Healthcare

Guidance on audit requirements for for-profit healthcare entities that received $750,000 or more in pandemic-related relief funds from the U.S. Department of Health and Human Services (HHS) were recently issued by the American Institute of Certified Public Accountants’ (AICPA) Government Audit Quality Center (GAQC). The long-awaited guidance is intended to assist auditors of for-profit entities subject to audit requirements related to awards from the Provider Relief Fund program and other HHS programs and their for-profit clients...

If there ever was a time when having a trusted business advisor to turn to for guidance and assistance was an absolute must, the past couple of years would be it. This became clear to Alice, an administrator for a Michigan healthcare practice, from the moment the pandemic hit and changed everything. “We were so stretched in the office in terms of rescheduling patients, taking the necessary precautions, implementing new procedures, protecting staff and protecting patients, and at times closing the office – all of that was taking priority,” she said. “There was just so much to take care of...

By Don McAnelly, CPA/ABV, CGMA   In an increasingly complex and competitive industry, demands placed on healthcare administration are ever-growing, with risks seemingly around every corner. Legislation and regulations, operational and financial concerns – these issues can make it hard to remain aware of new risks while keeping your organization focused on its mission, strategy, and patient care. The impact of COVID-19 has further complicated this situation. How do you identify, prioritize, and evaluate risks to your healthcare organization?..

On Jan. 15, 2021, The U.S. Department of Health and Human Services (HHS) announced an amendment to the reporting timeline and process for the Provider Relief Fund Program and opened registration for their Provider Relief Fund Reporting Portal...

The Centers for Medicare & Medicaid Services (CMS) recently announced amended terms for payments issued under the Accelerated and Advance Payment (AAP) Program as required by recent action by President Trump and Congress.  This Medicare loan program allows CMS to make advance payments to providers and are typically used in emergency situations. Under the Continuing Appropriations Act, 2021 and Other Extensions Act, repayment will now begin one year from the issuance date of each provider or supplier’s accelerated or advance payment. CMS issued $106 billion in payments to providers and suppliers in order to alleviate the financial burden healthcare providers faced while experiencing cashflow issues in the early stages of combating COVID-19...

Written by Fred Schaard, CARR Healthcare Realty   One of the most significant business decisions you will make is the strategic choice of your office’s location. In many markets, the incentives offered by landlords to new tenants make relocation more appealing than renewing a lease in your existing space, and before signing any lease renewal you should evaluate all the options in your area. If you decide to open a new office, whether as a relocation, new start-up practice, property purchase, or second office, having the right team in place is paramount and can make the process successful, profitable and maybe even fun! The unique office needs of healthcare providers are foreign to most real estate brokers, architects and other service providers...

Question: Our company is exploring the idea of offering a qualified small employer health reimbursement arrangement (QSEHRA). If we decide to go this route, would we be required to report any information about this benefit on employees’ Forms W-2? Answer: Yes. If an employee is covered under a QSEHRA, the employer must report the total amount of the employee’s permitted QSEHRA benefit on Form W-2 in Box 12, using Code “FF...

Cost-of-living adjustments (COLAs) applicable to 2019 are available for a wide variety of tax limits, including many related to provisions of the Affordable Care Act. Let’s look at some highlights that are related to health care benefits provided by employers. Savings accounts Some COLAs affect health-care-related savings accounts. For example, the dollar limit on employee salary reduction contributions to health Flexible Spending Accounts has been raised from $2,650 to $2,700...

The Affordable Care Act (ACA) has been a work in progress since its enactment nearly nine years ago. You can expect that pattern to continue this year and beyond. The current environment in Washington and a sweeping legal challenge to the ACA’s fundamental constitutionality have given followers of the law’s evolving requirements plenty to monitor and speculate about in the days ahead. Labor market dynamics That legal challenge was made by a U...

Question: Our company sponsors a group health plan that covers employees who work at least 30 hours per week. After reassigning one of our covered full-time employees to a part-time position, we mistakenly continued to provide coverage for two months — collecting premiums and paying claims for that period. After a routine audit, we discovered the error. Can we rescind the employee’s health coverage effective as of the date that his status changed from full-time to part-time?..