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The Impact of Revenue Recognition on Healthcare

Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities, and certain not-for-profit entities that have publicly traded conduit (or direct) debt, with annual reporting periods beginning after December 15, 2017. All other entities are required to adopt this by annual reporting periods beginning after December 15, 2018. Entities may now early adopt. This new standard may result in significant changes to the... continue reading

AAFCPAs’ Charlie Webb Earns Certified Healthcare Financial Professional (CHFP) Credential

AAFCPAs is pleased to announce that Partner Charlie Webb, CPA, CHFP, has been awarded the CHFP Certification by the Healthcare Financial Management Association (HFMA). Charlie was awarded the CHFP credential in recognition of having earned a deep understanding of the new financial realities of health care, and his passing of HFMA’s rigorous Operational Excellence exam. The healthcare reform environment has caused the industry’s key stakeholders to fundamentally rethink existing business models.  Care... continue reading

Best Practices for Maintaining Your Charge Description Master to Maximize Revenue

AAFCPAs reminds healthcare clients of the critical impact an accurate and up-to-date Charge Description Master (CDM) can have on the organization’s revenue cycle success. The CDM is the central mechanism of the revenue cycle, and the accuracy of the data elements serves as a link between service delivery, billing, and optimal reimbursement. Missing charges, over charges, and coding errors can adversely impact your revenue and create significant compliance issues, including... continue reading

AAFCPAs Healthcare Consulting Practice Adds Reimbursement Strategist Chris Gendron

AAFCPAs Healthcare Consulting Practice Adds Reimbursement Strategist Chris Gendron

In response to unprecedented demand from our healthcare clients, AAFCPAs expands its consulting expertise by welcoming the addition of Christopher Gendron, Healthcare Consulting & Reimbursement Strategist. Chris is a highly-skilled reimbursement and healthcare IT systems professional, with proven expertise in the complexities surrounding revenue cycle processes, and systems’ capabilities to support process design changes. He is a business process improvement architect & strategist with extensive experience managing systems selections, implementations,... continue reading

Denials Management: Best Practices in Improving Revenue Cycle Processes & Monitoring Third-Party Payer Denials

The complexities surrounding third-party revenue cycle management, patient eligibility, and systems capabilities to support process design changes continue to increase, as do third-party claim denials across virtually all payers. Denials can affect the bottom line of healthcare organizations, leading to lost revenue and productivity; however, in many cases, denials are preventable. In order to prevent denials, it is critical that healthcare organizations develop & implement an effective denials management process, including:... continue reading

Best Practices for Complying with HIPAA & Safeguarding Patient PHI Accessible to Your Business Associates

Healthcare is predicted to be the most targeted industry for cyberattacks in 2017, according to the 2017 Data Breach Industry Forecast from Experian.   “Electronic health records remain likely to be a top target for hackers,” Experian found. To further heighten & complicate these risks, providers’ responsibilities for protecting personal health information (PHI) under the Health Insurance Portability and Accountability Act (HIPAA) extend to certain vendors, referred to as “business... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

AAFCPAs Advises Healthcare Providers to Position Themselves for Change

We may not be able to fully predict how future changes to the Affordable Care Act (ACA) will affect the healthcare system, but AAFCPAs advises healthcare clients to position themselves for change.  AAFCPAs’ Matt Hutt reflects on last week’s healthcare reform news, and shares insight into what providers may expect: Healthcare providers must position themselves for change, and focus on short and long-term Strategic Planning.  Providers should now: assess the profitability... continue reading

Healthcare reimbursement questions to ask during a time of uncertainty

According to a March 2016 report by the Department of Health and Human Services, an estimated 20 million more Americans have health insurance coverage as a direct result of changes driven by the Affordable Care Act (ACA).   The influx has payors scrambling to meet coverage demands, while providers and provider organizations simultaneously navigate the murky waters of reimbursement codes. As the healthcare industry morphs from the traditional fee-for-service to the... continue reading