August 07, 2013
Marcum LLP and Marcum Financial Services Form Healthcare Reform Task Force
New York City, NY – Marcum LLP, a top national accounting and advisory firm, and Marcum Financial Services LLC, an independent financial advisory firm, have formed a joint Healthcare Reform Task Force to assist clients in understanding and complying with the provisions of the Patient Protection & Affordable Care Act (PPACA). The task force joins the expertise and experience of leaders from both Marcum companies, to provide consulting services and educational programs tailored to the specific needs of employers and healthcare organizations, as well as individuals.
“Although the 'Play or Pay' penalties have been extended until 2015, certain compliance deadlines, including 'research' fees, are already coming due. Clients are on the front end of the learning curve regarding implementation of the Act and how it applies to them, including how the new fees will impact their insurance costs, their obligations based on size classification, the relative merits of traditional coverage versus healthcare exchanges, and a whole host of other complex questions. Regardless of size, clients will need to analyze their plan designs, employee populations and employee eligibility under the exchange system, and identify compliance issues,“ said Martin A. Haitz, III, Vice President, Corporate Benefits, Marcum Financial Services, and co-manager of the Healthcare Reform Task Force.
“We expect to see formal guidance on the transition and proposed rules for information reporting very shortly. The proliferation of electronic data has made patient records extremely difficult to manage. The potential claims are very severe financially, so healthcare providers have become increasingly proactive, with zero tolerance internally. Self-reporting can reduce some penalties, so internal audits are critical to identifying potential exposure. New Medicare initiatives to recapture substantial dollars present further challenges for the provider community,” said Michael F. D’Addio, Tax & Business Services Principal in Marcum LLP’s New Haven office and co-manager of the Healthcare Reform Task Force.
“There also continues to be much discussion about repealing various portions of the Affordable Care Act, including the Medical Device Excise Tax. Unless and until the excise tax is repealed, compliance is mandatory. Yet manufacturers, producers and importers may still be unaware that they are subject to the 2.3% tax on the sale of medical devices and fail to file the Quarterly Federal Excise Tax Return. These and other complex aspects of the Act make client education essential for compliance,” Mr. D’Addio said.
In addition to testing and consulting services, the Marcum Healthcare Reform Task Force offers a comprehensive program of seminars, webinars, roundtables and newsletters to help clients understand the requirements of the Affordable Care Act and to stay up to date as specific components of the Act are amended.
About Marcum Financial Services
Marcum Financial Services LLC is an independent financial and wealth management advisory firm with clients and advisors registered across the country. The Corporate Benefits Group at MFS helps businesses of all sizes design, implement, analyze, manage and service their employee benefit plans, including health and welfare plans, qualified and non-qualified retirement plans, and other related benefit programs. Securities are offered exclusively through Raymond James Financial Services, Inc.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China and Ireland. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting and assurance services; advisory, valuation and litigation support; and an extensive range of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as high net worth individuals, private equity funds and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.