Accounting for Healthcare Services
The term “Healthcare” no longer focuses on patients and medicines alone, but also on numbers. The growing technological innovations like robust electronic health records (EHRs) and data analytics yield efficiencies in terms of medical institutions’ operational costs and patient billings.
Healthcare is a dynamic field where changes are inevitable. Since healthcare and economic growth are connected, the field is prone to rapid changes. The healthcare industry also faces a myriad of challenges because the economic interference is enormous. Every single change in the economy has some impact on the healthcare sector.
These complexities in the healthcare sector call for the need for professional accounting services. Healthcare accounting is becoming an increasingly dynamic profession and that requires an expert to have a deep understanding of the industry. Everything adds to the healthcare accountant’s role–from analyzing the staff needs and healthcare processes to understanding customers’ expectations.
Accounting Frameworks for Healthcare Industry
Accounting in healthcare is not entirely free-flowing. It needs to be compliant with GAAP (Generally Accepted Accounting Principles). It is the accepted accounting framework in the US and is set and enforced by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC). All modern accounting practices implemented by management must be GAAP compliant.
The Standard in Healthcare Finance:
Accrual accounting in healthcare services is defined as recording the expenses and income when they happen and not when the cash inflows or outflows occur. Simply put, the service transaction is recorded on the day it happens rather than when the money is received. On the other hand, cash accounting means the exact opposite. Here, the service transaction is recorded when the actual cash inflows and outflows, irrespective of the date of service provided.
Accrual accounting runs in advance and emerges as a better practice as it reflects the current financial health of the hospital more accurately.
At Gulla CPA, We Offer:
- Bookkeeping services
- Budgeting assistance
- Business tax preparation
- Cash flow analysis
- Compilations and Reviews
- Employee Retention Credit calculation (2020 – 2021 tax years)
- Financial statement preparation
- Individual, estate, and trust tax return preparation
- Payroll management
- Tax consultation
Our team of experienced tax and accounting professionals is ready to help your healthcare facility achieve the financial success it deserves.
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