Skoda Minotti Life Sciences and Innovation group, led by Marilea Campomizzi, CPA and Paul Etzler, CPA, CGMA, GACR, recently sponsored BioOhio Unplugged: CEOs & Leadership Series in Columbus, Ohio.
The event featured G. Steven Burrill, who presented on his 28th Annual Report “Transforming Healthcare,” along with a recognized panel of life science industry CEOs and leaders. The diversity and complexity of healthcare was the central topic of discussion and was well represented by those attending, including research fellows, product licensors, economic developers, service providers, professors, and executives from life science companies.
Attendee Dorothy Baunach, CEO of OsteoSymbionics in Cleveland, Ohio, reminisced about bringing Steven Burrill to Cleveland in the late ‘80s for the initial launch of the Edison BioTechnology Center (now BioOhio and BioEnterprise) and how the early goal of building a biomed/biotech industry from a healthcare research base brought her to today, where she is now running a lean, innovative company in the very area she worked to develop over the past 20+ years.
For Baunach, the presentation and panel discussion were perfect. It provided the “big picture” of the trends and overviews to keep in mind while making key decisions and also gave her some timely regulatory information as OsteoSymbionics moves through the FDA 510(k) approval process. Baunach’s key take away from the discussion was that the pace of technology as well as the industry requires on-going innovation and change in order for companies to maintain a competitive edge.
Aaron Pitts, from JobsOhio, also an event sponsor, felt the discussion highlighted key strategic moves within the industry, including:
- Provider consolidation and alliances, and the development of new service lines.
- Products and service companies either specializing or broadening portfolios, and pursuing generic and/or branded solutions.
- Payor/employer/employee shifts that are creating active and retiree plan designs, considerations of public and private funds, and analysis of fee-for-service vs. pay-for-value.
- The combination of these dynamics are driving Accountable Care Organizations to coordinate care, reduce waste, and deal with the burgeoning demand for care generating from advances in science and a growing and aging population.
Overall, Pitts felt the event provided a lot of opportunity for the industry and that Ohio is well-poised to take advantage of those opportunities due to the State’s global brands in care, distinguished academic research, strong healthcare product/service, and favorable business climate.
From Etzler and Campomizzi’s perspective, the presentation was key to the Life Sciences and Innovation group goal of continuing to be knowledgeable and up-to-date on the current developments and information in the industry so that they can best serve and advise clients to help them grow and build their business:
- The importance for research and development of new products within the industry ties in well with the IRS’s current debate on whether to renew, potentially make permanent and/or expand the current research and development tax credit that currently benefits numerous companies in this industry.
- If providers are considering new methods for billing and charging patients, they should consider how best to capture and account for these transactions because they may be impacted by the new revenue recognition standards recently finalized and released by both U.S. and International financial reporting bodies.
- As Ohio companies continue to look for funding opportunities, they should be aware of the benefits available to their potential investors, such as the InvestOhio program, which could give their investors a 10% credit on their investment.
The event and discussion was a great success. A dynamic presenter and expert panelists provided unparalleled knowledge to the attendees who will apply their insight to the on-going transformation within the healthcare industry.
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