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We will get in touch with you shortly. - [News & Insights](https://waltersaccounting.com/news-insights/): 401k Understanding 401k Audit Cost December 12, 2024 The cost of a 401(k) plan audit depends on many factors, including... - [About Us](https://waltersaccounting.com/about-us/): ABOUT OUR FIRM Accounting Excellence Nationwide for 25+ Years Walters & Associates, CPAs is dedicated to propelling your business forward... - [Our Team](https://waltersaccounting.com/our-partners-staff/): Our Partners MORE INFO MORE INFO MORE INFO MORE INFO Our Professional Staff MORE INFO MORE INFO MORE INFO MORE... - [Home](https://waltersaccounting.com/): Your Gateway to Accounting Excellence “A Refreshing Evolution of Tax-Based Accounting. Let us reinvent your business success with personalized tax... --- ## Posts - [Understanding the Centers for Medicare & Medicaid Services: A Comprehensive Guide](https://waltersaccounting.com/understanding-the-centers-for-medicare-medicaid-services-a-comprehensive-guide/): Most healthcare conversations center on coverage, premiums, and benefits. Behind all of that, however, is a federal agency whose decisions... - [Understanding the Centers for Medicare and Medicaid Services (CMS)](https://waltersaccounting.com/understanding-the-centers-for-medicare-and-medicaid-services-cms/): If you work in healthcare long enough, especially in home health, hospice, therapy, or other outpatient settings, you quickly realize... - [Florida Nurse Registry License: Understanding the Financial Requirements](https://waltersaccounting.com/nurse-registry-license-financial-requirement-florida/): Understand Florida’s nurse registry license financial requirements and how to prepare AHCA’s Proof of Financial Ability to Operate for your... - [Understanding MACs](https://waltersaccounting.com/understanding-macs/): Medicare Administrative Contractors: Their Role and Importance If you work with Medicare long enough, whether you’re running a home health... - [Understanding the Home Health Agency Cost Report (CMS-1728-20)](https://waltersaccounting.com/understanding-the-home-health-agency-cost-report-cms-1728-20/): Home health agencies rely on Medicare reporting to keep reimbursement accurate and predictable. Each year, this data submitted informs financial... - [Medicare Reimbursement Guide](https://waltersaccounting.com/medicare-reimbursement-guide/): Medicare Reimbursement Guide for Healthcare Providers Medicare reimbursement touches almost all healthcare organizations, and its importance is especially felt by... - [Understanding Medicare DRG: Key Insights for Better Healthcare Costs](https://waltersaccounting.com/understanding-medicare-drg-key-insights-for-better-healthcare-costs/): Since the early 1980s, Medicare’s prospective payment systems have transformed how healthcare providers are reimbursed for patient care. Central to... - [Understanding Medicare PPS: What Healthcare Providers Need to Know](https://waltersaccounting.com/understanding-medicare-pps-what-healthcare-providers-need-to-know/): In 1983, Medicare introduced a fixed payment model for hospitals known as the inpatient prospective payment system (IPPS). That change... - [SNF Related Party Cost Reporting: Insights and Guidance](https://waltersaccounting.com/snf-related-party-cost-reporting-insights-and-guidance/): Beyond the immediate demands of resident care, running a skilled nursing facility (SNF) today requires mastering complex financial reporting. This... - [How SNF Cost Reports Impact Medicare Reimbursement: Key Insights](https://waltersaccounting.com/how-snf-cost-reports-impact-medicare-reimbursement-key-insights/): Running a skilled nursing facility (SNF) means balancing patient care, staffing pressures, and an increasingly complex reimbursement system. Among the... - [RHC vs FQHC Cost Reporting: Key Differences and Emerging Funding Realities](https://waltersaccounting.com/rhc-vs-fqhc-cost-reporting-key-differences-and-emerging-funding-realities/): Running a healthcare facility in an underserved area comes with an unusual blend of mission-driven purpose and administrative complexity. Rural... - [Guide to RHC Cost Report Audit Compliance with Best Practices](https://waltersaccounting.com/guide-to-rhc-cost-report-audit-compliance-with-best-practices/): Running a Rural Health Clinic (RHC) requires balancing patient care with a maze of administrative responsibilities. Among the most critical... - [Mastering RHC Revenue Cycle Management for Financial Health](https://waltersaccounting.com/mastering-rhc-revenue-cycle-management-for-financial-health/): Running a Rural Health Clinic (RHC) means balancing the realities of patient care with the complex demands of financial management.... - [Essential Guide to Rural Health Clinic Cost Reports](https://waltersaccounting.com/essential-guide-to-rural-health-clinic-cost-reports/): Rural Health Clinics (RHCs) occupy a unique and vital place in America’s healthcare landscape. Established to expand access in underserved... - [Nursing Home Cost Reports: Compliance and Reimbursement](https://waltersaccounting.com/nursing-home-cost-reports-compliance-and-reimbursement/): Introduction to Cost Reporting More than 15,000 Medicare-certified nursing homes file a Medicare Cost Report each year, and each submission... - [A Guide to Understanding SNF Medicare Cost Report Requirements](https://waltersaccounting.com/a-guide-to-understanding-snf-medicare-cost-report-requirements/): Running a skilled nursing facility (SNF) comes with no shortage of responsibilities. From patient care to staffing challenges to regulatory... - [Understanding Skilled Nursing Facility Cost Reports: Key Insights](https://waltersaccounting.com/understanding-skilled-nursing-facility-cost-reports-key-insights/): When it comes to long-term care, skilled nursing facilities (or SNFs) are an essential part of the healthcare system. They... - [Home Health Agency (HHA) Cost Report Essentials: A Brief Guide](https://waltersaccounting.com/home-health-agency-hha-cost-report-essentials-a-brief-guide/): In home healthcare, providing quality care isn’t the only measure of success, financial accuracy, and regulatory compliance matter just as... - [Mastering Accrual Accounting in Healthcare](https://waltersaccounting.com/mastering-accrual-accounting-in-healthcare/): In healthcare, financial accuracy is more than a back-office concern; it directly affects a provider’s ability to serve patients, plan... - [Making Sense of the Medicare Cost Report: What Providers Need to Know in 2025](https://waltersaccounting.com/making-sense-of-the-medicare-cost-report-what-providers-need-to-know-in-2025/): When it comes to Medicare compliance, one document that healthcare providers can’t afford to overlook is the Medicare Cost Report.... - [Maximizing Real Estate Success with a CPA Firm](https://waltersaccounting.com/maximizing-real-estate-success-with-a-cpa-firm/): Navigating the real estate industry is not just about location, timing, or gut instincts. Behind every successful developer, property manager,... - [Essential Guide to IRS Penalty Abatement: Relief Options Explained](https://waltersaccounting.com/essential-guide-to-irs-penalty-abatement-relief-options-explained/): When it comes to taxes, even small mistakes can have costly consequences. The IRS assesses billions of dollars in penalties... - [Top Strategies for Your College Saving Plan: Build a Brighter, Smarter Future](https://waltersaccounting.com/top-strategies-for-your-college-saving-plan-build-a-brighter-smarter-future/): When it comes to preparing for the future, few investments feel as important—or as daunting—as saving for a child’s college... - [Top Tax Planning Services to Maximize Your Savings](https://waltersaccounting.com/top-tax-planning-services-to-maximize-your-savings/): Followers of our blog usually come here for insights on accounting and tax strategies tailored to businesses—especially in the healthcare... - [Mastering the Preparation of Financial Statements: A Practical Guide for Healthcare Providers](https://waltersaccounting.com/mastering-the-preparation-of-financial-statements-a-practical-guide-for-healthcare-providers/): When you think of your clinic, therapy office, or independent hospice practice, what comes to mind first? Likely not your... - [Guide to Small Business Taxes for Beginners](https://waltersaccounting.com/guide-to-small-business-taxes-for-beginners/): If you’ve recently launched a small business, navigating the world of taxes can feel overwhelming. From choosing the right structure... - [Navigating the Self-Determined Hospice Cap Report: Essential Insights](https://waltersaccounting.com/navigating-the-self-determined-hospice-cap-report-essential-insights/): Introduction to Hospice Care Reimbursement As readers of our ongoing article series know, we at Walters regularly work with hospice... - [Strategies to Avoid Hospice Care Audits: Know the Red Flags](https://waltersaccounting.com/strategies-to-avoid-hospice-care-audits-know-the-red-flags/): In recent years, hospice care providers have come under increasing scrutiny from government auditors. As the demand for hospice services... - [Average Length of Stay: Valuable Insights for Healthcare Providers](https://waltersaccounting.com/average-length-of-stay-valuable-insights-for-healthcare-providers/): The Average Length of Stay (ALOS), a typical metric associated with hospitals, is also a crucial benchmark to understand how... - [Optimizing Staff-to-Patient Ratio for Better Healthcare Outcomes](https://waltersaccounting.com/optimizing-staff-to-patient-ratio-for-better-healthcare-outcomes/): When it comes to delivering great care, or as is known in the healthcare world, quality outcomes, few numbers matter... - [Effective Internal Audit Healthcare Accounting](https://waltersaccounting.com/effective-internal-audit-healthcare-accounting/): Top Strategies for Effective Internal Audit in Healthcare Accounting In healthcare, staying ahead of regulatory changes, ensuring patient safety, and... - [Financial Challenges in Home Healthcare](https://waltersaccounting.com/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... - [Optimizing Financial Performance: Activity-Based Costing in Healthcare](https://waltersaccounting.com/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... - [Top Tax Deductions for Small Businesses: How to Maximize Your Savings](https://waltersaccounting.com/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... - [Boosting Cash Flow in Healthcare: Strategies for Success](https://waltersaccounting.com/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... - [Top 10 KPIs Healthcare Providers Need to Track in 2025](https://waltersaccounting.com/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... - [Navigating Revenue Recognition in Healthcare: What You Need to Know](https://waltersaccounting.com/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... - [Understanding IRS Tax Audit Penalties: Consequences and Solutions](https://waltersaccounting.com/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... - [The Financial Audit and Importance for Businesses](https://waltersaccounting.com/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... - [Understanding the Medical Billing Process](https://waltersaccounting.com/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... - [Guide to Hospice Billing Guidelines: Essentials Steps for Accurate Claims Processing](https://waltersaccounting.com/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... - [Essential Guide to Hospice Accounting: Best Practices for Success](https://waltersaccounting.com/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... - [Understanding 401k Audit Cost](https://waltersaccounting.com/understanding-401k-audit-cost/): The cost of a 401(k) plan audit depends on many factors, including the type of plan, the size of the... - [Essential Tax Considerations for Hospices: A Guide for Care Providers](https://waltersaccounting.com/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... - [Understanding Medicare Cost Reports: Essential Insights for Providers](https://waltersaccounting.com/understanding-medicare-cost-reports-essential-insights-for-healthcare-providers/): What is a Medicare Cost Report? Those managing healthcare facilities are likely to be well-versed in Medicare Cost Reports, or... - [When Should You Hire a CPA?](https://waltersaccounting.com/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.... - [The Importance of Healthcare Cost Accounting: A Comprehensive Guide](https://waltersaccounting.com/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... - [Mastering the Nonresident State Tax Return: A Step-by-Step Guide](https://waltersaccounting.com/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... - [Revenue Cycle Management in Healthcare: The Ultimate Guide for Success](https://waltersaccounting.com/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... - [Navigating Healthcare Compliance: A Guide to Financial Integrity in the Healthcare Industry](https://waltersaccounting.com/navigating-healthcare-compliance-a-guide-to-financial-integrity/): Many industries, be they financial services and banking, food manufacturing, or transportation companies, are overseen by extensive laws and regulatory... - [What is Healthcare Accounting? A Comprehensive Guide to Financial Management in Healthcare](https://waltersaccounting.com/what-is-healthcare-accounting/): When thinking about healthcare, the accounting practices within such an industry aren’t typically top of mind. Rather, healthcare tends to... - [IRS Tax Audit Representation: Why Is It Important?](https://waltersaccounting.com/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... - [Understanding FIRPTA Tax Withholding: What You Need to Know](https://waltersaccounting.com/understanding-firpta-tax-withholding-what-you-need-to-know/): Buying and selling real estate in the United States can be a complicated and stressful matter. Add to the mix... - [Projecting Future Finances: A Comprehensive Guide to Tax Projections](https://waltersaccounting.com/projecting-future-finances-a-comprehensive-guide-to-tax-projections/): When it comes to financial planning for either an individual or business entity, knowing how to project and determine how... - [Top Tax Strategies for Retirement](https://waltersaccounting.com/top-tax-strategies-for-retirement/): You’ve worked hard and saved all your life. Now being in retirement (or soon to be), it’s a time to... - [Navigating the Complexities of Medicare Hospice Caps](https://waltersaccounting.com/navigating-the-complexities-of-medicare-hospice-caps/): Hospice plays a crucial role in providing compassionate end-of-life care. Offering these vital societal services is both a privilege and... - [Navigating the Florida AHCA: A Guide for Healthcare Providers](https://waltersaccounting.com/navigating-the-florida-ahca-a-guide-for-healthcare-providers/): Entering the Florida healthcare marketplace as a care service provider is no easy task. With a competitive field and many... - [Maximizing Efficiency: The Advantages of Outsourced Accounting for Small Business](https://waltersaccounting.com/maximizing-efficiency-the-advantages-of-outsourced-accounting-for-small-business/): Considering outsourced accounting for small businesses? You’re not alone. Many are turning to this solution to streamline financial management, reduce... - [Ultimate Outsourced Accounting Guide: How to Choose The Right Firm?](https://waltersaccounting.com/ultimate-outsourced-accounting-guide-how-to-choose-the-right-firm/): Outsourcing your accounting can be a game-changer for your business, letting you focus on what you do best while leaving... - [10 Key Benefits and 5 Potential Drawbacks of Outsourced Accounting](https://waltersaccounting.com/10-key-benefits-and-5-potential-drawbacks-of-outsourced-accounting/): Outsourcing has become a key strategy for many modern businesses, especially when it comes to accounting. Why? Because outsourcing accounting... - [Case Study: The Pitfalls of Clinging to In-House Accounting](https://waltersaccounting.com/case-study-the-pitfalls-of-clinging-to-in-house-accounting/): A recent US survey showed that 31% of small businesses still keep track of their books on Excel spreadsheets. However,... - [Senate passes amended $1.9 trillion COVID-19 stimulus bill](https://waltersaccounting.com/senate-passes-amended-1-9-trillion-covid-19-stimulus-bill/): A $1. 9 trillion U. S. coronavirus relief package took a step forward Saturday when the Senate voted 50–49 to... - [Myth: Filing for Tax Extensions Increases Audit Chances](https://waltersaccounting.com/myth-filing-for-tax-extensions-increases-audit-chances/): Does the IRS become suspicious when you ask for more time to file your taxes? Absolutely not. Businesses have hundreds... --- ## Staff - [Yvonne Dionnes](https://waltersaccounting.com/staff/yvonne-dionnes/): Yvonne Diones is an accomplished Client Care Specialist with nearly five years of experience in the Business Process Outsourcing industry,... - [Clark Fabonan, CPA](https://waltersaccounting.com/staff/clark-fabonan-cpa/): Clark Fabonan is a Certified Public Accountant and Bookkeeping Manager with extensive experience overseeing day-to-day accounting operations, month-end close, and... - [Barbara Barwick](https://waltersaccounting.com/staff/barbara-barwick/): Barbara Barwick brings a global perspective and creative sensibility to her role at Walters & Associates. Born in the cosmopolitan... - [John Edward Monticalvo](https://waltersaccounting.com/staff/john-edward-monticalvo/): John Edward Monticalvo, is a skilled and detail-oriented bookkeeper, bringing years of hands-on experience in virtual accounting support and financial... - [Diana Jean Velasco](https://waltersaccounting.com/staff/diana-jean-velasco/): Diane has 15 years of Finance and Accounting experience in different industries with most recent focus on healthcare, and Family... - [Megan Miller](https://waltersaccounting.com/staff/megan-miller/): Viel is a meticulous and dedicated bookkeeper with over 4 years of experience. She brings a wealth of expertise to... - [Samuel Watts](https://waltersaccounting.com/staff/samuel-watts/): I am an Ohioan through and through. I am one of eight children, from Cincinnati, Ohio, however, I am the... - [Lauren Buck, CPA](https://waltersaccounting.com/staff/lauren-buck/): Lauren Buck, CPA is an Audit Partner with Walters & Associates, CPAs. Lauren began her career at Pricewaterhouse Coopers (PwC),... - [Jeremy Varna](https://waltersaccounting.com/staff/jeremy-varna/): Jeremy Varna is an accountant who graduated from the University of South Florida in May 2025. He began his professional... - [Ashley Turner](https://waltersaccounting.com/staff/ashley-turner/): Ashley Turner joined Walters & Associates in July of 2022. Originally coming from a healthcare background, she transitioned to a... - [Jose M. Joia](https://waltersaccounting.com/staff/jose-m-joia/): Jose M. Joia is a Wealth Advisor at Walters Strategic Advisors, LLC. As a member of the team, Jose’s responsibilities... - [Nathan Walters](https://waltersaccounting.com/staff/nathan-walters/): Nathan Walters is a valued member of the tax division. Graduating with a Bachelor of Business Administration in Accounting from... - [Kaitlyn Walters](https://waltersaccounting.com/staff/kaitlyn-walters/): Kaitlyn is a graduate from Hofstra University, with a Bachelor’s Degree in Psychology, and a minor in Human Resources. Kaitlyn... - [Linda Braithwaite](https://waltersaccounting.com/staff/linda-braithwaite/): Linda joined Walters & Associates in 2023 as a Client Excellence Coordinator (CEC) at the Sarasota location. Linda is a... - [Tim Carrigan](https://waltersaccounting.com/staff/tim-carrigan/): Tim joined Walters & Associates, CPAs in 2020 as an Audit Senior. Tim offers over 10 years of audit experience... - [Stephanie Danforth](https://waltersaccounting.com/staff/stephanie-danforth/): Stephanie Danforth joined the Walter’s team in 2019 as a staff accountant. She brings more than 10 years of accounting... - [Amanda Hamlin](https://waltersaccounting.com/staff/amanda-hamlin/): Amanda joined Walters and Associates CPA’s in January 2022 as Office Manager at the St. Petersburg location. She has been... - [Sean Huddleston, CPA](https://waltersaccounting.com/staff/sean-huddleston-cpa/): Sean joined Walters & Associates CPAs in 2019, formerly Bobbitt, Pittenger & Company, P. A. Sean performs auditing services for... - [Christian Kirker](https://waltersaccounting.com/staff/christian-kirker/): Christian Kirker is an accountant at Walters and Associates, where he has been a valued member of the firm for... - [Lana Mahorivskyy, EA](https://waltersaccounting.com/staff/lana-mahorivskyy-ea/): Lana joined Walters & Associates CPAs in 2018, formerly Bobbitt, Pittenger & Co. since 2015. She has thirteen years of... - [Linda McKay, EA](https://waltersaccounting.com/staff/linda-mckay-ea/): Linda joined Walters & Associates CPAs in August 2015. She brings over 25 years of tax and accounting experience. Linda... - [Alex Rhoads, MBA](https://waltersaccounting.com/staff/alex-rhoads/): Alex is a member of the cost reporting team at Walters & Associates CPAs, where he works on various cost... - [Lisa Rivard](https://waltersaccounting.com/staff/lisa-rivard/): Lisa joined Walters & Associates CPAs in 2022 after serving 30 years in the dental health profession. Servicing out of... - [Tammy Turner](https://waltersaccounting.com/staff/tammy-turner/): Tammy Turner joined Walters & Associates CPAs in 2017 in the Bradenton location. Tammy brings 21 years of Accounting Firm... - [Nick Walters](https://waltersaccounting.com/staff/nick-walters/): Nick graduated from the University of South Florida in December of 2020 with a bachelors degree in Accounting. Nick has... - [Nicol Whitford](https://waltersaccounting.com/staff/nicol-whitford/): Nicol joined Walters & Associates in 2018. Her primary areas of focus are Medicare and Medicaid cost reporting, proof of... - [Douglas C. Walters, CPA](https://waltersaccounting.com/staff/douglas-c-walters-cpa/): Douglas C. Walters, CPA, is the Managing Partner of the firm. With an illustrious career spanning over three decades, Mr.... - [Sarah Adams](https://waltersaccounting.com/staff/sarah-adams/): Sarah began working in the accounting field where she assisted the tax department by processing tax returns. She transitioned to... - [Keith A. Pittenger](https://waltersaccounting.com/staff/keith-a-pittenger/): Keith offers more than 30 years of professional experience in delivering tax and audit services to clients within Sarasota and... - [Maureen Pingree, CPA](https://waltersaccounting.com/staff/maureen-pingree-cpa/): Maureen joined Walters & Associates CPAs in 2018, formerly Bobbitt, Pittenger & Company, P. A. in 2004, advancing steadily within... - [Mike Hayes, CPA, MBA](https://waltersaccounting.com/staff/mike-hayes-cpa-mba/): Michael Hayes is a Tax Partner with Walters & Associates, CPAs. He has extensive experience in public accounting, specializing in... --- ## Services - [AHCA Financial Projection Accounting Services](https://waltersaccounting.com/services/ahca-financial-projection-accounting-services/): Walters & Associates, CPAs aligns strategic planning with execution, boasting over 500 successful financial projections submitted to AHCA, ensuring optimal... - [Hospice Cap Accounting Services](https://waltersaccounting.com/services/hospice-cap-accounting-services/): Walters & Associates, CPAs guarantees peace of mind with a 100% success rate in preparing and submitting timely, accurate CAP... - [Outsourced Accounting Services](https://waltersaccounting.com/services/outsourced-accounting-services/): Walters & Associates, CPAs streamlines your operations with meticulous bookkeeping services, guaranteeing accuracy for business growth and time efficiency. - [Employee Benefit Plan Audit Services](https://waltersaccounting.com/services/employee-benefit-plan-audit-services/): Walters & Associates, CPAs upholds high standards and works diligently to perform quality and efficient retirement plan audits. - [Medicare & Medicaid Cost Reporting](https://waltersaccounting.com/services/medicare-medicaid-cost-reporting/): Walters & Associates, CPAs delivers expert healthcare accounting services, guided by experience, ensuring Medicare and Medicaid compliance with a personalized... - [Tax Planning & Preparation](https://waltersaccounting.com/services/tax-planning-preparation/): Walters & Associates, CPAs' tax planning expertise affords you the confidence to concentrate on what you do best—managing and growing... - [Accounting & Payroll Services](https://waltersaccounting.com/services/accounting-payroll-services/): Walters & Associates, CPAs specializes in elevating your business through comprehensive accounting and payroll services, ensuring time and cost efficiency,... - [Audit & Assurance Services](https://waltersaccounting.com/services/audit-assurance-services/): Walters & Associates, CPAs offers a free, no obligation consultation to answer any questions you may have about audit &... --- # # Detailed Content ## Pages - Published: 2025-09-16 - Modified: 2025-09-16 - URL: https://waltersaccounting.com/thanks-successfully-redirected/ Thank you for submitting our form! We will get in touch with you shortly. --- - Published: 2024-08-02 - Modified: 2024-08-02 - URL: https://waltersaccounting.com/checkout/transaction-failed/ Your transaction failed; please try again or contact site support. --- - Published: 2024-08-02 - Modified: 2024-08-02 - URL: https://waltersaccounting.com/checkout/confirmation/ Thank you for your purchase! --- - Published: 2024-02-13 - Modified: 2024-07-07 - URL: https://waltersaccounting.com/successfully-submitted/ Thank you for submitting our form! We will get in touch with you shortly. --- - Published: 2024-02-06 - Modified: 2024-12-13 - URL: https://waltersaccounting.com/news-insights/ 401k Understanding 401k Audit Cost December 12, 2024 The cost of a 401(k) plan audit depends on many factors, including the type of... Continue Reading » Hospice Essential Tax Considerations for Hospices: A Guide for Care Providers December 2, 2024 When thinking of end-of-life choices, one’s thoughts will inevitably turn to hospice, a compassionate... Continue Reading » Healthcare Accounting Understanding Medicare Cost Reports: Essential Insights for Providers November 24, 2024 What is a Medicare Cost Report? Those managing healthcare facilities are likely to be well-versed... Continue Reading » Tax When Should You Hire a CPA? November 14, 2024 Hiring a Certified Public Accountant (CPA) offers tremendous benefits for business owners, freelancers, and other... Continue Reading » Healthcare Accounting The Importance of Healthcare Cost Accounting: A Comprehensive Guide October 26, 2024 Understanding Healthcare Cost Accounting Over the past few months, we’ve been discussing various elements of... Continue Reading » Tax Mastering the Nonresident State Tax Return: A Step-by-Step Guide October 24, 2024 According to a recent survey conducted by the Tax Foundation, a non-profit and nonpartisan tax... Continue Reading » Healthcare Accounting Revenue Cycle Management in Healthcare: The Ultimate Guide for Success October 6, 2024 What is Revenue Cycle Management? Revenue cycle management (or RCM) might sound like jargon for... Continue Reading » Outsourced Accounting Navigating Healthcare Compliance: A Guide to Financial Integrity in the Healthcare Industry September 16, 2024 Many industries, be they financial services and banking, food manufacturing, or transportation companies, are overseen... Continue Reading » Outsourced Accounting What... --- - Published: 2024-02-05 - Modified: 2024-06-18 - URL: https://waltersaccounting.com/about-us/ ABOUT OUR FIRM Accounting Excellence Nationwide for 25+ Years Walters & Associates, CPAs is dedicated to propelling your business forward with comprehensive accounting services. We are committed to surpassing expectations and fostering financial growth through innovation and technological prowess. Our Commitment to Excellence Our mission is to elevate client experiences by delivering superior accounting services, harnessing the talents of the finest professionals, and integrating cutting-edge technology for impeccable results. A Legacy of Trust We envision becoming the most sought-after accounting firm across the nation, not only by clients for our reliable services but also as a premier workplace where our employees thrive. Our Values We prioritize responsive and courteous client service, embrace a team-oriented approach for collective success, and uphold the highest standards of expertise and ethics. We Elevate Customer Experiences OUR PROCESS The Path to Financial Precision Step 1 Comprehensive Consultation Engage with our experts to outline your financial landscape and establish your business's accounting objectives. Step 2 Strategic Planning We craft a customized accounting blueprint that caters to your financial structure and future growth. Step 3 Smooth Integration Our team ensures the efficient adoption of your custom accounting strategy, ensuring it integrates seamlessly into your operations. OUR CULTURE The Fundamentals Welcome to the heart of our firm – Our Culture. At Walters & Associates, CPAs, we understand that exceptional service goes beyond numbers; it's about the relationships we build, the teamwork we foster, and the commitment we hold towards our clients and each other. Please read through our... --- - Published: 2024-02-05 - Modified: 2024-06-28 - URL: https://waltersaccounting.com/our-partners-staff/ Our Partners MORE INFO MORE INFO MORE INFO MORE INFO Our Professional Staff MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO MORE INFO TESTIMONIALS What Our Clients Are Saying "Walters & Associates, CPAs has been conducting our 401(k) audit for several years. Their team is competent, professional and always responsive to our needs. Walters & Associates, CPAs has provided valuable insight into the compliance activities of our plan and assisted us in avoiding compliance deficiencies. " Vickie Dragich "Walters & Associates, CPAs has provided our 401(k) plan audit services for several years and, during that time, we have received consistently excellent service. In our industry, the value of our support services is critical. Our audit team provides a high level of expertise and guidance while responding to our changing needs and maintaining competitive fee levels. " Karen Babey "For the last five years we have been using Walters & Associates, CPAs for the audit of our 401(K) Plan. I have every confidence in their technical ability and am continually pleased with their professionalism, stability of staffing and the ease of the whole audit process. We have had the same accountant on our audit since the beginning. She is always pleasant to work... --- - Published: 2024-01-31 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/ Your Gateway to Accounting Excellence "A Refreshing Evolution of Tax-Based Accounting. Let us reinvent your business success with personalized tax guidance & strategy. " LEARN MORE HOW WE CAN HELP Accounting Services Tailored for Your Business Needs From meticulous tax planning to strategic financial guidance, we are dedicated to ensuring your financial success and growth. Audit & Assurance Services Maximize audit ROI through our specialized approach, analyzing financials, controls, and overall business performance effectively. Audit & Assurance Services AHCA Financial Projection Accounting Services Aligning plans with strategy, we've submitted 500+ financial projections to AHCA without denials, maximizing results. AHCA FL Services Hospice Cap Accounting Services Trust our 100% success in CAP Liability Report preparation for timely, accurate submissions, providing peace of mind. Hospice Cap Reporting Services Outsourced Accounting Services Simplify your business with our bookkeeping services, ensuring 100% accurate books, freeing time for growth. 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LEARN MORE Unmatched Accounting Experience ABOUT OUR FIRM Empowering Financial Success Across the Nation with Trust & Expertise Walters... --- --- ## Posts - Published: 2026-01-12 - Modified: 2026-01-15 - URL: https://waltersaccounting.com/understanding-the-centers-for-medicare-medicaid-services-a-comprehensive-guide/ - Categories: Healthcare Accounting Most healthcare conversations center on coverage, premiums, and benefits. Behind all of that, however, is a federal agency whose decisions quietly shape almost every dollar that moves through the health system for older adults, people with disabilities, and low‑income families. That agency is the Centers for Medicare & Medicaid Services (CMS). Whether you run a healthcare organization, advise one, or simply want to understand the programs that cover more than a third of the country, knowing what CMS does—and how it does it—is essential. In this guide, we walk through CMS’s role, how its major programs work, and what all of this means for providers, patients, and anyone trying to navigate federal healthcare rules. What CMS Is and Where It Fits in Federal Government CMS is a federal agency within the U. S. Department of Health and Human Services (HHS). It administers Medicare directly and works with states to run Medicaid and the Children’s Health Insurance Program (CHIP), among other responsibilities such as overseeing HealthCare. gov, enforcing certain HIPAA administrative simplification standards, and setting quality rules for nursing homes and clinical laboratories (CMS overview). In budget terms, CMS is one of the largest parts of the federal government. Medicare and Medicaid together account for a substantial share of federal spending each year, and CMS’s policies influence not only federal outlays, but also state budgets, private insurance contract terms, and hospital and physician finances. The agency’s work is grounded in federal statutes such as the Social Security Act, which authorizes Medicare... --- - Published: 2026-01-07 - Modified: 2026-01-15 - URL: https://waltersaccounting.com/understanding-the-centers-for-medicare-and-medicaid-services-cms/ - Categories: Healthcare Accounting If you work in healthcare long enough, especially in home health, hospice, therapy, or other outpatient settings, you quickly realize that many of the rules shaping your day-to-day operations trace back to a single agency: the Centers for Medicare & Medicaid Services, also commonly known as CMS. Not only does CMS administer benefits, but it also sets the financial and regulatory framework that determines how care is delivered, how it’s reimbursed, and how providers are evaluated. Whether you’re managing claims, preparing cost reports, navigating audits, or planning for growth, understanding CMS can be a help when you run a healthcare organization. And as we often tell our clients at Walters, clarity around CMS rules tends to reduce surprises later, both financially and operationally. What CMS Does and Why It Matters As background, CMS is a federal agency within the United States Department of Health and Human Services (HHS) and is responsible for administering Medicare, Medicaid, and the Children’s Health Insurance Program (CHIP). Together, these programs provide health coverage to tens of millions of Americans, including older adults, individuals with disabilities, low-income families, and children. Beyond coverage, CMS oversees health insurance portability standards and is responsible for overseeing the administration of the Health Insurance Portability and Accountability Act of 1996 (HIPAA). CMS enforces administrative simplification standards to streamline health information exchange and claims processing, improving efficiency and reducing administrative burdens for providers and insurers. HIPAA administrative simplification rules and quality standards apply across a wide range of care settings. Long-term care... --- - Published: 2026-01-06 - Modified: 2026-01-15 - URL: https://waltersaccounting.com/nurse-registry-license-financial-requirement-florida/ - Categories: Healthcare Accounting Understand Florida’s nurse registry license financial requirements and how to prepare AHCA’s Proof of Financial Ability to Operate for your application. Launching or acquiring a nurse registry in Florida always comes back to one practical question: will the Agency for Health Care Administration (AHCA) and the Florida Board of Nursing believe you have the financial ability to operate? In Florida, a nurse registry is defined as a business entity that refers independent contractors—registered nurses (RNs), licensed practical nurses (LPNs), and certified nursing assistants (CNAs)—to patients or healthcare facilities. Certified nursing assistants play a key role in home health settings and must meet specific licensure and background screening requirements. Many otherwise strong applications stall not because of clinical issues or background screenings, but because the financial portion is incomplete, unsupported, or misunderstood. Florida’s nurse registry licensure framework assumes that if the organization cannot demonstrate basic financial stability on paper, it is unlikely to remain compliant once it begins coordinating care in patients’ homes. In this article, we walk through what the Florida rules actually require, how those requirements are documented, and the practical steps we encourage owners and executives to take so the financial portion of the nurse registry license application becomes a strength, not a liability. Maintaining a valid license is essential for legal operation and to avoid penalties or license revocation. How the Financial Requirement Fits into Florida Nurse Registry Licensing Nurse registries in Florida are licensed under Part III of Chapter 400, Florida Statutes, and regulated by AHCA. As with other provider types, AHCA is charged with screening applicants for both clinical and financial fitness before granting an initial... --- - Published: 2025-12-30 - Modified: 2026-01-12 - URL: https://waltersaccounting.com/understanding-macs/ - Categories: Healthcare Accounting Medicare Administrative Contractors: Their Role and Importance If you work with Medicare long enough, whether you’re running a home health agency, hospice, therapy practice, or outpatient clinic, you eventually realize that much of your day-to-day interaction with the Medicare system doesn’t happen directly with the federal government. Instead, it runs through a less visible but highly influential layer of the system: Medicare Administrative Contractors, commonly known as MACs. Understanding what MACs do, how they evolved, and why they matter can make Medicare feel far less opaque. These private companies contract with the Centers for Medicare & Medicaid Services (CMS) to administer the operational side of Medicare. Each MAC operates within a defined geographic region, known as a jurisdiction, and serves as the primary link between healthcare providers and the Medicare program. In practical terms, they shape how Medicare policy shows up in your daily operations. MACs are responsible for processing Medicare Part A and Part B claims, enrolling providers, issuing payments, handling inquiries, and enforcing coverage and documentation rules. They also administer claims for Durable Medical Equipment (DME) under the Medicare Fee-for-Service program. For most providers, the MAC is the entity that determines whether a claim is paid, denied, or flagged for review. Importantly, the MAC responsible for a claim may vary depending on the service being billed. DME, home health, and hospice services operate under different jurisdictions than standard Part A and Part B claims. While CMS sets national policy, MACs are responsible for implementing that policy at the... --- - Published: 2025-12-11 - Modified: 2026-01-05 - URL: https://waltersaccounting.com/understanding-the-home-health-agency-cost-report-cms-1728-20/ - Categories: Healthcare Accounting Home health agencies rely on Medicare reporting to keep reimbursement accurate and predictable. Each year, this data submitted informs financial planning and helps the Centers for Medicare & Medicaid Services (CMS) evaluate the real cost of providing care in the home. At the center of this work is Form CMS-1728-20, the Home Health Agency Cost Report. It captures the agency’s expenses, utilization patterns, and overhead allocation. CMS uses this information to refine payment rates and support the Medicare Payment Advisory Commission (MedPAC) margin analysis, so the quality of cost reports directly shapes future reimbursement levels. For those unfamiliar with MedPAC, it is a nonpartisan and independent legislative branch agency that gives Congress analysis and policy advice on the Medicare program. Home Health Agency Cost Report: Introduction to CMS-1728-20 For background, part of CMS’s role is maintaining a national cost-reporting system. This system gives them insight into provider expenses and supports both interim and final reimbursement calculations. While the title of Form CMS-1728-20 refers to home health, the form covers the full scope of services provided under the agency’s Medicare certification. That typically includes: Skilled nursing and home health aide services Therapy disciplines such as physical therapy (PT), occupational therapy (OT), and speech-language pathology (SLP) Medical social work (MSW) And if a home health agency operates a provider-based hospice, certain financial data related to that component is also captured and allocated on specific worksheets within the same form. The intent is to present a complete, consistent picture of costs tied to... --- - Published: 2025-12-02 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/medicare-reimbursement-guide/ - Categories: Healthcare Accounting Medicare Reimbursement Guide for Healthcare ProvidersMedicare reimbursement touches almost all healthcare organizations, and its importance is especially felt by small and mid-sized ones such as home health agencies, hospices, physical therapy providers, outpatient clinics, and independent medical practices. While Medicare often gets discussed in the context of hospitals, the same rules, codes, timelines, and documentation standards apply to all provider types. We offer our readers this guide to provide an overview of how Medicare works, how claims flow through the system, and what providers should focus on to avoid common reimbursement pitfalls. The main topics covered include the different parts of Medicare, billing requirements, documentation standards, and resources for further education noted throughout. Introduction to Medicare ReimbursementThe Medicare program is divided into several parts: Medicare Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage plan), and Part D (prescription drug coverage), with each offering distinct benefits to eligible beneficiaries. These benefits range from coverage for inpatient stays and outpatient services to diagnostic tests, durable medical equipment, and prescription medications. For providers, the process of receiving reimbursement begins with submitting Medicare claims that accurately reflect the services delivered. Each claim must include essential patient information, diagnosis codes, and procedure codes to ensure proper reimbursement. Whether billing for a routine office visit, a complex diagnostic test, or the provision of durable medical equipment, compliance with Medicare’s detailed policies and guidelines is crucial. Understanding the Structure of MedicareMedicare is a federal program that offers health insurance to individuals 65 and... --- - Published: 2025-11-25 - Modified: 2026-01-05 - URL: https://waltersaccounting.com/understanding-medicare-drg-key-insights-for-better-healthcare-costs/ - Categories: Healthcare Accounting Since the early 1980s, Medicare’s prospective payment systems have transformed how healthcare providers are reimbursed for patient care. Central to that evolution is the Diagnosis Related Group, or DRG, system, a framework designed to standardize hospital payments and encourage efficiency. While the DRG model began in hospital settings, its logic now extends to nearly every type of Medicare reimbursement, including those for hospices, home health agencies, and skilled nursing facilities. For smaller organizations, understanding how DRGs work provides context for the payment models that shape their own reimbursements today. These systems aim to align cost control with patient outcomes, a balance that affects everything from billing to staffing. From Cost-Based to Prospective Payment Before DRGs, hospitals were reimbursed based on the cost of care provided, which created little incentive for efficiency. The introduction of DRGs in 1983 marked a major shift to a prospective payment approach. Under this model, Medicare determines the payment rate hospitals are paid for each patient stay by assigning a specific DRG. Medicare pays hospitals a set amount, or payment rate, for each stay, regardless of the actual cost of treatment. This rate is based on average expected costs rather than actual spending. This change established predictability for Medicare and encouraged hospitals to manage resources more carefully. Over time, the same principle of prospective, diagnosis-based reimbursement became a cornerstone for many other Medicare programs, influencing payment formulas for home health, hospice, and post-acute care. How Diagnostic Related Groups Work Diagnosis Related Groups classify inpatient hospital cases... --- - Published: 2025-11-13 - Modified: 2026-01-05 - URL: https://waltersaccounting.com/understanding-medicare-pps-what-healthcare-providers-need-to-know/ - Categories: Healthcare Accounting In 1983, Medicare introduced a fixed payment model for hospitals known as the inpatient prospective payment system (IPPS). That change marked a turning point as it shifted reimbursement from cost-based to diagnosis-based payments. Over the decades, that same concept has been extended into the post-acute and community setting: skilled nursing facilities (SNFs) in 1998, home health agencies (HHAs) around 2000, inpatient rehabilitation facilities and psychiatric facilities in the 2000s, and additional outpatient and hospice programs thereafter. Today, prospective payment systems (PPS) are the backbone of virtually every major Medicare reimbursement pathway, and the 2025 updates from Centers for Medicare & Medicaid Services (CMS) reflect continuing efforts to align payments with patient complexity, regional cost variation, and quality outcomes. For smaller healthcare providers, meaning those operating in home health, SNF, hospice, or outpatient therapy settings, understanding the PPS structure is important as it is key to financial planning, compliance, and sustainability. Prospective Payment Systems (PPS): A Refresher for Providers A prospective payment system means this: Medicare pays a predetermined amount for a defined set of services, based on classification systems such as case mix or service period; it is not simply a bill for each service rendered. So, what this means is that providers must deliver care within that payment framework. For providers, PPS models will govern how you are paid when serving patients in the Medicare system. Key settings include SNFs (via SNF PPS), home health (via Home Health PPS or HH PPS), and hospice and outpatient therapy (which follow... --- - Published: 2025-11-03 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/snf-related-party-cost-reporting-insights-and-guidance/ - Categories: Healthcare Accounting Beyond the immediate demands of resident care, running a skilled nursing facility (SNF) today requires mastering complex financial reporting. This reporting is not mere bookkeeping; it directly determines Medicare reimbursement and compliance status. Among the most scrutinized areas is the proper disclosure and handling of related party transactions. These common transactions occur between an SNF and another entity under common ownership or control. Many facilities rely on affiliated entities, such as management companies, real estate holding firms, or staffing agencies, owned by the same parent organization. Crucially, Medicare requires that costs reported for these relationships reflect the actual cost to the related party, not the marked-up amount charged to the SNF. Failure to properly document or adjust these costs can lead to inflated Medicare reimbursements, audit findings, or even repayment demands. This article explores what related party reporting means for SNFs, reviews recent oversight findings, and outlines practical strategies for compliance and transparency. Understanding Medicare RequirementsMedicare’s cost reporting rules are designed to ensure that all allowable costs, including those from related parties, reflect fair market value and are free from artificial inflation. Under 42 CFR §413. 17, a transaction between a provider and a related organization must be reported at the cost incurred by the related organization, not the price charged to the facility. Furthermore, these costs must never exceed what would be paid for comparable services in the open market. Consider this: if an SNF’s related management company charges the SNF $500,000 for services but only spends $400,000 to... --- - Published: 2025-10-23 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/how-snf-cost-reports-impact-medicare-reimbursement-key-insights/ - Categories: Healthcare Accounting Running a skilled nursing facility (SNF) means balancing patient care, staffing pressures, and an increasingly complex reimbursement system. Among the many compliance responsibilities, few are as consequential as the SNF cost report. This annual filing meets a CMS requirement and determines how much a facility is reimbursed under Medicare, affects audit outcomes, and plays a role in long-term financial sustainability. As CMS continues to update reporting forms and strengthen transparency standards, understanding how cost reports function is vital for SNF administrators and finance teams. Below, we outline what SNF cost reports include, how they connect to reimbursement, and what’s changing under the new CMS-2540-24 filing structure, which will replace the older CMS-2540-10 form. Understanding SNF Cost ReportsSNF cost reports tell the financial story of a facility’s year: every dollar spent, every patient day recorded, and every service provided to Medicare beneficiaries. These reports are a regulatory requirement and the foundation for how CMS evaluates resource use. They capture the relationship between costs incurred and revenue earned under federal reimbursement programs, helping determine whether payments accurately reflect the services delivered. For SNFs, the data reported affects:Medicare settlement adjustmentsFuture reimbursement rate calculationsAudit and compliance riskEligibility for continued Medicare participationEach report details everything from nursing and dietary costs to therapy, depreciation, and interest expenses. Providers are responsible for ensuring that all information is accurate and complete with small inconsistencies that can delay settlements or trigger audit requests. Every data point contributes to compliance and reimbursement accuracy. The Connection Between SNF Cost Reports and... --- - Published: 2025-10-13 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/rhc-vs-fqhc-cost-reporting-key-differences-and-emerging-funding-realities/ - Categories: Healthcare Accounting Running a healthcare facility in an underserved area comes with an unusual blend of mission-driven purpose and administrative complexity. Rural Health Clinics (RHCs) and Federally Qualified Health Centers (FQHCs) both exist to expand access to primary care, yet their regulatory and financial frameworks are far from identical. One of the most significant areas of difference and one that directly shapes reimbursement and financial sustainability is how each program approaches Medicare and Medicaid cost reporting. In this guide, we’ll explore how RHC and FQHC cost reports differ, what each program requires, and why staying alert to potential shifts in federal healthcare funding is more important than ever. Understanding the Purpose of Cost ReportingCost reporting is the mechanism that connects care delivery with reimbursement. Every year, both RHCs and FQHCs must submit detailed cost reports to their Medicare Administrative Contractor (MAC). These reports determine whether the facility is reimbursed fairly for the true cost of patient care. The process involves gathering data on:Financial performance (revenues and expenses)Staff productivity and utilizationPatient visits by payer typeFacility characteristics and service mixAccurate cost reporting ensures clinics receive the right reimbursement and avoid penalties or delays. It also helps Medicare and Medicaid maintain program integrity and forecast healthcare spending in underserved areas. What Makes an RHC Different from an FQHCAt first glance, both programs may seem to serve the same population, and often, they do. But their structure, oversight, and reimbursement mechanisms differ significantly. Rural Health Clinics (RHCs)Operate in designated rural and shortage areas. Certified under 42... --- - Published: 2025-10-01 - Modified: 2025-10-07 - URL: https://waltersaccounting.com/guide-to-rhc-cost-report-audit-compliance-with-best-practices/ - Categories: Healthcare Accounting Running a Rural Health Clinic (RHC) requires balancing patient care with a maze of administrative responsibilities. Among the most critical is making sure your clinic’s Medicare cost reports are accurate, timely, and fully in compliance. In this guide, we cover the fundamentals of RHC requirements, common audit challenges, and offer our readers some best practices to help. What Makes a Rural Health Clinic Unique RHCs exist to increase access to primary care in underserved and shortage areas. To qualify, clinics must be in a designated rural area, use a team-based approach that includes nurse practitioners or physician assistants, and comply with all requirements outlined in Medicare’s RHC certification regulations noted in 42 CFR 405 and 491. The facility must meet specific physical requirements, be a permanent or mobile unit, and be properly certified to provide authorized services. Importantly, RHCs cannot operate as rehabilitation facilities or focus primarily on mental health services. Certification begins with Form CMS-29 (an application for Medicare/Medicaid participation) and involves state survey agencies working with CMS Regional Offices to confirm eligibility. This process uses Census Bureau data for rural designation and Health Resources and Services Administration (HRSA) data for shortage area validation, ensuring the clinic is in a rural area designated for eligibility. Verification of eligibility and compliance by the state survey agency and CMS is a crucial step in the certification process. The result is a program designed so Medicare beneficiaries in rural areas can access reliable primary care, with organizations such as CMS and HRSA... --- - Published: 2025-09-22 - Modified: 2025-10-07 - URL: https://waltersaccounting.com/mastering-rhc-revenue-cycle-management-for-financial-health/ - Categories: Healthcare Accounting Running a Rural Health Clinic (RHC) means balancing the realities of patient care with the complex demands of financial management. For independent and provider-based RHCs alike, one of the most important pillars of sustainability is revenue cycle management (RCM). While cost reports determine how Medicare reimburses clinics for services provided, RCM is what keeps the business open: it governs how patient visits are registered, billed, collected, and tracked. In a recent Walters Accounting article on revenue cycle management for healthcare providers, we looked broadly at strategies for optimizing financial performance across settings. You can read that article here for a foundation on general revenue cycle strategies before diving into the RHC-specific challenges below. These clinics operate in underserved areas where resources are limited, and patient needs are complex. By mastering RCM, RHCs can secure financial stability while delivering care. Why Revenue Cycle Management Matters for RHCs For many rural health leaders, RCM might sound like a back-office concern, but actually, it’s one of the most visible aspects of how a clinic functions. Inefficient billing processes mean delayed payments, increased claim denials, and frustrated patients. Conversely, streamlined revenue cycles ensure predictable cash flow, faster reimbursements, and more time for staff to focus on care. Effective RCM also helps clinics stay compliant with Medicare and Medicaid regulations, which is particularly important since rural providers often operate on thin margins. A small error in coding or a delay in claim submission can quickly snowball into lost revenue. Given that RHCs already contend with... --- - Published: 2025-09-18 - Modified: 2025-10-07 - URL: https://waltersaccounting.com/essential-guide-to-rural-health-clinic-cost-reports/ - Categories: Healthcare Accounting Rural Health Clinics (RHCs) occupy a unique and vital place in America’s healthcare landscape. Established to expand access in underserved areas, they provide essential services to communities that might otherwise lack reliable care. Yet, like other Medicare-certified providers, RHCs face the same administrative reality: every year, they must file a Medicare cost report using a specific CMS form, such as the Rural Health Center cost report form CMS-222-17. Unlike hospitals or skilled nursing facilities, however, the stakes for RHCs are often even higher. Cost reporting is indeed a compliance requirement, but for many, also a financial lifeline that determines how Medicare reimburses them for each patient visit. In this guide, we’ll explore why cost reporting matters for RHCs, how the All-Inclusive Rate (AIR) sets them apart, the differences between RHCs and Federally Qualified Health Centers (FQHCs), and what rural-specific challenges make the process especially important. We’ll also touch on regulatory updates, telehealth considerations, and practical lessons learned from the field. Detailed instructions and resources for RHC cost reporting, including required forms and guidance, can be found on the CMS website or in official CMS manuals. Introduction to Cost Reporting For rural health clinics, cost reporting is the backbone of financial operations and Medicare reimbursement. Each year, RHCs are required to file a comprehensive cost report that details the clinic’s expenses, revenues, and other key financial data. It is the primary tool used to determine the actual cost per patient visit, which directly impacts how much Medicare will reimburse the clinic... --- - Published: 2025-09-08 - Modified: 2025-10-07 - URL: https://waltersaccounting.com/nursing-home-cost-reports-compliance-and-reimbursement/ - Categories: Healthcare Accounting Introduction to Cost Reporting More than 15,000 Medicare-certified nursing homes file a Medicare Cost Report each year, and each submission plays a role in shaping billions of dollars in reimbursement. This detailed document allows the Centers for Medicare & Medicaid Services (CMS) to monitor spending, verify reimbursement, and ensure transparency across the industry. Medicare Administrative Contractors (MACs) are central to this process. They review submissions, conduct audits, manage appeals, and ensure timely payments. For nursing homes, an accurate and timely cost report helps meet paperwork requirements and is a critical compliance step that shapes financial stability and regulatory credibility. Understanding Cost Report Requirements So, what is part of this key report? It includes patient utilization data, facility characteristics, complete financial statements, and Medicare settlement figures. One of the most compliance-sensitive areas involves related-party transactions. When a nursing home contracts with an affiliated company (for management, therapy, or ancillary services), the costs must be disclosed and adjusted to reflect fair market value. The importance of this requirement has been underscored by recent audits. In 2024, the Office of Inspector General (OIG) found that several nursing facilities overstated related-party costs, inflating Medicare claims by more than $1. 7 million. Advocacy groups have argued that hidden profits through related entities drain funds intended for resident care. Such findings highlight why CMS requires transparency: undisclosed or miscalculated related-party costs are a common source of non-compliance. All reports are stored in the Healthcare Provider Cost Reporting Information System (HCRIS), making them publicly accessible. This transparency... --- - Published: 2025-08-27 - Modified: 2025-09-06 - URL: https://waltersaccounting.com/a-guide-to-understanding-snf-medicare-cost-report-requirements/ - Categories: Healthcare Accounting Running a skilled nursing facility (SNF) comes with no shortage of responsibilities. From patient care to staffing challenges to regulatory compliance, administrators often juggle more tasks than there are hours in the day. Somewhere on that long list is the Medicare cost report, an annual requirement that can feel like a paperwork hurdle but is actually central to financial stability and program participation. For SNFs, cost reports determine how facilities are reimbursed, document compliance with federal regulations, and shape how CMS evaluates provider performance. Filing late, misreporting data, or omitting required details can all result in penalties, audits, or even suspension of Medicare payments. In other words, the cost report is not something that can be brushed aside. This is why we want to offer our readers this guide that walks through what SNF leaders need to know about Medicare cost reporting, the common pitfalls facilities run into, and how to best approach the process. Why Cost Reports Matter for SNFs A Medicare cost report is essentially a financial and operational blueprint. It accounts for every dollar spent, every service provided, and every patient day covered by Medicare. CMS uses these reports to determine reimbursement amounts, monitor compliance, and ensure public funds are being used appropriately. For a facility, the stakes are high. Filing a sloppy or incomplete report can mean repayment demands, delayed reimbursement, or closer scrutiny from Medicare Administrative Contractors (MACs). Even minor mistakes can stall cash flow, which can become a serious risk in a sector already... --- - Published: 2025-08-20 - Modified: 2025-09-06 - URL: https://waltersaccounting.com/understanding-skilled-nursing-facility-cost-reports-key-insights/ - Categories: Healthcare Accounting When it comes to long-term care, skilled nursing facilities (or SNFs) are an essential part of the healthcare system. They bridge the gap for patients who require ongoing medical attention but no longer need the intensive resources of a hospital. Like other healthcare providers, SNFs operate in a highly regulated environment and deliver a comprehensive range of services, from rehabilitation and therapy to round-the-clock medical care, helping patients recover from illness, surgery, or injury. To ensure transparency and proper funding, SNFs are required to submit annual cost reports to the Centers for Medicare & Medicaid Services (CMS). These cost reports offer a detailed look into the financial and operational health of each facility. The underlying dataset for these reports includes information that is compiled into the Healthcare Cost Report Information System (HCRIS), creating a valuable public-use dataset. Researchers, policymakers, and even competitors can use it to analyze trends, assess facility performance, and inform policy decisions. A Closer Look at the Cost Report A skilled nursing facility cost report is comprehensive. It includes: Financial statement data – outlining revenue, expenses, and net income. Medicare settlement data – capturing reimbursement adjustments. Utilization data – showing patient days, bed occupancy, and service volumes. The cost report is structured into multiple worksheets, with data for each variable organized in rows and columns to facilitate analysis and extraction. Within these reports, “cost centers” break down expenses by department (nursing, therapy, dietary, etc. ), allowing for precise cost analysis. Each facility is identified by a unique... --- - Published: 2025-07-31 - Modified: 2025-08-05 - URL: https://waltersaccounting.com/home-health-agency-hha-cost-report-essentials-a-brief-guide/ - Categories: Healthcare Accounting In home healthcare, providing quality care isn’t the only measure of success, financial accuracy, and regulatory compliance matter just as much. That’s where the Medicare cost report comes in. For home health agencies (HHAs), knowing how to correctly prepare and submit these reports is essential for receiving proper reimbursement, as well as for maintaining good standing with the Centers for Medicare & Medicaid Services (CMS). Whether you’re a new agency navigating your first fiscal year or a long-standing provider tightening up your internal processes, cost reporting is a key part of your operation. We hope this guide can be useful. We break down the essentials, from what the report includes, to how to avoid common mistakes so your agency can stay financially sound and in compliance. Why Cost Reports Matter for HHAs A cost report is a detailed financial document that captures all revenue and expenses related to patient care. Required annually by CMS, the report helps determine how much Medicare owes your agency for services rendered. It also plays a broader role in shaping future reimbursement rates across the industry. The submission isn’t optional. If a home health agency fails to file its cost report within five months of the end of its fiscal year, it can face delays in reimbursement or even payment suspension. And because these reports help CMS assess how well agencies are managing resources and delivering care, accuracy is critical. The official guidance for completing these reports can be found in the Provider Reimbursement Manual,... --- - Published: 2025-07-29 - Modified: 2025-08-05 - URL: https://waltersaccounting.com/mastering-accrual-accounting-in-healthcare/ - Categories: Healthcare Accounting In healthcare, financial accuracy is more than a back-office concern; it directly affects a provider’s ability to serve patients, plan for their growth, and remain in compliance with regulations. Understanding how financial transactions are recorded and choosing the right accounting method is important. While some small practices still use cash accounting, the majority of healthcare organizations rely on what’s known as accrual accounting to capture a more complete financial picture. This method records revenues and expenses when they are earned or incurred, rather than when cash is received or paid, providing a more accurate reflection of current financial activity. As readers of our blogs know, we work with all types of clients in various industries. But often our work is focused on healthcare businesses. This blog explores how accrual accounting works in healthcare and how it compares to cash-based methods. We’ll also walk through how it supports smarter financial decision-making and how to avoid some of the common missteps that can lead to reporting errors or regulatory trouble. Understanding Accounting Methods in Healthcare Every healthcare organization, from smaller private practices to multi-site hospital systems, must decide how it records revenue and expenses. Cash accounting is straightforward: income is recorded when money is received, and expenses are documented when bills are paid. This simplicity is attractive, especially for smaller firms. However, it can produce a distorted financial picture for organizations where services are rendered long before payment arrives. As readers working in this industry know, this is common in environments with... --- - Published: 2025-07-21 - Modified: 2025-07-21 - URL: https://waltersaccounting.com/making-sense-of-the-medicare-cost-report-what-providers-need-to-know-in-2025/ - Categories: Healthcare Accounting When it comes to Medicare compliance, one document that healthcare providers can’t afford to overlook is the Medicare Cost Report. Even if your organization billed only a modest amount to Medicare during the year, you’re not necessarily off the hook. Whether you’re running a hospice, a home health agency, a mental health facility, or a small outpatient clinic, filing this report correctly can mean the difference between staying compliant and getting penalized. Most providers today are reimbursed under the Prospective Payment System (PPS), rather than the older cost-based model. But that doesn’t mean cost reports have gone away. In fact, the Centers for Medicare & Medicaid Services (CMS) continues to require them for nearly all certified providers. In this blog, we’ll walk through what type of cost report you need, how to file it correctly, and how to avoid common mistakes. Why Medicare Cost Reporting Still Matters Today, most providers are paid under PPS, which reimburses providers based on national averages, adjusted for local and case-specific factors. Still, Medicare requires an annual cost report because it remains a primary tool to: Monitor provider compliance Inform adjustments to PPS rates and payment formulas Reimburse allowable Medicare bad debts Support audits and overall reimbursement program integrity That said, it’s easy to see why some smaller or newer providers might wonder if cost reporting still applies. After all, if your payments aren’t based on your expenses, what’s the point? The answer is simple: oversight. Even if your payment isn’t determined by your costs,... --- - Published: 2025-07-02 - Modified: 2025-07-08 - URL: https://waltersaccounting.com/maximizing-real-estate-success-with-a-cpa-firm/ - Categories: Outsourced Accounting, Taxes Navigating the real estate industry is not just about location, timing, or gut instincts. Behind every successful developer, property manager, or real estate investor is a solid strategy, and that’s where a CPA firm specializing in real estate can come into play. Property managers, with their unique needs for property-related deductions and financial management, especially benefit from this sort of specialized support. With tailored accounting, tax, and financial planning, CPA firms that offer advice in the real estate sector can address a client’s specific challenges and uncover opportunities. Understanding the Real Estate Business Landscape First a bit of background: the real estate industry is complex and moves fast. Market cycles, shifting regulations, and fluctuating interest rates all play a role in shaping various outcomes. Add to that the layered structures of property ownership, financing, leasing, and development, and it’s easy to see why standard accounting services often fall short. And unlike many other traditional businesses, real estate ventures often involve long timelines, fluctuating cash flow, and asset-heavy portfolios. These factors require not only precision in accounting but proactive planning. Whether managing rental properties, building a new commercial project, or flipping residential homes, working with a CPA firm that understands the market is key to stability and growth. Walters Accounting: Real Estate CPA Services Beyond the Basics Walters has long supported a diverse client base, including healthcare providers and various small businesses in different sectors. But some may not realize our specialized capabilities in real estate. Our team of CPAs deliver... --- - Published: 2025-06-25 - Modified: 2025-06-25 - URL: https://waltersaccounting.com/essential-guide-to-irs-penalty-abatement-relief-options-explained/ - Categories: Taxes When it comes to taxes, even small mistakes can have costly consequences. The IRS assesses billions of dollars in penalties each year for things like late filings, missed payments, other penalties, or inaccuracies on tax forms such as the individual income tax return. In fact, in 2022 alone, the IRS assessed nearly $23. 8 billion in additional taxes for late-filed returns and collected over $98. 4 billion in unpaid assessments, highlighting the massive scale of unpaid assessments and related fees collected by the IRS. Penalties can also be assessed based on unreported or underreported income, further increasing the financial impact. For many individuals and businesses, these penalties can quickly snowball into an overwhelming financial burden on their tax bill. That said, the IRS offers something called penalty abatement, a form of tax penalty relief that can reduce or even eliminate certain penalties under certain circumstances. Understanding IRS Penalties and Abatement Many taxpayers are unaware that they may qualify for penalty abatement, as are some tax return preparers, who may overlook this potential relief. But abatement is a critical relief option for those facing issues with the IRS. It allows taxpayers to request forgiveness or a reduction of penalties and, in some cases, the associated interest. The process is especially valuable for those who have experienced circumstances that made it difficult to file or pay taxes on time. Still, tax professionals such as enrolled agents and CPAs can play a vital role in helping clients identify eligibility for penalty abatement and... --- - Published: 2025-06-18 - Modified: 2025-06-21 - URL: https://waltersaccounting.com/top-strategies-for-your-college-saving-plan-build-a-brighter-smarter-future/ - Categories: Tax When it comes to preparing for the future, few investments feel as important—or as daunting—as saving for a child’s college education. The rising cost of tuition, room and board, textbooks, and other qualified education expenses has made college savings plans more critical than ever. These plans are part of a broader category known as college savings accounts, which offer families multiple ways to plan and save for education. Fortunately, families today have a variety of smart, flexible strategies at their disposal to prepare financially for higher education, without sacrificing their own current financial situation or, importantly, jeopardizing their financial future in the process. Whether you’re just welcoming a new baby or staring down the calendar toward high school graduation, understanding how different college savings options work (and which ones suit your family’s goals) can make a meaningful difference. As with any investment, starting earlier and choosing the right strategy thoughtfully can help families save—and even grow—their money over time, making college more affordable. Why College Savings Plans Matter It’s easy to assume you’ll figure it out later. Maybe your child will get scholarships. Maybe loans will bridge the gap. But the truth is that starting early, even with modest amounts, gives your savings time to grow and can dramatically reduce the need for student loans down the line. Moreover, setting up a college savings plan doesn’t just help you prepare for costs; it also comes with financial and tax advantages you may not realize. For example, certain plans offer tax-free... --- - Published: 2025-06-06 - Modified: 2025-06-08 - URL: https://waltersaccounting.com/top-tax-planning-services-to-maximize-your-savings/ - Categories: Taxes Followers of our blog usually come here for insights on accounting and tax strategies tailored to businesses—especially in the healthcare sector. But at Walters Accounting, we also work with individuals navigating a range of tax-related and other financial decisions. That’s why we’re shifting gears in this post to highlight personal tax planning services—and why they matter year-round. You might wonder: why talk about this now, right after tax season? The truth is, preparing for taxes isn’t just a springtime scramble. It’s a continuous process that, when done strategically, can lead to smarter decisions, fewer surprises, and significant long-term savings. When most people think about taxes, they think of paperwork, deadlines, and a bit of anxiety. But tax planning? That’s where opportunity lies. It’s not just about avoiding penalties, it’s about keeping more of what you earn and making confident, informed decisions all year long. Whether you’re preparing for retirement, managing investments, or navigating financial complexity, tax planning services help align your tax strategy with your goals. The result? Fewer surprises and more potential savings than you may expect. In this article, we’ll break down the key elements of expert tax planning, how they work together, and why proactive engagement—not last-minute filing—is essential. What Is Strategic Tax Planning—And Why Does It Matter? At its core, tax planning is about foresight. It’s the process of evaluating your financial situation to reduce your overall tax liability—legally, strategically, and consistently. Yet too often, people wait until the filing deadline is approaching before they seek... --- - Published: 2025-05-28 - Modified: 2025-05-30 - URL: https://waltersaccounting.com/mastering-the-preparation-of-financial-statements-a-practical-guide-for-healthcare-providers/ - Categories: Healthcare Accounting When you think of your clinic, therapy office, or independent hospice practice, what comes to mind first? Likely not your financial statements. Yet these documents are the foundation of your business’s financial status, its growth potential, and its regulatory readiness. Whether preparing to secure funding, planning for expansion, or simply making smarter day-to-day decisions, mastering the preparation of financial statements is a skill no healthcare provider can afford to skip. Realizing that financial statements are essential will aid in the understanding of important accounting principles, such as Generally Accepted Accounting Principles (GAAP). In fact, financial statements do more than just satisfy accounting requirements, they can tell your overall business “story”. And like any good story, the information needs to be accurate, timely, and well-organized to be meaningful for interpretation. So, what exactly are financial statements, and why are they important for your practice? Why Financial Statements Matter Financial statements aren’t just paperwork. They are decision-making tools needed for evaluating a company’s financial health. They’re how you track profitability, monitor spending, manage debt, and evaluate the health of your operation over time. For healthcare providers, they’re also critical when dealing with insurance reimbursement, grant funding, and AHCA compliance, especially in the state of Florida. Let’s say you’re running a group mental health practice. You’ve added new therapists, moved into a larger space, and your patient load has nearly doubled. Clearly things are going well, until you realize your expenses are outpacing revenue. Without accurate income statements and cash flow reports, identifying... --- - Published: 2025-05-14 - Modified: 2025-05-15 - URL: https://waltersaccounting.com/guide-to-small-business-taxes-for-beginners/ - Categories: Tax If you’ve recently launched a small business, navigating the world of taxes can feel overwhelming. From choosing the right structure to filing tax returns and making estimated payments, the process involves more than simply reporting profits. It’s about understanding your responsibilities, meeting deadlines, and making smart decisions that support your business’s financial health. Filing taxes is a crucial aspect of this process, as it involves specific requirements and procedures that vary depending on your business structure. At Walters Accounting, we like to help new business owners build a strong foundation by demystifying tax requirements. In that spirit, we offer this brief guide as a practical overview of what to expect and how to prepare. Understanding Small Business Taxes Small business taxes include more than just filing federal income taxes. As an owner, you’ll need to report income and expenses, pay self-employment taxes, and remit payroll taxes if you hire staff. Also, understanding how and when to pay taxes is important, particularly for small businesses that may need to make quarterly estimated payments. Keeping accurate records from day one will help you be prepared when ready to file a return, take advantage of deductions, and avoid unexpected penalties. As we’ve mentioned frequently in our articles, this is important not just for compliance reasons, but because it helps set the stage for creating habits that support long-term financial stability. And even if you’re not ready to work with a full-time accountant (as smaller businesses often feel in the beginning), having a tax... --- - Published: 2025-05-01 - Modified: 2025-05-01 - URL: https://waltersaccounting.com/navigating-the-self-determined-hospice-cap-report-essential-insights/ - Categories: Healthcare Accounting, Hospice Introduction to Hospice Care Reimbursement As readers of our ongoing article series know, we at Walters regularly work with hospice care providers to help them understand the intricacies of complex Medicare program reimbursement systems. For one, it’s important for them to know how best to follow the various rules and regulations – it is the law – and two, it’s important for maintaining the financial viability of their businesses. One essential compliance requirement in this is to understand and correctly complete the Self-Determined Hospice Cap (SDHC) report. The SDHC report is used so that hospices stay within Medicare’s annual payment limits, known as the “aggregate hospice cap”. Failing to comply with these requirements can result in payment suspension, overpayment demands, and other serious financial consequences. Understanding the hospice cap, how to calculate it, and how to submit required reports are key for ongoing Medicare participation and cash flow stability. Understanding the Self-Determined Hospice Cap Report The SDHC report plays a major role in the Medicare reimbursement process. Every hospice must calculate whether its total Medicare payments for a fiscal year (October 1 to September 30) exceeded the allowable cap amount per patient, which is calculated based on the number of beneficiaries and the relevant cap amount. If so, the hospice is responsible for repaying the overage. To prepare the report, hospices must access the Provider Statistical & Reimbursement (PS&R) System, which gives detailed data about Medicare beneficiaries served and reimbursements received. This data forms the foundation for the cap calculation.... --- - Published: 2025-04-23 - Modified: 2025-04-26 - URL: https://waltersaccounting.com/strategies-to-avoid-hospice-care-audits-know-the-red-flags/ - Categories: Audit In recent years, hospice care providers have come under increasing scrutiny from government auditors. As the demand for hospice services continues to grow (and will only continue to do so with an aging population), so too does the need for providers to maintain strict compliance with Medicare billing regulations. Why? Because hospice care provider audits are becoming more frequent and more rigorous, especially when it comes to identifying fraudulent claims, improper billing practices, and incomplete documentation. For hospices, an audit is not merely a routine administrative procedure–it can be a costly and reputation-damaging situation. That’s why understanding how audits work, recognizing their red flags, and proactively implementing compliance strategies is essential for maintaining operational stability and delivering quality care. Hospice Care Basics First, what is hospice care? Hospice is a specialized type of care designed for terminally ill patients, focusing on comfort, quality of life, and symptom management rather than curative treatment. Hospice care providers, including hospice agencies and skilled nursing facilities, play a critical role in delivering this care to patients. The Medicare Hospice Benefit is a comprehensive program that prioritizes dignity and comfort so that patients receive the best possible care during their final stages of life. The program itself is regulated by the Centers for Medicare and Medicaid Services (CMS), with providers needing to adhere to strict Medicare rules and eligibility requirements. A key element of hospice care and maintaining compliance is related to hospice billing. This is inherently complex and requires precise coding and strict compliance... --- - Published: 2025-04-10 - Modified: 2025-04-13 - URL: https://waltersaccounting.com/average-length-of-stay-valuable-insights-for-healthcare-providers/ - Categories: Healthcare Accounting The Average Length of Stay (ALOS), a typical metric associated with hospitals, is also a crucial benchmark to understand how other healthcare settings such as independent practices, hospices, clinics, and nursing homes are performing. While it may appear as merely a numerical reflection of a patient’s health response to treatments, it can also work as a measure of gauging a healthcare provider’s protocols and service efficiency. Calculating Average Length of Stay Calculating the average length of stay (ALOS) in healthcare is generally straightforward but can vary slightly depending on what specific data is available and what is being analyzed. The most common formula for ALOS is taking the total number of stay days for patients divided by the total number of discharges. So, for the total number of days, take the aggregate of all days that all patients have spent in the facility during a specific timeframe. For discharges, take the total number of patients that have been discharged in that same timeframe. This formula gives you a result of how many days (on average) patients spend in a healthcare facility. If you're dealing with different types of data or need adjustments for specific analysis (like accounting for outliers or the type of facility), the approach might change slightly. Also, you might see an altered formula using different inputs but often return similar data results. This can be a formula using the number of inpatient days divided by the number of admissions, for example. This second method essentially leads to... --- - Published: 2025-03-28 - Modified: 2025-03-29 - URL: https://waltersaccounting.com/optimizing-staff-to-patient-ratio-for-better-healthcare-outcomes/ - Categories: Healthcare Accounting When it comes to delivering great care, or as is known in the healthcare world, quality outcomes, few numbers matter more than the staff-to-patient ratio. For healthcare providers who deliver this care, especially smaller practices like hospices, clinics, etc. , this number isn’t just a measure of workforce size but a key performance indicator that determines the quality of patient experience, the operational efficiency of the business, and even long-term viability. Research has shown that in hospital settings, nurse-to-patient ratios can have an impact on patient mortality rates, with understaffing increasing the risk of patient deaths. While hospitals do indeed have layers of administration and funding structures to help manage these staffing levels, smaller independent healthcare practices also need to strike a balance between budget constraints and staffing numbers. This impacts patient care. Knowing how to best optimize staff-to-patient ratios isn’t an option; it’s essential. Why Staff-to-Patient Ratio Matters Specifically, the staff-to-patient ratio measures how many healthcare employees are available to care for each patient. While the most discussed example (as noted above) is the nurse-to-patient ratio, this concept applies broadly across many types of “care teams”. Studies published in journals like Health Affairs and BMJ Open (a UK publication) have linked higher nursing workloads with increased patient complications. Research continues to demonstrate that lower staff-to-patient ratios (i. e. , more staff per patient) result in better outcomes. This includes fewer medical errors and higher patient satisfaction scores. But here’s the nuance: optimal ratios depend on the healthcare setting. A... --- - Published: 2025-03-21 - Modified: 2025-03-23 - URL: https://waltersaccounting.com/effective-internal-audit-healthcare-accounting/ - Categories: Healthcare Accounting Top Strategies for Effective Internal Audit in Healthcare Accounting In healthcare, staying ahead of regulatory changes, ensuring patient safety, and optimizing daily operations are essential – it’s the holy grail when it comes to an effective strategy for healthcare business success. And for independent healthcare providers such as private practices, hospices, clinics, and therapy offices, healthcare internal audits serve as a helpful tool for taking a deep dive look into the operations and finances of a business. Unlike hospitals, smaller organizations often operate with leaner administrative teams thus making it even more critical to have a smart, structured process in place to identify and address potential risks before they become serious issues. We’ve talked about this before: audits go beyond just checking boxes for compliance purposes. They provide a proactive way to detect inefficiencies and spot financial inconsistencies. More than just a safeguard, a well-executed healthcare internal audit will help an organization’s operational workflows, financial stability, and even its reputation. Importance of Internal Audits in Healthcare At its core, internal auditing is a structured review of an organization’s operations, policies, and compliance measures. It’s also a method to strengthen internal controls. For many of the independent healthcare providers we at Walters work with, audits help them maintain proper documentation, avoid billing errors, and protect sensitive patient data. Consider a mid-sized hospice care provider that began experiencing reimbursement delays due to inconsistent documentation. Despite having a diligent care team, the administrative side of the operation lacked standardized procedures for coding and... --- - Published: 2025-03-11 - Modified: 2025-03-11 - URL: https://waltersaccounting.com/financial-challenges-in-home-healthcare/ - Categories: Healthcare Accounting 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 sustainability and quality patient outcomes. Understanding the Financial Landscape Starting with a 10,000-foot view of the subject, readers need to consider the overall financial framework of home health agencies. It is almost always multifaceted, meaning it encompasses various cost components and revenue streams. Health insurance such Medicare and Medicaid plays an obvious role in covering home health care expenditures, with Medicare, the uniform entitlement program, and Medicaid, the state-specific coverage for low-income individuals. The Cost Structure of Home Health Agencies Looking at the cost structure of agencies, the biggest expense in this service business is labor. So, covering salaries and benefits for the aides, nurses, and other administrative staff is the bulk. The financial impact on family caregivers can also be considerable, as they often bear additional costs related to this caregiving. In a field with a high turnover rate, reported at approximately 80%, these costs are exacerbated by continuous recruitment and training efforts. Operational expenses, such transportation for in-home visits and medical supplies, further strain home healthcare agency budgets, especially with often high fuel prices and the need for up-to-date equipment. Also consider the regulatory compliance demands like licensing and accreditation fees; these represent... --- - Published: 2025-03-03 - Modified: 2025-03-04 - URL: https://waltersaccounting.com/optimizing-financial-performance-activity-based-costing-in-healthcare/ - Categories: Healthcare Accounting 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, coupled with the imperative to deliver high-quality patient care amidst heavy competitive pressures, all come together to make financial management decisions more challenging than ever. To navigate this complexity, healthcare providers are turning to one financial method for help. Activity-Based Costing (ABC) is a strategic tool for businesses to gain deeper insights into their cost structures which helps to offer guidance for strengthening financial performance. An Introduction to Activity-Based Costing So, what is Activity-Based Costing? This novel approach to allocating costs focuses on identifying and analyzing activities within an organization. By tracing and linking resource consumption to specific activities, and, ultimately to specific services or products, ABC can give users a more accurate picture of where and how resources are being used within a business. Unlike traditional costing methods which typically distribute overhead costs evenly across services, ABC instead assigns costs based on their actual usage, giving users a more nuanced understanding of cost drivers. For instance, think of an example such as a physical therapy clinic. In traditional costing methods, administrative expenses in such a business would likely be equally spread across all therapy sessions. However, some sessions, such as specialized treatments, may require... --- - Published: 2025-02-20 - Modified: 2025-02-21 - URL: https://waltersaccounting.com/top-tax-deductions-for-small-businesses-how-to-maximize-your-savings/ - Categories: Healthcare Accounting - Tags: Deductions 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 cash flows due to fluctuating patient payments and insurance reimbursements. Knowing which deductions apply to your business can save you thousands of dollars each year. In this guide, we’ll explore key tax deductions that small businesses can claim, using scenarios of healthcare businesses to illustrate how these savings can apply. Whether you run a private physical therapy clinic, a mobile home-care service, or a dermatology practice, taking advantage of these deductions can make a significant impact on the bottom line. The Basics: Understanding Tax Deductions Starting with the basics, a tax deduction is an expense that can be subtracted from your taxable income, effectively reducing the amount of income tax you owe. To qualify as a tax deduction, an expense must be both ordinary and necessary for the business. This means the expense should be common and accepted in your industry and essential for operations. Leveraging these deductions will help businesses keep more of their dollars. Essential Tax Deductions for Healthcare Businesses Wheels and Meals Many healthcare providers rely on their vehicles for conducting business, particularly those offering home visits. For example, an in-home physical therapy business for seniors can easily rack up 5,000 miles... --- - Published: 2025-02-11 - Modified: 2025-02-11 - URL: https://waltersaccounting.com/boosting-cash-flow-in-healthcare-strategies-for-success/ - Categories: Healthcare Accounting 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 flow that companies should monitor: cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. These categories are essential for understanding a business’s liquidity and solvency status and are detailed in a business’s cash flow statement. For the purpose of this blog, we’d like to focus on operating activity cash flow, which in the healthcare sector typically refers to the oversight of when cash payments for services provided are collected. This oversight also aims to balance between what monies are owed to and by the organization. This balance is crucial to effective cash flow management so that obligations do not outweigh available resources. Currently, healthcare providers are navigating significant cash flow challenges exacerbated by rising patient out-of-pocket expenses, tighter insurance reimbursements, and growing operational costs. Inflation is hitting many industries and healthcare is no different. That said, there are ways to address these challenges, such as how to best leverage technology like real-time data integration and automation. These will help improve cash flow management and offer professionals better decision-making abilities. Also, refining the revenue cycle through improved billing processes, robust insurance verification, and regular financial reviews are also ways... --- - Published: 2025-01-31 - Modified: 2025-02-01 - URL: https://waltersaccounting.com/top-10-kpis-healthcare-providers-need-to-track-in-2025/ - Categories: Healthcare Accounting 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 help evaluate operational efficiency, financial health, and patient satisfaction—all benchmarks that are critical for delivering quality care and maintaining sustainable business practices. Indeed, tracking the right KPIs is more important than ever. As we enter 2025, it’s vital to understand how these metrics can impact your healthcare business and how best to leverage them. Definition and Importance of Healthcare KPIs Let’s start with the basics in terms of healthcare KPIs. These range from an overall evaluation of an organization to more specific elements such as employee efficiency, financial health, patient satisfaction, and quality of care. These provide management with insights into areas for improvement and how to allocate resources more effectively using data-driven insights. Furthermore, KPIs play a role in ensuring compliance with regulations. Whether you’re managing a small private practice such as a physical therapy office or overseeing operations at a larger outpatient facility, monitoring these metrics helps maintain high standards of care. That said, selecting the right KPIs and ensuring their accurate tracking can be complex. This is where specialized outside expertise can help so that financial and operational data is selected and measured correctly, interpreted accurately, aligned with the organization’s specific business... --- - Published: 2025-01-27 - Modified: 2025-01-27 - URL: https://waltersaccounting.com/navigating-revenue-recognition-in-healthcare-what-you-need-to-know/ - Categories: Healthcare Accounting 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 with all sorts of business types in varying industries, which has some unique implications for the healthcare field. In this piece, we offer readers a few important principles related to the topic of “revenue recognition,” as well as point out key ideas such as identifying performance obligations, determining transaction prices, and highlighting common challenges facing businesses in this area. Whether you’re heading a small private practice, a mid-sized clinic, or even a larger healthcare organization, understanding revenue recognition well is important. Knowing how revenue recognition can vary (depending on business type) is relevant. For instance, if you’re a family physician, you’ll recognize revenue at the time of a patient consultation. However, a long-term care facility (such as a hospice) will need to prorate revenue across the patient’s stay. Getting these nuances right means getting regulatory compliance right, being transparent, and maintaining sustainable financial integrity. Identifying Contracts and Performance Obligations Each business transaction must start somewhere, and with revenue recognition, it begins with a contract. In healthcare, a “contract” doesn’t always look like a formal legal agreement but is any agreement where both parties (your business and the patient/customer) understand the service provided, the cost, and... --- - Published: 2025-01-14 - Modified: 2025-01-14 - URL: https://waltersaccounting.com/understanding-irs-tax-audit-penalties-consequences-and-solutions/ - Categories: Audit 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 is usual for many laws passed by Congress and signed into law, the Act also sets aside funds for additional initiatives that may not always seem to go together under one law: it included money to help the IRS do its job better. For instance, within the Act are additional resources for the Service to help in its ongoing efforts to increase tax collections. Of note are monies that dovetail with the agency’s “strategic operating plan” which includes a pledge to significantly increase the number of tax audits conducted for high-income individuals, large partnerships, and large corporations. Specifically, the IRS intends to increase audits in the following areas:The number of taxpayer audits for individuals who have income over $10 million is expected to rise from 11% in 2019 to 16. 5% by the year 2026. Companies with assets of more than $250 million will see an increase in audits from 8. 8% in 2019 to 22. 6% in 2026 – nearly triple the amount. Finally, partnerships that have assets over $10 million will see an increase tenfold. (Granted, the percentage rate began at a low base of 0. 1% in 2019, rising to 1% in... --- - Published: 2025-01-02 - Modified: 2025-01-02 - URL: https://waltersaccounting.com/the-financial-audit-and-importance-for-businesses/ - Categories: Audit 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 down some of the primary benefits of the financial audit process and discuss their role in specific industries such as healthcare. Whether you're running a large hospital network, a private medical practice, or trying to grow a hospice care service provider, audits can help. 1. What is a Financial Audit? First, what is a financial audit, and why does this matter? An audit is an objective, independent review of a business’s financial statements to a) get a clear and accurate snapshot of the organization’s status and b) ensure the subsequent reporting complies with specific accounting standards. An initial review culminates in audit results, which can offer management findings and recommendations for changes in operations, financial decision-making, and even, at times, changes in the accounting reporting process. Audits are performed by certified accounting professionals (both internally and externally relative to the organization) who collect and analyze financial transactions, oversee internal controls, and report on the processes that can verify financial data reflects the true state of the business. So, why are financial audits important? First and foremost, they offer the government (i. e. regulatory bodies) the data that it needs to show a business complies. This... --- - Published: 2024-12-24 - Modified: 2024-12-24 - URL: https://waltersaccounting.com/understanding-the-medical-billing-process/ - Categories: Healthcare Accounting - Tags: Medical Billing 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 system is evolving. The Medical Billing Process What, then, is medical billing? Basically, it involves a set of procedures through which healthcare providers – be they hospitals, clinics, skilled nursing facilities, or smaller individual physician practices – submit claims (and follow up) with health insurance companies to make sure payment reimbursements for services rendered are received. While it sounds like a straightforward process, it can take up a large amount of time of the administrative staff of a healthcare business. Medical billing isn’t just printing a bill and mailing it; rather, various coding steps need to be taken so that the procedures that were rendered are correctly identified and the accurate billable amounts are requested. That said, medical billing inevitably leads to the need for claims management, as they are often denied by payors. We will explore this in greater depth below. Medical Billing vs. Medical Coding Often intertwined and confused as the same, medical billing and medical coding are different. In actuality, they are two distinct parts of the healthcare payment process. Medical coding refers to the specific codes for diagnoses and procedures that billers in the industry use to create claims and to... --- - Published: 2024-12-16 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/guide-to-hospice-billing-guidelines-essentials-steps-for-accurate-claims-processing/ - Categories: Hospice - Tags: Billing 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 covering the important issue of how best to process hospice claims. We all like to get paid, and there are steps to better realize reimbursement so that they are fair, on time, and within compliance. To begin with, hospice billing can be complex as it requires a good grasp of differing Medicare regulations and an understanding of what best practices are for submitting these claims. We hope this guide clarifies the process and welcome your questions or feedback. Understanding the Medicare Hospice Benefit An Overview Let’s start with the Medicare Hospice Benefit itself. This is a comprehensive program that is designed to give end-of-life care to terminally ill patients. First off, this federal program prioritizes dignity, comfort, and quality of life over curative treatment. Rather, it focuses on palliative care, which addresses symptom relief and pain management. Specifically, the program features include: Eligibility Requirements: Patients must be given a terminal diagnosis with a prognosis of six months or less of life left that is certified by a physician. These patients also must choose to have hospice care at this point and forego any curative treatments moving forward. Range of Services: There are multiple services that... --- - Published: 2024-12-16 - Modified: 2024-12-16 - URL: https://waltersaccounting.com/essential-guide-to-hospice-accounting-best-practices-for-success/ - Categories: Hospice - Tags: Billing 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 need to manage complex reimbursement structures so they can adapt to an ever-changing regulatory environment. In that spirit, we are pleased to offer some advice to show how accounting elements play an important role in sustaining these compassionate end-of-life services. This guide will explore some key practices and concepts for successful hospice accounting with insights and examples to illustrate their importance. Understanding Hospice Accounting The Complex Landscape of Hospice Finances One of the primary reasons healthcare businesses have more complex financial and accounting issues to contend with is that they exist in a highly regulated industry. Their financial operations often involve multiple revenue streams, such as through private pay insurance, Medicare, and Medicaid. Additionally, some of these businesses are classified as either for or non-profit entities. As such, this includes managing various financial accounts, such as ones for payroll and ones for donor funds (again, non-profits can receive payments considered donations), as well as other patient-specific accounts needing to be handled correctly to ensure accurate tracking and reporting of all transactions. So, unlike many other business types, hospice care agencies have to manage funds that are tied to their patients’ care while adhering to strict... --- - Published: 2024-12-12 - Modified: 2024-12-13 - URL: https://waltersaccounting.com/understanding-401k-audit-cost/ - Categories: 401k - Tags: Hospice Taxes The cost of a 401(k) plan audit depends on many factors, including the type of plan, the size of the plan, the ability to obtain an ERISA Section 103(a)(3)(C) certification, the number of participants, the types of assets held by the plan, the plan’s service providers, the compliance history, whether the plan has been audited before ... the list goes on. Every firm has a process for proposals. Understanding audit pricing is crucial for plan sponsors to budget appropriately and avoid unexpected expenses. Generally, single employer 401(k) plan audit fees range from $8,000 to $13,000, and most firms offer flat rate fees. It is important to determine what the audit fee includes. It is also important to consider all costs. Most importantly, the cost of hiring an incompetent auditor. Did you know that if your Form 5500 filing, which includes your audited financial statements, is found to be deficient, the Department of Labor and Internal Revenue Service are able to fine you? You can be assessed A penalty of up to $2,670 per day for the failure to file a Form 5500 with no maximum by the Department of Labor AND A penalty of up to $250 per day up to a maximum of $150,000 per plan year by the Internal Revenue Service Factors That Drive Audit Costs The cost of a 401(k) audit can vary based on several factors: Plan Size: Larger plans with more participants and assets typically require more time to audit, leading to higher costs. Audit... --- - Published: 2024-12-02 - Modified: 2024-12-02 - URL: https://waltersaccounting.com/essential-tax-considerations-for-hospices-a-guide-for-care-providers/ - Categories: Hospice - Tags: Hospice Taxes 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 and other long-term care facilities, in specifically designed hospice centers, and in hospitals. While the medical and emotional impact of hospice care understandably comes to mind first, financial issues are also crucial and warrant consideration. For example, who pays for hospice care? Most of these services are covered by hospice benefits through Medicare. This covers practically all parts of such care with very little payment responsibility to the patient themselves or their family. Fortunately, for terminally ill patients, the financial burdens are minimal. Also, in most states, as well as in the District of Columbia, Medicaid, and many private health insurance plans will pay for hospice care. That said, and for readers of our blog—which covers accounting and tax issues often focused on the healthcare industry—understanding how to navigate tax regulations related to hospice care can be helpful. Indeed, hospices (or other facilities offering hospice services) must be attentive to their ongoing financial strategies and tax situations, particularly if they have tax-exempt status. In this piece, we highlight important tax considerations for hospices and offer our readers a bit of guidance on how to achieve compliance and secure long-term financial health. Understanding Tax-Exempt Status: Not All... --- - Published: 2024-11-24 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/understanding-medicare-cost-reports-essential-insights-for-healthcare-providers/ - Categories: Healthcare Accounting - Tags: Medicare 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 uses these documents (which are kept in a cost-reporting information system) to oversee provider payments and services. Managed by Medicare Administrative Contractors (or MACs), Medicare Cost Reports offer the details of a healthcare provider’s financial operations, such as costs, charges, and Medicare payments. The goal for MACs is to make sure claims submitted to Medicare are processed both accurately and efficiently; this reduces administrative burdens that healthcare providers experience and makes sure payments are made promptly for the services provided. MACs also help handle appeals and even conduct audits of providers as well. Structure and Availability of Medicare Cost Report Data These important reports are also a wealth of information for both healthcare providers and researchers to understand more about the status of their business financials. The structure of the data is designed to offer a comprehensive view. Dating back to 1996 and available through the CMS website, these reports contain data that is organized in what is called relational database format, meaning the data points are “related to one another” or in predefined relationships with the information contained in one or more tables. This structured approach gives users a detailed and accessible view, something... --- - Published: 2024-11-14 - Modified: 2024-11-14 - URL: https://waltersaccounting.com/when-should-you-hire-a-cpa/ - Categories: Tax - Tags: 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 a CPA? Definition and Role of a CPA First, let’s define what a Certified Public Accountant, or CPA, is. This licensed financial professional has extensive knowledge of tax laws, a deep understanding of accounting principles, and the ability to help lay out financial strategies for their clients. A CPA’s role will very often extend beyond just tax filing assistance. They also can act as strategic financial advisors to their clients by assisting them in making smart business decisions, handling various regulatory compliance issues (and the ongoing changes to such regulations), and helping them plan ahead for long-term growth. All are particularly valuable as CPA expertise helps clients who are facing more complex financial situations. In the United States, the only licensing qualification for auditing and accounting is the CPA credential. Additionally, CPAs must pass what is called the Uniform CPA Exam, which is a thorough check on accounting skills and knowledge that is directly related to a newly licensed CPA’s work. CPAs must also fulfill their state-specific mandates and keep up their license by meeting various continuing education requirements. This process and oversight not only gives CPAs high-quality qualifications but also helps to protect the... --- - Published: 2024-10-26 - Modified: 2024-10-26 - URL: https://waltersaccounting.com/the-importance-of-healthcare-cost-accounting-a-comprehensive-guide/ - Categories: Healthcare Accounting - Tags: Healthcare 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 for healthcare providers and, if anything, continues to march higher. According to a May 2024 report by the American Hospital Association, hospitals and other healthcare businesses are facing increasing operational costs and various economic pressures (consider inflation) when providing care for their patients. To this point, healthcare cost accounting – the process of identifying, classifying, and reporting the costs associated with providing healthcare – is increasingly important to understand. Simply put, healthcare cost accounting consists of the analysis and recording of the labor, materials, and overhead costs to determine the actual cost a healthcare facility incurs for providing service. As we’ve mentioned in other articles on this site, the reason for conducting thorough accounting procedures and reviews (or audits) is for healthcare businesses to manage their financial resources wisely and to make better informed strategic decisions. Thus, management’s choices can offer better efficiencies and better patient outcomes. Direct and Indirect Costs in Healthcare In healthcare (like in many industries), costs can well be categorized into two main segments: direct and indirect costs. Direct costs are expenses that are specifically related to the delivery of patient care. Obvious ones include labor costs for physicians and nursing... --- - Published: 2024-10-24 - Modified: 2024-10-24 - URL: https://waltersaccounting.com/mastering-the-nonresident-state-tax-return-a-step-by-step-guide/ - Categories: Tax - Tags: State Taxes 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 actually knew about. Interestingly, the survey also pointed out that, in actuality, there is much in the U. S. tax code that the American public isn’t even aware of, nor does it comply with correctly. Nonresident state income tax filings (the topic of this article) are one of them. It's true that navigating nonresident state tax regulations can truly be daunting. In that spirit, we offer this brief guide to help break through some of the fog and simplify the process to meet these tax obligations with less undue stress. Throughout, we also point out when a particular person’s circumstances can best be remedied by seeking external expertise via an accounting firm that can help handle the more intricate tax issues that may arise. Understanding Nonresident State Tax Returns Let’s first go global. For non-residents in the U. S. , tax season can be particularly challenging. Not only must you grapple with federal tax obligations, but you may also have to contend with state returns if you’ve earned income in locations where you may not even be a resident. As states can have unique requirements for nonresident tax filings, understanding these nuances is crucial. And... --- - Published: 2024-10-06 - Modified: 2024-10-06 - URL: https://waltersaccounting.com/revenue-cycle-management-in-healthcare-the-ultimate-guide-for-success/ - Categories: Healthcare Accounting - Tags: Healthcare, Revenue 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 covers the initial patient engagement and registration, insurance coverage verification, claims submission process, patient billing, and last but not least, collections. Each step of the healthcare revenue management cycle can have hiccups that can be avoided so providers can be properly reimbursed for services in a fair, timely, and efficient manner. Below we explore these steps as well as the benefits, challenges, how outside expertise can aid in the process, and the future of revenue cycle management. Why Focus on Effective Revenue Cycle Management? The Benefits are Multiple It’s a recurring situation in the healthcare industry: complex and onerous tasks that need to be handled correctly often get derailed. There are lots of moving parts and many parties involved in the field. There’s not much that can be done about that. However, when healthcare providers, such as clinics, hospitals, and private practices, take the time and effort to create systems that make these tasks manageable, there are many benefits. Tasks such as those delineated in the revenue cycle and cited as “effective RCM” offer operational efficiencies, promote financial stability, and lead to better patient care and outcomes. When administrative tasks are streamlined in RCM, the... --- - Published: 2024-09-16 - Modified: 2025-08-07 - URL: https://waltersaccounting.com/navigating-healthcare-compliance-a-guide-to-financial-integrity/ - Categories: Outsourced Accounting - Tags: Compliance 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 up to date on all requirements and have systems and staff in place to do so. Compliance comes down to operating with financial integrity and having accurate healthcare accounting, not just as a legal obligation but as a crucial aspect of maintaining patient trust and safeguarding a company’s financial health. Given the stakes, today, we explore this important topic and offer our readers best practices for implementing effective compliance programs in the healthcare space. Understanding Healthcare ComplianceHealthcare compliance encompasses a broad range of tasks that cover various financial transactions, billing, and reporting so that they are conducted transparently and properly. Why is this important? To prevent fraud and abuse within the system, to maintain and secure patient information (both medical and financial), and to work to ensure that the healthcare organization’s financial procedures are sound and sustainable. In other articles we’ve shared with our readers, such as a recent one on software systems used for healthcare accounting, we discussed how it’s not just about adhering to the letter of the law but also embedding into the workplace culture a mentality of integrity. This includes encouraging staff to be mindful when making decisions and taking actions... --- - Published: 2024-09-10 - Modified: 2024-09-15 - URL: https://waltersaccounting.com/what-is-healthcare-accounting/ - Categories: Outsourced Accounting - Tags: 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, out-of-pocket expenses, or insurance company reimbursements. Yet, healthcare industry organizations deal with many other complex financial issues, with challenges that need to be overseen by sophisticated controls and accounting processes. Delivering high-quality healthcare is no easy task. Businesses that do so, whether small healthcare clinics or large, incredibly complex hospital systems, must navigate a range of ever-changing functions and responsibilities to ensure care is supplied effectively and efficiently. However, as in any business, ensuring an entity is profitable while managing these complex financial issues (and the necessary accounting) is fundamental. So, what do we mean by healthcare accounting? First, it covers the multiple aspects of financial management, including the tracking, recording, and analyzing of transactions in healthcare organizations, such as ongoing bookkeeping, budgeting, auditing processes, and more. It’s a set of procedures that are integral to ensuring the financial well-being of an organization and the basis for providing critical data needed for effective management. Accurate financial information is essential for healthcare organizations to maintain compliance and make informed strategic decisions. It’s the basis healthcare executives look to when allocating resources efficiently. It’s also the foundation for effective cost management, which is needed for maintaining competitive... --- - Published: 2024-08-23 - Modified: 2024-12-13 - URL: https://waltersaccounting.com/irs-tax-audit-representation-why-is-it-important/ - Categories: Tax - Tags: Audit, IRS 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 tax returns may be chosen for additional review. The complexities of an audit can be overwhelming. And since you might become one of those “random” persons (or businesses) who will face this at some point, understanding how professional tax audit representation can help is important. Authorized representatives, such as a CPA or tax attorney, can assist with the audit process, protect your rights, and provide the needed ongoing advice to deal with the issue. Expertise can help ensure you are in compliance with the respective tax authorities and reduce the negative outcomes that may come from tax audits. While the Internal Revenue Service may often seem like some faceless, silent entity behind the scenes, the IRS has actually been quite active and more aggressive over the past few years in cracking down on tax avoiders, with a particular focus on the wealthy and higher-earning individuals. Even the IRS itself declared in a recent news release that it was focused on increasing audits. For instance, the agency says it now plans to almost triple the number of audits on corporations with assets over $250 million to over 22% by the year 2026, up from only 9%... --- - Published: 2024-08-19 - Modified: 2024-08-23 - URL: https://waltersaccounting.com/understanding-firpta-tax-withholding-what-you-need-to-know/ - Categories: Tax - Tags: Real Estate, Tax Buying and selling real estate in the United States can be a complicated and stressful matter. Add to the mix the issue of when an individual engaged in such real estate transactions is a foreign national; the complexity can be even more daunting. This is particularly true when considering the tax implications of such business dealings. For those in this situation, a particular act known as FIRPTA, or the Foreign Investment in Real Property Tax Act, is an important set of laws that should be known. FIRPTA, enacted in 1980, allows the US government to claim tax dollars for certain real estate transactions. The law ensures that foreign persons, as well as foreign corporations, contribute their share to federal tax coffers. Additionally, in 2015 (thirty-five years after the original Act), the PATH Act altered some of these original FIRPTA provisions, including how much of a withholding rate the government could demand. Who is Affected by FIRPTA Tax Withholding Laws on Foreign Investment? The law cites “foreign persons” who dispose of “real property” as falling under FIRPTA conditions. For those who do not know the specific definition, a “foreign person” typically includes what are known as nonresident aliens. FIRPTA is designed to tax foreign persons on the disposition of US real property interests, ensuring that they are subject to taxation on profits from such transactions. To explain, a nonresident alien (for this tax discussion) is someone who meets the following criteria: 1) a person who is not a citizen of the... --- - Published: 2024-08-11 - Modified: 2025-04-23 - URL: https://waltersaccounting.com/projecting-future-finances-a-comprehensive-guide-to-tax-projections/ - Categories: Tax When it comes to financial planning for either an individual or business entity, knowing how to project and determine how much you’ll owe in taxes at a future date is an essential component for smart personal and business financial planning. The process can be daunting. It may feel as if you need a crystal ball to manage all the assumptions and unknowns involved in accurately estimating a tax burden. To do the job thoroughly, it’s important to know how best to incorporate current financial data, anticipated income, deductions, credits, the impact of evolving tax laws and projected taxable income. We at Walters want to offer our readers a short guide with an overview of some of the key issues to think about. First, what is a tax projection? How does this differ from tax planning? Who would most benefit from doing tax projections, and what are those benefits? Also covered below are some methods for accurate tax projections, as well as the steps involved in creating reliable tax forecasts. What is a Tax Projection? A tax projection is a proactive approach that can help an individual or entity (business or non-profit) to estimate their future tax liabilities. How? By considering current financial information, anticipated income, future deductions and credits, and the myriads of tax laws that change over time. By projecting out, this process can help plan for tax obligations ahead rather than reacting to bills as they come. Often, tax projections start with information from the previous year’s tax... --- - Published: 2024-07-18 - Modified: 2024-12-13 - URL: https://waltersaccounting.com/top-tax-strategies-for-retirement/ - Categories: Tax You’ve worked hard and saved all your life. Now being in retirement (or soon to be), it’s a time to enjoy the fruits of that labor. However, managing your finances during this key period requires careful planning, especially when it comes to taxes. This is particularly true with tax rates at somewhat historically low levels and uncertainty going forward as to where rates will be in future years. Proper tax strategies can help you maximize your savings and ensure a comfortable retirement. Diversification of Portfolios and Tax Risks So, when we think of diversification, we typically think about how we choose our investments to create a balanced retirement portfolio. But it’s also important to be mindful of how and when your retirement accounts are taxed. It’s another element of doing what’s smart when it comes to maximizing your returns to create that future lifestyle. Let’s look at various tax issues such as understanding retirement income and how it is affected by taxes, how to minimize taxable income, and what are the more efficient methods for withdrawing from our savings. Sources of Retirement Income and the Tax Effect A crucial aspect of retirement planning is knowing the distinct types of retirement income sources and their tax implications. What is taxable versus non-taxable is crucial in managing your finances more effectively. Taxes and Social Security Benefits Foremost is social security. Often the backbone of a person’s retirement income stream (particularly with the disappearing corporate pension plan), social security can take a key... --- - Published: 2024-07-07 - Modified: 2026-01-06 - URL: https://waltersaccounting.com/navigating-the-complexities-of-medicare-hospice-caps/ - Categories: Hospice Hospice plays a crucial role in providing compassionate end-of-life care. Offering these vital societal services is both a privilege and a daunting task for healthcare providers. Not only is there an emotional toll for helping terminally ill patients experience their final days with dignity and comfort, but providers of these essential services can experience challenges from the ongoing regulatory requirements the system demands. Understanding the government-imposed Medicare Hospice Cap is a crucial component for care providers to stay fully within compliance, and to manage their resources effectively and efficiently. The following guide serves to offer a basic understanding of the Medicare Hospice Cap, its implication for service providers, and strategies for its management. Medicare Hospice Cap: A Brief History Established in 1982 under the Tax Equity and Fiscal Responsibility Act (TEFRA), The Medicare Hospice Cap limits the total payments a hospice care provider can receive on behalf of Medicare beneficiaries in a given fiscal year. The Cap was introduced to verify that hospice remains cost-effective and to prevent its overuse within the system. Simply put, the Cap ensures that providers aren’t receiving excessive payments for the long-term care they offer, nor exceed the scope of these critical end-of-life services. Parts of Medicare’s Hospice CapInpatient CapThe Inpatient Cap limits the number of inpatient care days a hospice can bill Medicare, thus encouraging care to happen at home or in less intensive (and expensive) settings. This includes general care and respite care (respite as in help provided to primary caregivers on a... --- - Published: 2024-07-07 - Modified: 2024-07-27 - URL: https://waltersaccounting.com/navigating-the-florida-ahca-a-guide-for-healthcare-providers/ - Categories: AHCA - Tags: Healthcare Entering the Florida healthcare marketplace as a care service provider is no easy task. With a competitive field and many specific financial and regulatory rules at play, navigating the complex application process required for licensing involves a series of specific steps, accurate financial projections, and accompanying documentation. Obtaining trustworthy, specialized accounting services is a must for care providers to correctly assess their financial health and to prepare for the rigorous (and ongoing) review of their financial and operational status. Supporting care providers in securing licensure to operate within the state, accounting firms can help them achieve a sustainable presence in the competitive Florida marketplace. The Florida Agency for Health Care Administration (AHCA) Established by the Florida Legislature in 1992, the Florida Agency for Health Care Administration (or AHCA) is the state agency entrusted with oversight and administration of Florida’s enormous Medicaid program. The agency is tasked with the responsibility of the state’s approximate $35 billion Medicaid budget, which serves close to 5 million Floridians and provides the necessary licensing and ongoing review of an estimated 50,000 healthcare entities operating within the state. The AHCA has tremendous duties and authority. Its mission is to better the health of Floridians by ensuring access to quality healthcare services and promoting efficient and effective care delivery within the state. Understanding the AHCA and its requirements and oversight authority is essential for healthcare providers interested in working in this sizeable market. The agency’s key functions are broad and include: Administration of the Medicaid Program: Providing... --- - Published: 2024-06-28 - Modified: 2024-07-27 - URL: https://waltersaccounting.com/maximizing-efficiency-the-advantages-of-outsourced-accounting-for-small-business/ - Categories: News Considering outsourced accounting for small businesses? You’re not alone. Many are turning to this solution to streamline financial management, reduce costs, and gain expert insights—without the overhead of a full-time accounting staff. This article dissects the practical implications of embracing outsourced accounting, the roles such firms play, and how to make the transition smooth and beneficial for your business’s bottom line. Key Takeaways Outsourcing accounting services offers numerous benefits to small businesses including cost savings, enhanced efficiency, access to advanced technology, and specialized expertise, all of which can significantly improve the financial health of the business. The right outsourced accounting firm provides a range of services, such as daily transaction management, tax planning, compliance, and strategic financial reporting, which are crucial for ensuring accuracy and legal adherence, and supporting informed decision-making. Small businesses should consider outsourcing accounting when internal resources are limited and to avoid costly errors, with the ideal time being when scaling operations or seeking cost savings to enable growth and reinvestment into innovation. Exploring the Benefits of Outsourced Accounting Services Pursuing business optimization, many small business owners are turning to outsourced accounting services. This strategic alliance is not just about delegating tasks; it’s about transforming the financial operations of your enterprise. With outsourced accounting, you tap into a plethora of benefits, including: Cost savings Operational efficiency Advanced technology Specialized expertise This complete package can enhance your business's financial health. Enhanced Financial Operations Managing a small business's finances can be more efficient with the help of an outsourced... --- - Published: 2024-06-19 - Modified: 2024-07-23 - URL: https://waltersaccounting.com/ultimate-outsourced-accounting-guide-how-to-choose-the-right-firm/ - Categories: News Outsourcing your accounting can be a game-changer for your business, letting you focus on what you do best while leaving the financial management to seasoned professionals. With so many options out there, finding the right outsourced accounting solution can feel overwhelming. But don’t worry – we’re here to help! By outsourcing your accounting functions, you’re not just keeping your finances in check; you’re setting your company up for success at every stage of growth. This approach leverages detailed financial data analysis and expert CFO services to spot opportunities for sustainable growth and maintain strong financial health. In this ultimate guide, we'll walk you through everything you need to know about choosing an outsourced accounting provider. We’ll help you assess your specific business needs, evaluate the expertise of your internal team and potential partners, and make an informed decision that fits your company’s financial management needs perfectly. We’ll also break down the different types of outsourced accounting services available, from bookkeeping and tax preparation to financial reporting. Understanding these offerings will help you find a provider that truly aligns with your unique needs. Plus, we’ll dive into the benefits and potential downsides of outsourcing your accounting, giving you a clear picture of what to expect so you can weigh the pros and cons effectively. Whether you’re running a small business or a large enterprise, finding the right outsourced accounting partner is key to your financial success. This comprehensive guide will be your roadmap, helping you choose the perfect solution tailored to... --- - Published: 2024-06-19 - Modified: 2024-07-23 - URL: https://waltersaccounting.com/10-key-benefits-and-5-potential-drawbacks-of-outsourced-accounting/ - Categories: Outsourced Accounting Outsourcing has become a key strategy for many modern businesses, especially when it comes to accounting. Why? Because outsourcing accounting and bookkeeping services offers numerous benefits. For starters, when you outsource your accounting tasks, whether it’s simple bookkeeping or in-depth financial analysis, you’re handing them over to an expert outside your company with a vast amount of specific experience. In this article, we’ll explore 10 benefits and 5 drawbacks of outsourced accounting services, giving you a thorough and professional look at the topic. 10 Advantages of Outsourced Accounting ServicesCost SavingsWith an in-house accounting team or a Chief Financial Officer, expenses for your business can get quite high. By outsourcing, companies can take advantage of one of the primary advantages of outsourced accounting--a reduction in some of those overhead costs. This is why many companies outsource accounting services to cut down on expenses such as salaries, benefits, and office space. Additionally, outsourced accounting firms often provide flexible payment options, allowing businesses to pay for services on an as-needed basis rather than committing to a full-time accountant’s salary. Access to ExpertiseOutsourcing lets you tap into a group of financial experts who bring a wealth of knowledge to the table. By leveraging their expertise, you can boost your company’s financial health and stay competitive. These professionals know the ins and outs of various accounting areas, offering invaluable support to your business. With their help, you can be confident that your financial records are accurate and up-to-date with the latest regulations and standards. Focus... --- - Published: 2024-02-06 - Modified: 2024-07-23 - URL: https://waltersaccounting.com/case-study-the-pitfalls-of-clinging-to-in-house-accounting/ - Categories: Case Studies A recent US survey showed that 31% of small businesses still keep track of their books on Excel spreadsheets. However, this reporting method was almost four times more prone to human error and potential tax problems down the road. The number one reason given for sticking to these methods was the cost of hiring an accountant. Interestingly enough, the study also found that companies spent up to 55% more in labor keeping their own books. Switching to 21st century bookkeeping and payroll offered an average savings of 24% while saving employees almost ten man hours per week. SCHEDULE A MEETING --- - Published: 2024-02-06 - Modified: 2024-02-19 - URL: https://waltersaccounting.com/senate-passes-amended-1-9-trillion-covid-19-stimulus-bill/ - Categories: News A $1. 9 trillion U. S. coronavirus relief package took a step forward Saturday when the Senate voted 50–49 to approve a bill that will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House. Known as the American Rescue Plan Act, H. R. 1319, the bill will be sent to President Joe Biden’s desk to be signed into law if it passes the House without changes. Congress is under pressure to get Biden’s signature on the bill before legislation authorizing $300 a week in federal funds added to unemployment checks expires on March 14. READ THE FULL ARTICLE --- - Published: 2024-01-31 - Modified: 2024-07-23 - URL: https://waltersaccounting.com/myth-filing-for-tax-extensions-increases-audit-chances/ - Categories: Myths Does the IRS become suspicious when you ask for more time to file your taxes? Absolutely not. Businesses have hundreds of legitimate reasons why they can’t meet the April 15th deadline. Filing for an extension shows that employers are committed to filing their taxes accurately, which actually decreases the chances of an audit. The truth is that over 10 million businesses and taxpayers are granted six-month filing extensions every year. This actually helps the IRS during the peak season and there is absolutely no evidence of late filers being audited more often. This myth is 100% busted. SCHEDULE A MEETING --- --- ## Staff - Published: 2026-01-14 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/yvonne-dionnes/ - Staff Category: Professional Staff Yvonne Diones is an accomplished Client Care Specialist with nearly five years of experience in the Business Process Outsourcing industry, consistently recognized for delivering exceptional service. She brings a strong background in supporting complex business processes and is committed to creating a positive and seamless client experience. Yvonne holds a Bachelor’s Degree in Entrepreneurship from Bicol State College of Applied Sciences and Technology and thrives in fast-paced environments where she can adapt quickly and take ownership of her work. In her current role at Walters & Associates CPAs, Yvonne manages key billing functions, including client invoicing and accounts receivable, ensuring accuracy, efficiency, and smooth financial operations for both clients and the firm. Outside of work, she enjoys spending quality time with her two nieces and unwinding by watching movies. --- - Published: 2026-01-14 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/clark-fabonan-cpa/ - Staff Category: Professional Staff Clark Fabonan is a Certified Public Accountant and Bookkeeping Manager with extensive experience overseeing day-to-day accounting operations, month-end close, and financial reporting. He has a strong background in managing bookkeeping workflows, ensuring accuracy, and streamlining processes to support timely and reliable financial information. Clark is known for his leadership, analytical mindset, and commitment to maintaining high-quality standards in all aspects of accounting. He is dedicated to supporting the firm’s clients through efficient, well-managed, and compliant bookkeeping practices. --- - Published: 2026-01-14 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/barbara-barwick/ - Staff Category: Professional Staff Barbara Barwick brings a global perspective and creative sensibility to her role at Walters & Associates. Born in the cosmopolitan city of Montreal and raised in a European-influenced culinary culture, she developed an early appreciation for artistry and refined expression. With strong ties to theatre and film producers, her passion for music and fashion led to a dynamic career within the creative industry, complemented by her talent for writing lyrics and short stories. Seeking new horizons beyond northern winters, Ms. Barwick traveled extensively, gaining cultural awareness and adaptability along the way. She ultimately chose to settle in Sarasota, where she is proud to be part of the Walters & Associates team, contributing her creativity, experience, and distinctive global outlook to the firm. --- - Published: 2026-01-14 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/john-edward-monticalvo/ - Staff Category: Professional Staff John Edward Monticalvo, is a skilled and detail-oriented bookkeeper, bringing years of hands-on experience in virtual accounting support and financial management. With a background in Management and Accountancy, John Edward has supported a range of businesses by delivering accurate, timely, and compliant bookkeeping services. John loves studying languages particularly Spanish and value continuous learning and cultural exploration. Outside of work, John plays the double bass, which allows him to express creativity and discipline through music. --- - Published: 2025-10-07 - Modified: 2025-10-07 - URL: https://waltersaccounting.com/staff/diana-jean-velasco/ - Staff Category: Professional Staff Diane has 15 years of Finance and Accounting experience in different industries with most recent focus on healthcare, and Family & Distributions Office for US clients. She managed a team of professionals with a maximum of 16, performing different functions in end-to-end accounting and Financial Statements preparation. She also has exposure in creating process documentations, system migrations, continuous improvement projects, and KPI monitoring. Diane’s eagerness to expand her knowledge and understanding in the field is very evident through the certifications that she obtained from different organizations where she became a member of the International Certified Bookkeepers of UK (MICB) in 2018, Registered Cost Accountant and a Certified Accounting Technician in her country, and an active member of the Royal Institute of Singapore for Tax (MRITax). She also plans to obtain her CPA license to better serve clients. --- - Published: 2025-02-12 - Modified: 2025-02-12 - URL: https://waltersaccounting.com/staff/megan-miller/ - Staff Category: Professional Staff Viel is a meticulous and dedicated bookkeeper with over 4 years of experience. She brings a wealth of expertise to her role, eager to make a meaningful impact within the company's financial operations. As a bookkeeper she maintains the integrity and precision of financial records. Her responsibilities encompass a range of essential tasks, including recording financial transactions, reconciling accounts, and generating financial reports. With a keen eye for detail, Viel ensures that every entry is documented accurately to reflect the company's financial standing. --- - Published: 2024-07-26 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/samuel-watts/ - Staff Category: Professional Staff I am an Ohioan through and through. I am one of eight children, from Cincinnati, Ohio, however, I am the only one who doesn't live in SW Florida. I have spent all of my life in Ohio, except for about 5 years working in other States. From an early age, I excelled in mathematics and wondered how I could use this gift to my advantage. That lead me to want to be an "Accountant". I graduated from the University of Cincinnati with a Bachelors of Business Administration degree with a major of Accounting. Since that time, I have had the privilege to have worked with a variety of companies and CPA Firms that utilized my skills in Accounting, Tax, and Audit. After passing the CPA exam, I decided to start teaching other prospective accounting graduates how is pass the CPA Exam with Becker Professional Review. I am still an Instructor for Becker for 35 years. I enjoy many different types of sports, primarily Golf, ML Baseball, NFL Football, and College Basketball. I stand by two different credos, one is that jobs should be "Fun and Enjoyable" with the other being "There are no Stupid Questions". That is why I want to import any knowledge that I may have to give to anyone who would want to listen and learn. My love for music has allowed me to have been involved with various vocal groups and have been on stage all over the US and in Russia/Poland. --- - Published: 2024-04-08 - Modified: 2025-01-15 - URL: https://waltersaccounting.com/staff/lauren-buck/ - Staff Category: Partners Lauren Buck, CPA is an Audit Partner with Walters & Associates, CPAs. Lauren began her career at Pricewaterhouse Coopers (PwC), which set a strong foundation for her career. Lauren has been in public accounting for over ten years with a focus in audit and attestation. Lauren has served clients in many industries including manufacturing, distribution, software, food and beverage, retailers, service providers, construction, employee benefit plans and non-profits. Lauren has a knack for employee benefit plan audits. She also helps manage and oversee the employee benefit plan audit practice alongside performing financial statement audits, reviews, and compilations. Lauren truly cares about her clients and the quality of her work. --- - Published: 2024-04-06 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/jeremy-varna/ - Staff Category: Professional Staff Jeremy Varna is an accountant who graduated from the University of South Florida in May 2025. He began his professional career with the firm in July 2022 as an intern and advanced into his current role as an accountant through dedication and strong performance. Currently pursuing his CPA certification, Jeremy is committed to accuracy, professionalism, and continued growth. Outside of work, he enjoys playing hockey, spending time on the boat, and being with family and friends --- - Published: 2024-04-06 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/staff/ashley-turner/ - Staff Category: Professional Staff Ashley Turner joined Walters & Associates in July of 2022. Originally coming from a healthcare background, she transitioned to a Client Excellence Coordinator role. She works closely with the tax, accounting, and healthcare departments, aiming to provide each client with outstanding service. --- - Published: 2024-04-06 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/staff/jose-m-joia/ - Staff Category: Professional Staff Jose M. Joia is a Wealth Advisor at Walters Strategic Advisors, LLC. As a member of the team, Jose’s responsibilities involve comprehensive wealth management, planning, and customer service. He has over 6 years of industry experience specializing in planning and solving unique issues his clients encounter. Jose has experience serving individual clients, business owners and non-profit organizations. --- - Published: 2024-04-06 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/staff/nathan-walters/ - Staff Category: Professional Staff Nathan Walters is a valued member of the tax division. Graduating with a Bachelor of Business Administration in Accounting from Hofstra University, Nathan went on to pursue a Master of Science in Accounting. With these achievements under his belt, Nathan is now eagerly working towards obtaining his CPA license, driven by a passion for expanding his knowledge and better serving clients. --- - Published: 2024-04-06 - Modified: 2025-09-29 - URL: https://waltersaccounting.com/staff/kaitlyn-walters/ - Staff Category: Professional Staff Kaitlyn is a graduate from Hofstra University, with a Bachelor’s Degree in Psychology, and a minor in Human Resources. Kaitlyn has previous administrative experience in her role as Admissions Assistant at the State College of Florida. In her professional life, Kaitlyn wants to make meaningful connections, and build trust with every client she meets. She loves getting to know new clients, as well as nurturing relationships with familiar faces, ensuring that every client leaves the Walters and Associates Offices feeling secure and cared for. --- - Published: 2024-04-06 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/staff/linda-braithwaite/ - Staff Category: Professional Staff Linda joined Walters & Associates in 2023 as a Client Excellence Coordinator (CEC) at the Sarasota location. Linda is a retired banker of 41 years and has an extensive background in office management, supervision, accounting, bookkeeping, and customer service. Linda strives to deliver the best experience while building strong client relationships. --- - Published: 2024-02-06 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/tim-carrigan/ - Staff Category: Professional Staff Tim joined Walters & Associates, CPAs in 2020 as an Audit Senior. Tim offers over 10 years of audit experience in engagement services for external annual audits of nonprofit organizations, healthcare organizations, nonpublic companies, local governments, CIRAs, and employee benefit plans. Tim holds Bachelor’s degree from Davidson College and a Master of Science in Accounting from Appalachian State University. He is an affiliate member of the AICPA and FICPA. --- - Published: 2024-02-06 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/stephanie-danforth/ - Staff Category: Professional Staff Stephanie Danforth joined the Walter’s team in 2019 as a staff accountant. She brings more than 10 years of accounting experience, and her focus is on client’s financial administration and QuickBooks support. The most rewarding part of her job is supporting and interacting with her clients. She loves the opportunity to teach and share her knowledge. She has a strong understanding of QuickBooks and is a certified QuickBooks Pro Advisor. She holds a Bachelor of Science from the University of South Florida. Stephanie’s experience includes processing various aspects of accounting functions including payroll and sales tax. She also has experience with training and assisting with QuickBooks technical needs and supporting general tax related inquiries. --- - Published: 2024-02-06 - Modified: 2024-07-26 - URL: https://waltersaccounting.com/staff/amanda-hamlin/ - Staff Category: Professional Staff Amanda joined Walters and Associates CPA’s in January 2022 as Office Manager at the St. Petersburg location. She has been working in Public Accounting for over 15 years. Her responsibilities at Walters and Associates CPA’s involve preparing financial statements, corporate and personal tax returns, payroll tax returns, sales tax returns, workers compensation audits and other various clerical duties. Outside of the office, Amanda enjoys shopping, going to the beach and spending time with her family. --- - Published: 2024-02-06 - Modified: 2025-01-15 - URL: https://waltersaccounting.com/staff/sean-huddleston-cpa/ - Staff Category: Professional Staff Sean joined Walters & Associates CPAs in 2019, formerly Bobbitt, Pittenger & Company, P. A. Sean performs auditing services for a variety of clientele including, financial institutions, not-for-profit organizations, healthcare organizations, construction contractors, employee benefit plans, homeowners’ associations, reviews, and compilations. Sean holds a bachelor’s degree in accounting from the University of South Florida. He has graduated with his Master of Accountancy degree from Auburn University. Sean is a member of the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants (FICPA). --- - Published: 2024-02-06 - Modified: 2026-01-14 - URL: https://waltersaccounting.com/staff/christian-kirker/ - Staff Category: Professional Staff Christian Kirker is an accountant at Walters and Associates, where he has been a valued member of the firm for the past four years. He earned his degree from Luther College in Decorah, Iowa, where he built a strong foundation in accounting, financial reporting, and business principles. At Walters and Associates, Christian works closely with clients to provide accurate, timely, and dependable accounting services, with a focus on helping individuals and businesses navigate their financial needs with confidence. Outside of the office, Christian enjoys spending his free time on the golf course and watching football. He values teamwork, attention to detail, and building long-term client relationships—qualities that guide both his professional and personal pursuits. --- - Published: 2024-02-06 - Modified: 2024-06-28 - URL: https://waltersaccounting.com/staff/lana-mahorivskyy-ea/ - Staff Category: Professional Staff Lana joined Walters & Associates CPAs in 2018, formerly Bobbitt, Pittenger & Co. since 2015. She has thirteen years of experience in public accounting. She has served clients in different aspects of business including not-for-profit, construction, real estate, home owner and condominium associations. As an enrolled agent she has experience in communication with the Internal Revenue Service and Florida Department of Revenue regarding tax audits and other tax matters. She holds a BS in Accounting from University of South Florida. Lana speaks three languages, English, Ukrainian and Russian. --- - Published: 2024-02-06 - Modified: 2024-07-26 - URL: https://waltersaccounting.com/staff/linda-mckay-ea/ - Staff Category: Professional Staff Linda joined Walters & Associates CPAs in August 2015. She brings over 25 years of tax and accounting experience. Linda prepares monthly accounting, payroll, and tax returns. She has been an Enrolled Agent since 1996. --- - Published: 2024-02-06 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/alex-rhoads/ - Staff Category: Professional Staff Alex is a member of the cost reporting team at Walters & Associates CPAs, where he works on various cost reports and financial projections for hospice, home health, and other healthcare companies. He has been working on the cost reporting team for a few years and has previous experience in payroll for 50+ companies, payroll tax compliance including 940, 941, W2 and 1099 forms, monthly accounting, and business entity creation, including LLC and Corporation setup, and assigning federal EIN numbers. --- - Published: 2024-02-06 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/lisa-rivard/ - Staff Category: Professional Staff Lisa joined Walters & Associates CPAs in 2022 after serving 30 years in the dental health profession. Servicing out of the St. Petersburg location, Lisa’s responsibilities include preparing and submitting of the annual Medicare cost report for Home Health Agencies, monthly Hospice Cap monitoring along with the annual Hospice Cap Report, quarterly Medicare credit balance reports and other varieties of services to healthcare clients. --- - Published: 2024-02-06 - Modified: 2025-01-05 - URL: https://waltersaccounting.com/staff/tammy-turner/ - Staff Category: Professional Staff Tammy Turner joined Walters & Associates CPAs in 2017 in the Bradenton location. Tammy brings 21 years of Accounting Firm experience which includes Office Management and Bookkeeping. She has prepared Medicare Cost Reporting for over 10 years and serves a variety of healthcare clients. --- - Published: 2024-02-06 - Modified: 2025-05-07 - URL: https://waltersaccounting.com/staff/nick-walters/ - Staff Category: Professional Staff Nick graduated from the University of South Florida in December of 2020 with a bachelors degree in Accounting. Nick has been with the firm for 4 years and is currently studying towards obtaining his CPA license. Outside of work, Nick loves to spend time with his wife and daughter, with another baby on the way. One of Nick's passions is hockey, where he currently coaches the Manatee Admirals High School Hockey Team. --- - Published: 2024-02-06 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/nicol-whitford/ - Staff Category: Professional Staff Nicol joined Walters & Associates in 2018. Her primary areas of focus are Medicare and Medicaid cost reporting, proof of financial ability preparation, rate setting and other reimbursement services. Nicol has an extensive reimbursement background in the health care industry originating back to 2001. Prior to joining Walters & Associates CPAs, Nicol worked as a supervisor/consultant of a local CPA firm where she prepared hospice, home health agency, assisted living, skilled nursing facility, continuing care retirement community, and intermediate care facility Medicare and Medicaid cost reports and assisted in resource utilization group analysis and other reimbursement issues. Nicol currently holds a Bachelor of Science Degree and fifth year in Accounting from the University of South Florida. --- - Published: 2024-02-05 - Modified: 2024-08-01 - URL: https://waltersaccounting.com/staff/sarah-adams/ - Staff Category: Professional Staff Sarah began working in the accounting field where she assisted the tax department by processing tax returns. She transitioned to a data entry position and quickly found a love bookkeeping. Since 2007 she has earned various certificates and grown a client base where she continues to learn. --- - Published: 2024-02-05 - Modified: 2024-06-28 - URL: https://waltersaccounting.com/staff/keith-a-pittenger/ - Staff Category: Partners Keith offers more than 30 years of professional experience in delivering tax and audit services to clients within Sarasota and its surrounding communities. Mr. Pittenger’s clients are in areas of health care, real estate, construction, charitable and not-for-profit activities, banking, retail, agribusiness and manufacturing. --- - Published: 2024-02-05 - Modified: 2025-01-28 - URL: https://waltersaccounting.com/staff/maureen-pingree-cpa/ - Staff Category: Partners Maureen joined Walters & Associates CPAs in 2018, formerly Bobbitt, Pittenger & Company, P. A. in 2004, advancing steadily within the firm from audit staff to audit partner. With nearly two decades of experience, Maureen has developed a deep understanding of audit and assurance practices, enabling her to lead and guide our team of professionals effectively. Maureen is responsible for audits, reviews, and compilations for a wide range of clientele including financial institutions, not-for-profit organizations, healthcare organizations, construction contractors, and employee benefit plans. She also conducts and oversees federal and Florida single audits under the Uniform Guidance and the Florida Single Audit Act. Maureen’s meticulous attention to detail, thorough understanding of auditing standards, and dedication to staying current with industry regulations make her an invaluable asset to our firm. She leads our audit team with precision and ensures that all engagements are conducted with the utmost integrity. Maureen holds a Bachelor of Science in Accounting from University of Central Florida. Maureen is a member of the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants (FICPA). In her free time, Maureen enjoys spending quality time with her three children. --- - Published: 2024-02-05 - Modified: 2025-08-12 - URL: https://waltersaccounting.com/staff/mike-hayes-cpa-mba/ - Staff Category: Partners Michael Hayes is a Tax Partner with Walters & Associates, CPAs. He has extensive experience in public accounting, specializing in tax planning, compliance, and advisory services for closely held businesses, high-net-worth individuals, and real estate entities. Michael works closely with clients in the healthcare, home health, hospice, and professional services industries, providing strategic guidance on complex tax matters, business structuring, and outsourced CFO services. Experience • Provides tax planning and compliance services for S corporations, partnerships, trusts, and individuals. • Advises on entity structuring, mergers and acquisitions, and real estate transactions including 1031 exchanges and cost segregation studies. • Works extensively with healthcare-related entities on business and tax strategy. • Provides outsourced CFO services, including financial oversight, cash flow management, and strategic planning. • Recognized as an Emerging Leader by the Florida Institute of Certified Public Accountants in the Tampa Bay Area (2020). • Delivers short-term and long-term tax planning strategies to optimize client outcomes. --- --- ## Services - Published: 2024-02-05 - Modified: 2024-08-23 - URL: https://waltersaccounting.com/services/ahca-financial-projection-accounting-services/ Walters & Associates, CPAs aligns strategic planning with execution, boasting over 500 successful financial projections submitted to AHCA, ensuring optimal outcomes. Expert AHCA Financial Projection Accounting Services The Agency for Health Care Administration (AHCA) governs the licensure and oversight of Florida's health facilities. Precise financial projections are crucial for compliance and operational planning. We facilitate licensure for health organizations by crafting detailed financial projections that are crucial for operational approval and strategic growth. Our firm's expertise in this area ensures that healthcare providers navigate these requirements with accuracy and confidence. We always deliver a 5-star service experience, emphasizing transparent, flat-fee pricing with no hidden costs, ensuring our clients are well-informed and content. Starting at $4,200 for initial license projections and a money-back guarantee, we want to make sure your experience with us is a positive one Our AHCA Projection Accounting Services Adult Day Care Centers Assisted Living Facilities Health Care Clinics Home Health Agencies Home Medical Equipment Intermediate Care Facilities Care Facilities for the Disabled Pediatric Extended Care Center Skilled Nursing Facilities Hospice --- - Published: 2024-02-05 - Modified: 2024-08-23 - URL: https://waltersaccounting.com/services/hospice-cap-accounting-services/ Walters & Associates, CPAs guarantees peace of mind with a 100% success rate in preparing and submitting timely, accurate CAP Liability Reports. Specialized Hospice CAP Accounting Services Timely and precise Hospice CAP reporting is vital. We ensure compliance with the submission deadlines, providing diligent preparation of Self-Determined CAP Liability Reports and proactive Monthly CAP Monitoring Services. Experience the clarity of transparent pricing and the assurance of our expert guidance. "Our commitment to your service satisfaction is unwavering. We understand the complexities of managing the CAP, which is the Medicare-imposed limit on individual hospice patient care. Trust in our expertise to navigate these regulations, with a satisfaction guarantee and a full refund policy if we don't meet your expectations. https://player. vimeo. com/video/387799746 Hospice CAP FAQs What is the Hospice CAP? The Hospice CAP is a lifetime limit for each hospice patient. The individual beneficiary CAP is 33,494. 01 for the 2024 CAP Year. The total Cap for each hospice is determined on an aggregate basis. This means that all patients are combined for each Cap year when comparing the total CAP. Stated another way, long term hospice patients over the CAP may be offset by those short-term patients that were under the cap and expired. When is the Hospice self-determined CAP liability report due? The CAP year coincides with the governmental fiscal year and runs from October 1 through September 30. Accordingly, a hospice must file its self-determined CAP liability (“CAP Report”) on or before February 28 (five months after the end of the CAP Year). The earliest the CAP Report can be submitted is December 31. (three months after the end of... --- - Published: 2024-02-05 - Modified: 2024-07-07 - URL: https://waltersaccounting.com/services/outsourced-accounting-services/ Walters & Associates, CPAs streamlines your operations with meticulous bookkeeping services, guaranteeing accuracy for business growth and time efficiency. Optimized Outsourced Accounting Services Experience efficiency and strategic focus with our Outsourced Accounting Services. We take care of the intricacies of daily details in a transaction that would be the bedrock for the accuracy of your financial statement, a good driver towards business growth. The benefits of outsourced accounting are key to maximizing your business's productivity. Empower yourself with informed decisions, every single time. Check out our one-stop suite of services designed specifically to simplify your accounting operations. Be it meticulous preparation of financial statements or sophisticated cash flow forecasting, we help to strengthen the infrastructure of your business, whether it's a small business that needs outsourced accounting or other sizes. Our services are tailored to every business type and size. Your compliance is vastly improved, operational insights are gained, and valuable resources are freed up with our expertise. We also prepared a detailed outsourced accounting guide and explained some crucial points, such as the process, when you should look for, and how to find the right outsourced CFO expert for your business. Our Outsourced Accounting Services Financial statement preparation Financial statement “catch up” Accounting system setup and support Cash flow budgeting and forecasting Monthly financial statement review strategy meetings Key Performance Indicator reports --- - Published: 2024-02-05 - Modified: 2024-06-18 - URL: https://waltersaccounting.com/services/employee-benefit-plan-audit-services/ Walters & Associates, CPAs upholds high standards and works diligently to perform quality and efficient retirement plan audits. Excellence in Employee Benefit Plan Auditing “We Believe in being the Firm Coveted by Clients in the Markets We Serve and Employees Aspire to Work for. ”—Doug WaltersOur firm is dedicated to delivering top-tier audit services for employee benefit plans, with a commitment to excellence and client satisfaction. Contact Walters & Associates, CPAs for a no-obligation consultation to discuss your benefit plan's audit requirements. Employee Benefit Plan Audit FAQs What is the cost of an employee benefit plan audit (defined contribution 401(k) plan or defined benefit pension plan)? We believe in affordable, transparent pricing with no hidden fees, so we offer a flat-rate price. The price of your audit will depend on your plan type, plan size, the assets held, and your plan’s provisions, which will be discussed during your free consultation. Our goal is to provide you with a 5-Star audit experience that delivers great value and makes your life easier. While rare, additional fees could arise due to events such as significant plan corrections, plan mergers, changes in service providers, and availability of an investment certification. We promise to clearly communicate any additional fees to you, and we will obtain your authorization before we provide any additional services. What are the employee benefit plan audit requirements and due dates? Generally, a plan must be audited when it has more than 100 eligible participants on the first day of the plan year. If the plan hasn’t been audited previously, a plan must be audited when it has more than... --- - Published: 2024-02-05 - Modified: 2024-02-19 - URL: https://waltersaccounting.com/services/medicare-medicaid-cost-reporting/ Walters & Associates, CPAs delivers expert healthcare accounting services, guided by experience, ensuring Medicare and Medicaid compliance with a personalized approach. Precision Healthcare Accounting Services "As a former owner of a healthcare organization with Medicare cost reporting obligations, I have a deep desire to help our clients because I have been in their shoes”— Doug WaltersLed by Doug Walters' firsthand experience, our firm specializes in Medicare and Medicaid cost reporting for an array of healthcare facilities. We ensure compliance and navigate the complexities of healthcare accounting with proficiency and a personal touch. Our services extend beyond reporting to include comprehensive audits, financial consultations, and robust back-office solutions. With our expert team, healthcare organizations can expect accurate financial oversight and strategic support tailored to the unique demands of the healthcare industry. Our Healthcare Accounting Services Medicare Compliance Electronic cost report submission file CMS Form-339 Questionnaire Medicare PPS revenue and expense analyses Medicare and Medicaid audits and final settlement negotiations Consultations in the preparation of financial statements in accordance with Medicare and Medicaid requirements Back office business solutions including accounts payable (A/P) and accounts receivable (A/R) services Financial projections and valuations regarding new projects, proposed changes in services, and changes of ownership --- - Published: 2024-02-05 - Modified: 2025-06-21 - URL: https://waltersaccounting.com/services/tax-planning-preparation/ Walters & Associates, CPAs' tax planning expertise affords you the confidence to concentrate on what you do best—managing and growing your business. Strategic Tax Planning & Meticulous Preparation Expertly steering through the intricacies of tax planning and preparation, our firm offers a comprehensive suite of services aimed at reducing tax burdens and ensuring thorough compliance. We blend strategic tax projections, retirement planning, and IRS representation with a commitment to wealth growth and preservation. Our team's proficiency touches every aspect of tax return filing, from individual to corporate, estate planning to investment optimization, and beyond, all while focused on penalty abatement and your financial prosperity. Our Tax Services Tax Projections Retirement Planning Tax Minimizations Strategies IRS Representation FIRPTA (Foreign Investment in Real Property Tax Act) Reporting Estate Tax Planning Wealth Growth and Preservation Strategies College Savings Planning Tax Return Filing for Individuals, S-Corps. , Partnerships, Etc. Out of State Returns Penalty Abatement --- - Published: 2024-02-05 - Modified: 2024-02-06 - URL: https://waltersaccounting.com/services/accounting-payroll-services/ Walters & Associates, CPAs specializes in elevating your business through comprehensive accounting and payroll services, ensuring time and cost efficiency, and accurate financial reporting for informed decision-making. Elevate Your Business! For many years now, Walters & Associates, CPA’s has been assisting businesses, like yours, save time, save money, assure accurate financial information while providing valuable guidance to help your business succeed. Our Accounting & Payroll Services Monthly Compilation of Financial Statements Reconciliation of all bank and credit card accounts in preparation of the monthly financial statements. We take it a step further by providing a financial dashboard of key performance indicators Payroll Processing Including all Related Tax Filings Full service payroll including preparation of all required tax filings to include annual W-2s, quarterly 941s, State filings (all States covered) and the annual 940. Direct deposit and electronic tax remittance included. Assistance with Budget Preparation Preparation of the Initial Budget as required for various licenses and surveys, operational budgets, and Projections for loan purposes. 1099s/1096 Preparation Preparation of required independent contractor tax filings and consulting related to such. Annual External Analysis Preparation of the Annual External Analysis as required by the Accreditation agencies for survey purposes. Bill Pay Service includes recording invoices, paying bills, producing Accounts Payable reports, etc. --- - Published: 2024-02-05 - Modified: 2024-05-13 - URL: https://waltersaccounting.com/services/audit-assurance-services/ Walters & Associates, CPAs offers a free, no obligation consultation to answer any questions you may have about audit & assurance services. We provide you with “peace of mind” so you can focus on running a great operation. Audit, Review, Compilation, Examination, and Agreed Upon Procedures for Not-For-Profits, Governmental, and For-Profits Our audit and assurance services benefit a wide range of clients, including businesses looking to obtain or maintain financing agreements, non-profit organizations required to meet fiduciary and governmental requirements, construction and specialty trade contractors with bonding requirements, government contractors, and 401K and other retirement plans with over 100 participants. Walters & Associates, CPAs approach provides the maximum return on your investment in the audit process through analysis of your financial statements, internal controls, and overall business. We use a risk-based auditing approach to identify areas of potential risk that could lead to the misstatement of financial statements. The first step of our approach is to obtain an understanding of operations and the internal controls within the accounting/finance activities. Our audit programs are then tailored for each client. At the end of the audit, we prepare a management letter that describes any internal control weaknesses, with specific recommendations for operation and efficiency improvements. You can expect timely, thorough, efficient, and cost-effective engagements, provided by a team of CPAs with relevant industry experience, and minimal disruption to your accounting and finance staff. Walters & Associates CPAs Certifications AICPA Peer ReviewAs a member of the AICPA, Walters & Associates, CPAs is required to undergo a peer review every three years. This independent evaluation of our accounting and auditing practice helps us monitor and promote quality in the services we provide to you, our valued clients. Walters & Associates, CPAs had... --- ---