Case Study: K.L. McCoy & Associates

Industry: Healthcare

K.L. McCoy & Associates was founded in 1954 as a multi-specialty physician group with pathologists, oncologists and hematologists. Over time, the practice narrowed to focus specifically on pathology. Today, the practice, based in Washington, D.C., provides services to a number of hospitals and surgery centers throughout the region.

In an environment of intense changes overtaking the healthcare industry, K.L. McCoy maintains its focus on providing outstanding, independent pathology expertise to its customers and the patients who rely on its providers. Some of the challenges the practice has faced are shifts in the payor mix, increasing consolidation of privater practices, and a competitive landscape in which more pathology services are being incorporated as in-house departments within hospitals and health systems, rather than through relationships with independent practices. Today, K.L. McCoy remains as the only independent, multi-physician pathology practice in Washington, D.C., with four physicians on staff.

The practice’s previous accountant had served since its formation, and was an independent solo practitioner. When he retired, the practice began a search for a new accounting relationship and a friend of one of the partners recommended that they consider BradyRenner.

Today, the partners are thankful that they found and chose to partner with BradyRenner, as the relationship and support they receive has proven to be essential to their success. The ease of communicating with Matt Brady, CPA and the BradyRenner team has been one of the most beneficial aspects of the business relationship, because Matt and the BradyRenner staff will make sure to explain things in plain language, clearly and comprehensively. In addition, BradyRenner provides friendly, thorough and responsive support regardless of the issue, question or concern.

One of the major changes the practice had to complete was a transition from the C Corp. format to an S. Corp. entity structure. Matt and the BradyRenner team provided outstanding advice, recommendations and assisted in ensuring that the transition was smooth. They have also streamlined key management and financial reports, in part by improving how income is categorized in the practice.

For the physicians at K.L. McCoy, one of the top priorities in an accounting relationship is that the accounting firm needs to be available, and that’s one thing that is consistently the case in their partnership with BradyRenner. Emails or calls often receive an immediate answer; forms, letters and notifications that the practice receives are forwarded to the BradyRenner team and receive a timely and proactive response.

According to Vani Padmanaba, MD, Principal, “I have to thank Matt and the team at BradyRenner, because they have helped us become much more informed about how to run an effective business, and that has helped us to be much better prepared for the future. We would recommend BradyRenner to anyone.”