Brown Smith Wallace is partnering with KenSci, a Seattle-based health care technology and analytics firm, to assist the health care industry strategically address Covid-19-related revenue losses, Brown Smith Wallace officials announced today. The health care initiative is part of the St. Louis-based accounting firm’s recently launched Covid-19 Business Response Services group.
The group will help business executives navigate many of the pressing, unique, and strategic challenges presented by the coronavirus pandemic. In health care alone, hospital systems are projected to lose $323 billion in 2020 due to pandemic-related disruptions.
“Technology solutions alone will not suffice as health care systems face these long-term operational and cost management challenges,” said Dave Contrera, a principal in the Advisory Services practice at Brown Smith Wallace. “With KenSci by our side, we integrate health care industry expertise, process strategy, and the latest technology solutions in artificial intelligence and machine-learning to deliver insights and create efficiencies that increase revenues and improve profitability and patient outcomes.”
An Independent, Informed Voice for the C-Suite
The health care initiative is an example of the broader efforts of the Brown Smith Wallace Covid-19 Business Response Services group, which is comprised of senior personnel from throughout the firm working collaboratively with clients to help address business issues that have emerged as a result of the pandemic.
“Preparing businesses for a post-Covid-19 business climate must extend beyond securing government stimulus cash,” said Tony Caleca, managing partner. “While that is certainly important and necessary, CEOs and CFOs must also be looking at transforming their business model while pursuing operating efficiencies and process improvements – and that’s where we intend our Business Response Services group to lend valuable perspective and counsel.”
Setting the initiative apart is its ability to offer broad, long-term strategies and solutions that extend beyond short-term options like stimulus programs. This holistic and long-term view, along with the comprehensive suite of services included in the Brown Smith Wallace effort, will help companies prepare for and seamlessly adapt to the post-Covid economy.
In addition to its health care efforts, key specialty areas involved in the effort include corporate strategy and planning; turnaround and restructuring; cybersecurity; financial and cost management; government stimulus programs; tax strategy; operational efficiency; revenue recovery; and marketing.
2021: A Critical Year for Business
According to Caleca, businesses are falling into three categories in the current climate: those that continue to endure significant destabilization (hospitality and entertainment, for example); those that have stabilized (manufacturing and health care); and others that are positioned well in this new environment and are benefiting from this new normal (online fitness, collaboration technologies, streaming services, and grocery retailers).
“Regardless of where they are on this continuum,” Caleca said, “Companies must plan carefully for 2021, which is expected to be a year of further uncertainty given the ongoing pandemic and the turbulence in Washington.”
Already, the firm is seeing an uptick in interest by corporate clients in the operational efficiency services area, which includes transformation strategies that help organizations improve operating processes and quality across departments.
“Prior to Covid, many organizations were planning to implement significant transformation initiatives over a three- to five-year time horizon, but the pandemic accelerated that timeline and accentuated the need to transition quickly,” said Contrera. “In addition to the needs in health care, we are already seeing strong demand for integration support and process enhancement efforts as a result of M&A activity; interest in procurement or sourcing solutions to help organizations cut waste; as well as process strategy and software selection assistance as businesses strive to gain the edge needed to emerge stronger and more competitive in the post-Covid economy.”
“We have assembled a team that is equipped to expertly analyze current circumstances, assess business objectives, and offer solutions that meet the needs of the business or organization,” said Caleca. “Now more than ever, business leaders need to hear from independent and objective voices as they chart a course through this unprecedented time.”
To learn more about the Brown Smith Wallace COVID-19 Business Response Services group, visit brownsmithwallace.com/covid19. Watch brief (150 seconds or less!) videos below to gain quick, important insights from leaders of the COVID-19 Business Response Services team.
About Brown Smith Wallace
Brown Smith Wallace—an independent firm associated with Moore Global Network Limited—is a nationally recognized, top 100, full-service CPA and business advisory firm in Missouri with more than 300 employees. The firm is the top-ranked St. Louis firm in the 2021 Vault Accounting Firm ranking, is recognized as a top workplace for women by the Accounting MOVE Project and is a 2020 INSIDE Public Accounting Best of the Best Firm. For more information, visit brownsmithwallace.com or call 314.983.1200.
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