Hajiani CPA LLC accounting and tax consulting practice in the health care field and covers diverse area of services to client
The health care standards are effective for fiscal years beginning after December 15, 2010, and are applied retrospectively upon adoption. The primary issue here is that health care organization that report under FASB Accounting have significant exposure to loss from malpractice suits and other claims. Unlike other industries, which account for similar claims liabilities on a “gross” basis, health care organizations have operated on a “transfer of risk” premise.
Transition in the health care industry is not limited to the delivery of care. As you can see, standards for accounting, managing costs and reporting & disclosure continue to change and evolve.
With so much complex changes going on in the health care right know, you might be benefiting from having an expert advisor meeting this expertise as a new health care guidelines are updated more rapidly than ever.