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 […]
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 […]