Financial Challenges in Home Healthcare
Navigating Financial Challenges in Home Health Care: Solutions Ahead Navigating financial challenges in home healthcare requires a balance between delivering quality patient care and maintaining fiscal responsibility. For many healthcare businesses, such as independent practices, hospices, clinics, and especially home healthcare agencies, understanding and addressing financial challenges is of utmost importance to ensuring both operational […]
Optimizing Financial Performance: Activity-Based Costing in Healthcare
In today’s continually evolving healthcare environment, independent practices, hospices, clinics, private therapy offices, and other such businesses are all facing mounting financial pressures. Why? First, rising operational costs due to ongoing sticky inflation, a tight labor market which keeps employee salaries on the high end, complex insurance reimbursement structures that are often changing and/or confusing, […]
Top Tax Deductions for Small Businesses: How to Maximize Your Savings
Running a small business comes with many expenses, but the good news is that many can be deducted from the firm’s taxable income, helping to reduce its overall burden. Understanding small business deductions is particularly important for healthcare providers like independent practices, hospices, and clinics, as they often deal with high operational costs and varying […]
Boosting Cash Flow in Healthcare: Strategies for Success
Cash flow in healthcare impacts the quality of patient care and the financial health of medical organizations. We’d like to share this article, which covers challenges such as patient deductibles and insurance reimbursements and provides some practical strategies for improving cash flow. Cash Flow: A 1,000-foot View First, there are three primary types of cash […]
Top 10 KPIs Healthcare Providers Need to Track in 2025
Introduction to Healthcare KPIs KPIs, or key performance indicators, are powerful tools for measuring performance and success. They are widely used across many industries, from finance—where return on investment and gross profit margin are key metrics—to HR, which tracks employee turnover rates and engagement levels. In the healthcare industry, KPIs also serve important purposes. They […]
Navigating Revenue Recognition in Healthcare: What You Need to Know
Revenue recognition ensures your financial reporting accurately reflects the services you’ve delivered—not just when you get paid. In healthcare, where patient service revenues often involve insurance reimbursements or variable pricing, it’s crucial to get this right. The Financial Accounting Standards Board (FASB) provides clear guidance through what’s known as ASC 606, a five-step model used […]
Understanding IRS Tax Audit Penalties: Consequences and Solutions
Enacted into law in August 2022, the Inflation Reduction Act contains multiple provisions that purport to help working-class Americans. For instance, this law, signed by President Joe Biden, includes many items: deliver lower costs for prescription drugs, make health insurance more affordable, invest in energy production domestically, and help grow the clean energy sector. As […]
The Financial Audit and Importance for Businesses
Financial audits are not just about ticking off compliance boxes; they play an important role in ensuring financial transparency with key stakeholders. What this means is that by having quality auditing processes that result in solid audit outcomes, a business can build trust and increase the operational efficiency of the organization. This article will break […]
Understanding the Medical Billing Process
Medical billing is a fundamental and critical component of healthcare and essential for healthcare providers to perform correctly to receive timely payment for their services. The purpose of this short guide is to help demystify the medical billing process, share the specific steps and challenges to do it correctly and explore how the medical billing […]
Guide to Hospice Billing Guidelines: Essentials Steps for Accurate Claims Processing
As part of our ongoing blog series, we at Walters want to get even more granular in ways that our readers can maximize their time to make their businesses more efficient and more profitable. As we talk about the healthcare industry often, we want to focus on a subset of that field—hospice care—with this article […]
