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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 has been with ORBA since 1981, and became a Director in 1991. Throughout his career, he has provided accounting, tax and business consulting services for business owners in various industries, including not-for-profit, medical and others. He is Chair of the firm's Health Care and Dental Groups and Co-Chair of the Not-For-Profit Group. As such, he has been responsible for the financial statement audits and other related activities of numerous health care and dental practices, as well as not-for-profit organizations.

Latest posts

  1. How to Control Overhead Costs — September 20, 2017
  2. Buy-Sell and Partnership Agreements Can Keep Things Running Smoothly — August 17, 2017
  3. Not-For-Profit Group Newsletter – Summer 2017 — August 10, 2017
  4. The Power of Delegating: Improving Practice Efficiency — March 31, 2017
  5. Harnessing Best Practices in Claim Denial Management — February 10, 2017

Most commented posts

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

Author's posts listings

2017
Sep 20

How to Control Overhead Costs

You cannot control costs if you do not know what they are. Unfortunately, many medical practices do not have enough granularity in their budgets to determine what is actually going on, let alone where to start making cuts if needed.

2017
Aug 17

Buy-Sell and Partnership Agreements Can Keep Things Running Smoothly

One of the more common transactions that occurs in any business is new owners buying in, while established owners are bought out. Medical practices are no exception. The existence of buy-sell agreements which spell out the terms under which these transactions will occur can make these transitions in the practice much easier.

2017
Aug 10

Not-For-Profit Group Newsletter – Summer 2017

ORBA’s Not-For-Profit Group Newsletter is a quarterly publication focused on effective not-for-profit organization management. The Summer 2017 issue includes two articles: “Boards and Their Fiduciary Responsibility” and “Newsbits: Summer 2017.’”

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.

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