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September 26, 2013
Advocate Medical Group has experienced a theft of four encrypted computers which may have exposed information of 4 million of their patients. A class action lawsuit has been filed against the group, stating that the data breach has put its victims at risk for identity theft and fraud, though no evidence shows that any patient has been subject to ID fraud. This suit alleges that Advocate's failure to safeguard and secure their data has put these individuals at risk. It is important to note that there is no evidence any patient has been subject to fraud and the class action lawsuit was filed based on victims being put at risk.

The organization has published statements, including this one on their website, that include deeply regretting inconvenience caused to the patients who entrusted them with their care.

Under Section 13402(e)(4) of the HITECH Act, breaches of unsecured protected health information affecting 500 or more individuals must be posted on what has become known as the “wall of shame." Advocate Medical Group will regretfully make the cut.

This post was written by Brenda Brigman, Executive Vice President of CBIZ Security & Advisory Services, LLC. Brenda is responsible for performing Payment Card Industry Data Security Standard compliance assessments (PCI-DSS), IT SOX testing, HIPAA, ISO, network security reviews and IT risk assessments including assessing and testing the level of IT security over infrastructure components and application integrated controls. Visit www.cbiz.com/pci for more information regarding CBIZ Security & Advisory Services, LLC and contact Karen Cassella (kcassella@cbiz.com), Executive Vice President, CBIZ SAS at (901) 685-5575 or email the CBIZ SAS team at pci@cbiz.com.

 



September 19, 2013
This week the Memphis office of CBIZ MHM enjoyed a night out from the office at the bowling alley. Billy Hardwick's All-Star Lanes is located just a short distance away from the local office and offered a low key atmosphere for the staff to enjoy away from their desks. Families were also invited to the event, and several kids joined in on the fun between pizza slices.

PicStitch

The firm's 'Office Night Out' has included trips to other locations such as the FedEx Forum for a Grizzlie's basketball game and AutoZone Park to watch the Redbirds play. The events usually occur around busy seasons as a nice way to reward the hard work of the staff.

 

 



September 17, 2013

Today's post is co-authored by Managing Directors, Eustis Corrigan and Lloyd Grissinger. Together, they offer insight into the captive insurance segment of the insurance industry. Learn more about structuring your own risk financing, including the reasons companies choose to establish captive and the effects captive will have on your taxes. 

Organizations today have a wide variety of choices when structuring their risk financing arrangements. In the past 60 years, a significant portion of all U.S. commercial insurance premiums have moved from the traditional insurance market into the captive insurance segment of the insurance industry. From purchasing first dollar insurance to joining, or creating, a captive insurance company arrangement, the options available tend to favor a financially efficient model that matches the risk appetite.

What is a captive insurance company?

A captive insurance company is an organization formed to provide insurance coverage to their owners or affiliates (policyholders). Captives are established in specific geographic locations (both domestic and foreign) to take advantage of resident services and favorable regulations. It provides mid-sized companies the potential to create significant savings in its costs of insurance.

What are the reasons companies choose to establish a captive?

Choosing Captive

What are the typical captive programs?

  • Workers' Compensation
  • General Liability
  • Property
  • Professional Liability
  • Directors' & Officers' Liability
  • Credit Risk
  • Warranty
  • Other Enterprise Risks

What are the potential drawbacks of a captive?

  • Initial capital requirements and upfront fees
  • Underwriting losses
  • Reduced diversification

How does a captive affect my taxes?

For federal tax purposes a captive is oftentimes classified as a "C" corporation. The taxability of the earnings and profits of the captive for federal tax purposes will depend on the amount of premium income and investment income generated on an annual basis.

Clearly, deciding whether or not to utilize a captive is tricky. Becoming a captive participant may be profitable or fraught with an unacceptable degree of risk. Our National Captive Practice Group can help walk plan sponsors through the analytics so they can make an informed decision regarding whether or not to make the move to a captive. To read more about the risks and rewards of health care captives click here.

Learn more about how using captive structures can help you manage risk, reduce insurance costs and achieve your estate or succession planning goals. View the CBIZ SlideShare Presentation.




September 12, 2013
Managing Director, Eustis Corrigan (@eustiscorrigan), has been recognized as a "Top Accountant on Twitter." Masters in Accounting ranked the leading accountants at accounting businesses and universities who are effectively using social media to engage with the accounting community. Their rankings are based on the number of Twitter followers and Klout Score, a measure of social media influence. You can view the list in its entirety here.

 

Eustis Twitter

 

 




September 10, 2013

Last week we posted #1-5 of our Top 10 Reasons to Work at CBIZ MHM Memphis. Read on to find out 5 more reasons why we love working for CBIZ MHM in The Bluff City:

6. Great Leadership

Many of the reasons CBIZ MHM Memphis is a great place to work is a direct result of our leadership. Our senior management has been here since the firm's inception (Thompson Dunavant PLC was formed in 1997 and was acquired by CBIZ in 2011), and has since added a host of irreplaceable senior thought leaders to our staff.

Gordon Thompson, a founding partner of TD, recently stated, "I think the services, growth and opportunity we have seen in the past two years shows that we made the right move by joining CBIZ."

7. Team Spirit

Our office is certainly not lacking in team spirit, whether it be for NBA, NFL or College sports. This year we supported the Memphis Grizzlies during the playoffs with a "Grit n Grind" day. A local favorite, the University of Memphis Tigers basketball, is always something to watch and the love for SEC football in the Mid-South is something to see when fall rolls around (though you'll hear references to team rivalries year round).

8. East Memphis Location

We cover the 29th and 30th floors of Clark Tower, one of the tallest buildings in the East Memphis area. We may be biased, but we think our view of the downtown skyline is the best in the city. Some of Memphis' favorite local eateries are close-by with most in walking distance. Those restaurants include award-winning Hog & Hominy, Bangkok Alley, Houston's, Huey's, Gus's Fried Chicken and Casablanca, just to name a few. If you're a dessert person Muddy's Bake Shop is sure not to disappoint, located just around the corner.

9. Busy Season Perks

Might we refer you to our blog post from last busy season? A few highlights: raffles, competitions, massages and TONS of food!

10. Charity of the Month Spotlights

One Friday a month, we hold a monetary collection for various local and national charities. Our staff votes at the end of each year to select the 12 charities we will donate to the following year. These "Charity of the Month Spotlights" are a fun and easy way for our office to help not-for-profit organizations with their fundraising. Two of our biggest collection efforts include the Mid-South Food Bank and the Susan G. Komen Foundation.

 




September 5, 2013

If you follow our Twitter account @CBIZMemphis, you know we are active both internally in the office and externally out in the community. We compiled a list of some of our favorite things about working in our office and managed to narrow it down to ten items. Read on to find out what we think are the Top 10 Reasons to Work at CBIZ MHM Memphis.

1. "Bluff City" Entertainment

Memphis, aka "The Bluff City," is the birthplace of rock 'n roll and is the hometown of some of the biggest names in music from Elvis to Justin Timberlake. If you're looking to be a tourist for the day, might we suggest viewing Graceland, Beale Street, Sun Studios or the ducks at Peabody Hotel. Your weekends here may consist of a trip to the Memphis Zoo, walking around the booming Overton Square, catching a concert at Levitt Shell, meandering through the Broad Avenue arts district or enjoying brunch in the Cooper Young area. Memphis has plenty to offer in entertainment for all ages!

2. Office Advantages

Let go of your vending machine woes - our beverages are free all day, every day. We guarantee you'll have no problem staying caffeinated at our office. We also offer free covered parking, which is a nice perk in the centrally located East Memphis area. And the favorite perk of our employees is 'casual Fridays' - wear your jeans with zero hesitation.

3. Opportunities for Flexible Work Arrangements

The demands both inside and outside the workplace are ever increasing; therefore, we offer a unique Flexible Work Arrangement (FWA) program. We recognize that not all FWA's involve reduced hours or pay. Some example scenarios include working more during busy season with reduced hours in the summer, banking hours and using them as compensatory additional personal time off or working from home or remotely a few days a week. The list could go on, and as long as your FWA is preapproved and client needs are satisfied, your request is considered.

4. Training at National & Local Levels

Continue your professional education and career development through CBIZ national and local level training. CBIZ annually offers training sessions for all levels of associates. Meet and network with other offices in cities such as Tampa, Orlando, Boston, Atlanta, or Chicago. Whether to satisfy your personal CPE credits or to learn about the latest industry news, we also offer training at the local level throughout the year.

5. Office Nights Out

Our internal social committee makes sure we get out of the office. Past office nights out have included catching a Redbird's game, going bowling, cheering on the Grizzlies at the FedEx Forum, and meeting for happy hour.  Once we started listing everything we wanted to include in our Top 10 list, things got a little lengthy. No worries, we'll bring you the last 5 reasons in an upcoming blog post, "Top 10 Reasons to Work at CBIZ MHM Memphis (Part 2). " Stay tuned...  




September 3, 2013

The 2013 class of Super Women in Business were honored at an awards luncheon Thursday, August 29th at Hilton Memphis. The event, hosted by Memphis Business Journal, was the second of its kind honoring 25 of the Mid-South's most influential women decision-makers. Gayle Rose of EVP Corp. in Memphis gave the keynote address to nearly 500 attendees. 

Megan Murdock, on the behalf of CBIZ MHM Memphis, followed Rose with insight into our CBIZ Women's Advantage and appreciation for our sponsorship. The 25 Super Women were individually recognized and each gave a short acceptance speech. CBIZ MHM Memphis has been a sponsor of these awards since its start in 2012.

Our pre-party event honoring past and present honorees is another way for honorees to network and mingle with each other before the official awards ceremony. This year the CBIZ display table at Hilton featured pictures from the pre-event at Mednikow Jewelers.




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