Healthcare Industry Faces Historical Changes and a Uniquely Challenging Environment

Stonefield Josephson launches Healthcare Expert Insolvency Services Practice to help healthcare enterprises navigate financial volatility

LOS ANGELES, Calif. (June 30, 2010)— The healthcare industry is facing historical changes including an ever more complex regulatory environment, continued decreases in reimbursement rates, and other competitive and economic pressures. “These factors have created an extremely challenging environment for the healthcare industry. Due to this, many healthcare entities have already experienced or will ultimately fall victim to financial instability,” says Nanette Lee Miller, Stonefield Josephson Chairman of the Board, Principal, and Healthcare Insolvency Practice Co-Director.

Stonefield Josephson, Inc. (www.sjaccounting.com) has developed a specialized approach to the economic predicament facing the healthcare industry. Stonefield Josephson’s Healthcare Expert Insolvency Services Practice assists healthcare enterprises to effectively address each challenge with a clear strategic response by providing quality and experienced professional and technical assistance to management, receivers, assignees, trustees, debtors, secured and unsecured creditors, creditors’ committees and their counsel throughout the insolvency process. Some of the specialized services offered include:

• Pre-bankruptcy planning
• Preparing bankruptcy schedules
• Complying with requirements of the Office of the United States Trustee
• Arranging debtor-in-possession (DIP) financing
• Projecting liquidation values
• Analyzing potential, preferential, and fraudulent transfers
• Tax consulting, including preserving net operating loss carry forwards, calculating tax refunds and the impact that discharge will have on debtors’ tax liability
• Assessing collateral positions of secured creditors
• Assisting with expert and factual witness testimony pertinent to rehabilitation of companies, tax issues and audit results
• Ongoing reporting to the court
• Assisting with the preparation of plans of reorganization and disclosure statements
• Continuing operations
• Aiding in orderly liquidation
• Developing business plans to enable businesses to resume successful operations
• Reconciling and evaluating creditor(s) proof of claims
• Negotiating with tax authorities for clearances on tax returns filed on behalf of estates
• Compiling operating reports

Stonefield Josephson’s healthcare insolvency experience has been developed over many years in practice and has the proven ability to systematically analyze the operations of a healthcare entity from both a cash flow and operating perspective. Stonefield Josephson Principals, Nanette Lee Miller and Lester Raikow, lead the Healthcare Expert Insolvency Services Practice. Miller and Raikow have over 25 years of extensive experience as insolvency and healthcare accountants and business advisors.

Stonefield Josephson is an active member of the healthcare and insolvency business communities. The experts who make up this specialized practice group are currently involved in a number of related professional organizations including the Association of Insolvency and Reorganization Advisors, the Healthcare Financial Management Association, International Women's Insolvency & Restructuring Confederation, American Bankruptcy Institute, California Bankruptcy Forum, and the Turnaround Management Association. Stonefield Josephson is also a key sponsor of the Adaptive Business Leaders’ annual Innovations in Healthcare Awards Event. Stonefield Josephson’s Healthcare Expert Insolvency Services Practice group clearly understands what creditors, debtors, attorneys, and the courts expect from accounting professionals and are experts in providing a comprehensive analysis in a clear, straightforward compelling manner.

For more information, visit www.sjaccounting.com or call 866.225.4511.

About Stonefield Josephson, Inc.

Stonefield Josephson is a leading California-based certified public accounting firm founded in 1975. The full-service firm services public and privately held clients throughout the United States and international from their offices in Los Angeles, Orange County, San Diego, San Francisco, Walnut Creek and Hong Kong.

Healthcare Expert Insolvency Services Practice Leads

Nanette Lee Miller, Principal
Tel: 415.981.9400
nmiller@sjaccounting.com

Lester Raikow, Principal
Tel: 310.432.7489
lraikow@sjaccounting.com