Healthcare
Urgent: 2023 Cost Report Submission Deadline for Massachusetts Community Health Centers
AAFCPAs would like to make Massachusetts Community Health Centers aware that the Center for Health Information and Analysis (CHIA) has announced it is now collecting cost reports for the fiscal year ending in 2023. Initial communication and instructions indicate 2023 cost reports are due on August 26, 2024, regardless of fiscal year end date. The […]
Grants for Mental Health Centers, Applications Due July 19
AAFCPAs would like to make clients aware that the Commonwealth of Massachusetts’ Executive Office of Health and Human Services (EOHHS) announced the establishment of time-limited supplemental payments to eligible providers enrolled with MassHealth as mental health centers (MHCs). With a July 19th deadline to apply, AAFCPAs advises that clients not delay. Grant Eligibility Eligibility for […]
CECL Standard To Impact Healthcare Entities
Transactions falling into the scope of CECL include amounts due from Medicaid and Medicare, as well as loan receivables, held-to-maturity debt securities, and loan commitments. AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) has pronounced a shift in credit loss accounting within ASC 326, which is commonly referred to […]
$240M Funding Available to Expand Behavioral Health
AAFCPAs would like to make Federally Qualified Health Center (FQHC) clients aware that the Health Resources and Services Administration (HRSA) has earmarked $240 million to help its health centers meet rising demand for mental health and substance use disorder services. Applicants must be Health Center Program award recipients with an active H80 grant award. A […]
$270M in New Funding to Community Health Centers
AAFCPAs would like to make health center clients aware that the Consolidated Appropriations Act, 2024, was signed into law on March 9 and is slated to provide $270 million in new annual funding to community health centers. Backdated to the start of the current fiscal year, this funding brings the program’s total annual funding to […]
Nonprofit Challenges in Navigating Tax Issues
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
Matthew Hutt, CPA, CGMA among the Worcester Business Journal’s inaugural Champions of Health Care award winners!
Enter To Win a Ticket to In-Person Awards and Forum AAFCPAs is pleased to announce that Matt Hutt, CPA, CGMA, Partner at AAFCPAs has been honored as one of the Worcester Business Journal’s 2023 Champions of Healthcare. The award honors professionals in the healthcare field who have gone above and beyond to help others and […]
Champions of Health Care: Hutt strengthens providers’ financials in the shift to preventative care
Worcester Business Journal (November 27, 2023) – As partner and healthcare division leader at Westborough accounting firm AAFCPAs, Matthew Hutt helps medical providers answer complicated questions. Healthcare providers, especially smaller ones, have difficulty thinking about long-term financial planning and navigating complex payment structures. That’s where Hutt and his team of tax professionals step in…
Staying Ahead of Healthcare Reimbursement Reforms
As you may know, the nation’s healthcare reimbursement model is pivoting from one that incentivizes the number of visits provided to one that rewards health outcomes of patient populations instead. While some payors have already made this switch, we are seeing a significant trend in the marketplace for public and private payors to shift reimbursement […]