Healthcare Organizations: Are You Ready for New Revenue Recognition Rules?

Download a printable version of this resource here. Even amid significant uncertainty, financial reporting must go on. One of the most pervasive accounting standard changes in recent history, Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606), is now in effect for all companies that issue financial statements in accordance with Financial Accounting [...]

2020-06-19T08:26:25-04:00May 5th, 2020|HEALTHCARE|

The Waiting Game: Is Your Economic Injury Disaster Loan On Its Way?

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the EIDL program by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more: Please note that if you have already submitted your application, that the SBA is continuing to process those applications on a first-come, first-served basis. [...]

PPP Guidance for Self-Employed Individuals

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The Small Business Administration (SBA) has released much-anticipated guidance for self-employed individuals and independent contractors (self-employed individuals) that are applying for a Paycheck Protection Program (PPP) loan. [...]

2020-04-24T13:39:22-04:00April 15th, 2020|CONSTRUCTION, COVID-19, HEALTHCARE, SMALL BUSINESS|

Healthcare Industry Update: COVID-19

UPDATE (6.10.2020) HHS opened a portal to distribute $15 billion of funding to eligible Medicaid and CHIP providers. This pool is for providers who did NOT receive monies from the initial $30 billion “general distribution.” There are various requirements to qualify, and the deadline to apply is July 20, 2020. Additionally, beginning June 10, 2020, [...]

2020-06-11T15:15:00-04:00April 14th, 2020|COVID-19, HEALTHCARE|

Comparison: COVID-19 Employer Relief Options

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP/EIDL program* by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more.Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under [...]

Q & A: Paycheck Protection Program for Small Businesses

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The recently passed Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, has earmarked nearly $350 billion in a relief program through the Small [...]

Main Street Lending: Introduction to the Paycheck Protection Program (PPP)

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program (PPP). What is it? How [...]

Long-Term Care Facilities COVID-19 Preparation

Since the first nursing home case in Kirkland, Washington, 147 skilled nursing facilities in 27 states have at least one resident with COVID-19, according to data recently released by the Centers for Medicare and Medicaid Services (CMS). While every year seems to bring challenges for the providers to care for their residents, COVID-19 has quickly [...]

2020-03-27T16:47:45-04:00March 27th, 2020|COVID-19, HEALTHCARE|

Insurance Policyholder Considerations for COVID-19

The effects of the COVID-19 virus are only beginning to be felt within our communities and across the nation. Both business leaders and employees are looking for answers to difficult questions as we work to control both the spread of the virus and the economic effects after its curtailment, resulting in significant insurance policyholder considerations [...]

Best Practices for Non-Acute Care Entities During COVID-19 Disruption

The effects of COVID-19 have been widespread, devastating, and extremely rapid across the global economy. One of the most affected segments is healthcare. While acute care facilities (hospitals, skilled nursing, etc.) are required to deal with tremendous volume, despite lack of staffing and resources, the remainder of the healthcare spectrum, namely non-acute care providers, are often [...]

2020-03-26T01:19:57-04:00March 26th, 2020|COVID-19, HEALTHCARE|

Proposed Healthcare Economic Relief for Rural Facilities and Providers

Three members of the US Senate (two Democrats and one Republican) have recently proposed the Immediate Relief for Rural Facilities and Providers Act. This is primarily a hospital event. While simply a proposal, it is important to understand the provisions, as some (or all) of these measures may eventually make their way into law, in some [...]

2020-03-25T04:06:25-04:00March 24th, 2020|COVID-19, HEALTHCARE|

Phase 3 Stimulus Bill Provisions for Healthcare

Updated March 26, 2020 Congress has passed the Phase 3 Stimulus Bill, which is unprecedented in recent years in terms of the dollars to be expended and the scope of the legislation. The following are a few key provisions of the bill that are relevant to healthcare providers. All Healthcare Providers: Elimination of the 2% [...]

2020-03-26T17:45:05-04:00March 23rd, 2020|COVID-19, HEALTHCARE|

Key Factors that Drive Reimbursement in the PDPM Model

PDPM or Patient-Driven Payment Model is the new Medicare reimbursement system. It introduces a number of changes compared to the historical RUG-IV model. It is designed to address each patient’s unique needs independently and encourages more specialized, patient-driven care.   Under PDPM, each patient is classified into a group of each of the five case-mix [...]

2019-12-06T13:20:57-05:00December 6th, 2019|HEALTHCARE|

Healthcare Data Breach: You Could Be Ripe for the Picking

Hospitals and health systems across the country have increasingly reported sophisticated malware attacks, many of which seem to originate from groups in Russia, China, and eastern Europe. These attacks generally fall into one of two broad categories. The first is an intent by the criminals to obtain names, addresses, and social security numbers of patients, [...]

2019-11-18T21:43:14-05:00November 18th, 2019|HEALTHCARE|

Helpful Tips for Completing Medicare Cost Reports

If you have ever looked at a Medicare Cost Report (MCR), you likely cringe at the thought of having to fill out copious amounts of forms and data. If the sheer volume doesn’t faze you, the pressure to produce a comprehensive and entirely accurate report is enough to make most healthcare providers a little uneasy. [...]

2019-11-15T10:15:56-05:00October 29th, 2019|HEALTHCARE|

Achieving a Five-Star Quality Rating for Your Nursing Home

Long-term care facilities are also in constant pursuit of a much-desired five-star rating. The Centers for Medicare & Medicaid Services (CMS) developed the Five-Star Quality Rating System as a tool for consumers to compare nursing homes and make better-informed decisions. Consumers can visit the Medicare Nursing Home Compare website to research the ratings for different facilities in their area. Facilities earn [...]

2019-12-26T16:29:27-05:00September 12th, 2019|HEALTHCARE|

Impact of the New Revenue Recognition Standard on the Healthcare Industry

The Financial Accounting Standards Board (FASB) issued ASC 606, Revenues from Contracts with Customers, which replaced all previously-existing guidance and created a new model for recognizing revenues from transactions with customers (or patients). Healthcare providers are unique in the accounting world in many ways, most notably for the complexities surrounding the revenue cycle (billing and [...]

2019-10-01T10:25:26-04:00September 11th, 2019|HEALTHCARE|

Improve Patient Accounts Receivable and Keep Cash Flowing into Your Medical Practice

As healthcare reimbursements continue to decrease and the responsibility of healthcare costs shift to patients, medical practices must properly manage and improve patient accounts receivable to keep cash flowing. Many employers are moving away from traditional health insurance plans as employer insurance costs continue to rise. High deductible health plans (HDHP) offer lower premiums to [...]

2019-09-04T14:02:09-04:00September 4th, 2019|HEALTHCARE|

New Opportunities Arise if Hospitals Embrace Pricing Transparency

In a sweeping effort aimed at empowering consumers (patients), hospitals are now required by the federal government to post their standard service costs online. This new transparency rule seeks to provide the public with a more traditional consumer experience, unveiling more information for patients to consider when making critical healthcare decisions.  But, the question is, [...]

2019-08-30T11:48:23-04:00August 30th, 2019|HEALTHCARE|

Four Steps to Facilitate Medical Practice Strategic Planning

With today's rapidly changing healthcare environment, physicians must spend time working on, not just in, their practices. Medical practice strategic planning can be a challenge, but analyzing the practice’s current standing and deliberately forecasting for future endeavors can be the equivalent of a hole-in-one for a medical practice. Step 1: Evaluate the current competitive market.  [...]

2019-09-03T12:12:20-04:00August 12th, 2019|HEALTHCARE|