■ Accounting , Banking & Law
Continued From Page 40 during the pandemic . We focus on the key drivers of the business . Recently our attention has been on ensuring that smaller practices are diversifying resources with outsourcing and moving to the cloud rather than relying on a single person ( office manager ). Similarly , we have been working with clients to increase documentation of key roles and processes to ensure continuity . The key driver for our larger clients continues to be on generating operational efficiencies . The increased sterilization and compliance requirements related to COVID have impacted volume and appointment times .
Withum By Scott J . Mariani , J . D ., Practice Leader , Healthcare Services
The new normal accelerated the use of technology more than ever before , especially for the healthcare industry . Withum continued to enhance and deploy the necessary cybersecurity solutions for our clients to ensure the protection of their ongoing operations . During the height of the global pandemic , a leading hospital and healthcare network based in the Northeast was in search of a vCISO ( Virtual Chief Information Security Officer ) to fill a position on their information technology ( IT ) team . During this time , the organization was also in the beginning stages of the due diligence process as part of a potential merger with a similarly sized healthcare system . Withum ’ s Cyber and Information Security Services Group stepped in and discovered that a potentially debilitating phishing attack was launched when the healthcare system was most vulnerable as resources were limited , tension
“ The new normal accelerated the use of technology more than ever before , especially for the healthcare industry .”
was high and patient care was of the highest priority . The team investigated further to discover the hacker ’ s origin was in the Middle East through a third-party vendor . We responded by getting law enforcement involved , performing various assessments to target weak areas in the hospital ’ s IT system , and deployed Withum
AIR 4
Droids TM computer devices to deliver real-time protection to the healthcare system in the future .
BANKING
Bank of America By James Andersen , SVP , Healthcare , Education and Not-For-Profit
One of the biggest challenges for any business is uncertainty . There was no modern-day precedent for the COVID pandemic and the challenges were amplified in the Tri- State area as we were hit the hardest by the virus early on . That said , there were some common themes from prior crises that we were able to leverage , beginning with liquidity . In any financial crisis , liquidity is of paramount importance , including a safe place for businesses to hold their existing liquidity and reliable sources of additional liquidity sufficient to get them through the worst case scenarios . In the first few months , we arranged billions of dollars of revolvers for our healthcare clients to help them build the necessary liquidity cushions . Another common theme is communication . We made sure to reach out early on to each of our clients to let them know that we were ready to support them and available 24 / 7 . Internally , we quickly organized a process to coordinate the myriad demands on our balance sheet to make sure that we prioritized our front-
Continued On Page 44
Our Health Care Practice focuses on solving business problems creatively . As counsel to physicians , physician groups , and facilities , our forward-thinking attorneys see legal experience as a means to a business end . Imagine that .
LEGAL MINDS BUSINESS MATTERS
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