Essential Guide to Hospice Accounting: Best Practices for Success
Readers of our blogs know we cover a variety of accounting issues, often with a particular focus on healthcare entities such as hospitals, clinics, private health practices, and hospices. Hospice agencies are interesting in that they face unique financial challenges that require specialized accounting practices to ensure financial stability, transparency, and compliance. For one, hospices […]
Essential Tax Considerations for Hospices: A Guide for Care Providers
When thinking of end-of-life choices, one’s thoughts will inevitably turn to hospice, a compassionate option focused on comfort and quality of life rather than curing illness. As each patient’s situation varies, where end-of-life care occurs can also vary widely. In addition to a patient’s own home, hospice care can be offered in nursing homes […]
Understanding Medicare Cost Reports: Essential Insights for Providers
What is a Medicare Cost Report? Those managing healthcare facilities are likely to be well-versed in Medicare Cost Reports, or MCRs. These are mandated financial documents received by the Centers for Medicare & Medicaid Services (CMS) from Medicare-certified businesses, such as hospices, hospitals, and skilled nursing facilities, as part of their annual cost reporting. Medicare […]
When Should You Hire a CPA?
Hiring a Certified Public Accountant (CPA) offers tremendous benefits for business owners, freelancers, and other individuals with complex financial needs. CPAs bring expertise in tax law, financial planning, compliance, and other valuable services. We’ll explore these benefits in this guide and explain how a CPA’s services go beyond what general accountants can offer. What is […]
The Importance of Healthcare Cost Accounting: A Comprehensive Guide
Understanding Healthcare Cost Accounting Over the past few months, we’ve been discussing various elements of accounting, particularly the accounting issues related to the healthcare industry. As is well-known and reported in the media, the costs of receiving quality care can be high. But this is a two-way street. Delivering high-quality patient care is also expensive […]
Mastering the Nonresident State Tax Return: A Step-by-Step Guide
According to a recent survey conducted by the Tax Foundation, a non-profit and nonpartisan tax policy research group, a huge majority (a whopping 88%) of survey respondents reported that they believed the tax code of the United States was overly complex. The bulk of the complaints were about tax issues and regulations that the public […]
Revenue Cycle Management in Healthcare: The Ultimate Guide for Success
What is Revenue Cycle Management? Revenue cycle management (or RCM) might sound like jargon for the basic billing and payment processes of a healthcare business. However, it actually involves a series of complex stages and actions needed for effective financial operations. Yes, it is primarily about issuing a bill and getting paid, but it also […]
Navigating Healthcare Compliance: A Guide to Financial Integrity in the Healthcare Industry
Many industries, be they financial services and banking, food manufacturing, or transportation companies, are overseen by extensive laws and regulatory requirements. Healthcare is no different; in fact, it might be the most regulated industry of all. This means that to stay in compliance with regulations and avoid fines and other penalties, healthcare organizations must stay […]
What is Healthcare Accounting? A Comprehensive Guide to Financial Management in Healthcare
When thinking about healthcare, the accounting practices within such an industry aren’t typically top of mind. Rather, healthcare tends to sit within spaces of necessity as well as complex and, at times, frustrating experiences many of us need to endure. We tend to think of “the business” behind healthcare solely when dealing with premium payments, […]
IRS Tax Audit Representation: Why Is It Important?
The Tax Audit. It’s a phrase that has long struck fear into the hearts of many a person. Yet despite its menacing reputation, the IRS system for identifying problematic returns is not necessarily about targeting specific individuals. In reality, most returns are accepted as submitted. However, with random sampling and computerized screening, more and more […]
