-For-Profit Group Newsletter — Fall 2015

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective practice management. The Fall 2015 issue includes two articles: “Think Before You Jump” and “Not-For-Profit Governance Survey.”

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