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Executive Conference on the Future of Health Care, November 7, 2008
The post-election environment will create dramatic changes for the health care system of the future. Together, we can prepare for the new financial and social pressures. Join us on November 7, 2008, for an industry-changing event hosted by the University of St. Thomas in partnership with LarsonAllen and Fredrikson & Byron, P.A. More
People Are Key to Physician Front Office Success
With the move toward consumer-driven health care, efficiently processing insurance claims is a must for any physician practice. A successful revenue cycle is dependent on the people who fill the administrative jobs in physicians’ offices. Learn about the best practices for finding and keeping the people who make a difference. More
FAS 161 Requires Additional Disclosures for Derivative and Hedging Activities
FAS 161 improves the transparency of financial reporting by requiring enhanced disclosures that better convey the purpose of an entity’s derivative and hedging activities in terms of the risk it intends to manage. This standard is effective for fiscal years and interim periods beginning after November 15, 2008. More
Payroll Tax Deductions on Accrued Vacation and Bonuses Accelerated
Accrual method taxpayers are now allowed to adopt a safe harbor method for accruing Federal Insurance Contribution Act (FICA) and Federal Unemployment Tax Act (FUTA) taxes related to deferred compensation and vacation pay, according to Rev. Proc. 2008-25 as released by the IRS. This revenue procedure is effective for taxable years ending on or after December 31, 2007. More
 Enterprise Risk Management Vital to Health Care Survival
by Mike Slavik
It is imperative that leading health care providers understand the risks most pertinent to their organizations, manage the risks in an integrated fashion, and prioritize risk management efforts. More
A Successful Business Is a Learning Organization
by Joe White
Learning organizations challenge their people to view success differently, and as it turns out, that’s not bad for the bottom line. More
Prepare for Changes to HUD Audits of Multifamily Programs
The U.S. Department of Housing and Urban Development (HUD) updated the Consolidated Audit Guide for Audits of HUD Programs in July 2008 with revisions to Chapter 3, Multifamily Housing Programs. Although the guide is specific to profit-motivated and limited distribution owners, LarsonAllen is monitoring potential impact for nonprofit organizations. More
Revisions to 990 Instructions Lend Clarity, but Extensive Preparation Is Still Needed
Based on feedback from the nonprofit field, the IRS revised the 990 instructions and published three helpful background documents. However, organizations with a December 31 year end are running out of time to prepare for the new form, which goes into effect for the 2008 tax year. More
CDHC Pushing Physicians and Consumers to Change Their Mindsets
The shift toward consumer-driven health care (CDHC) is forcing physicians to pay closer attention to their revenue cycles while patients must take more financial responsibility when it comes to managing their health. More
Accounting for Investments to Significantly Change in 2008
To improve the quality and consistency of financial reporting of endowments held by nonprofits, FASB issued FSP FAS 117-1 on August 6, 2008. This new accounting standard will impact the way your organization accounts for and discloses its endowment funds. More
Nursing Homes Must Install Full Sprinkler Systems by 2013
To continue serving Medicare and Medicaid beneficiaries, long-term care facilities have until 2013 to furnish their buildings with automatic sprinklers. The final rule was published by the Centers for Medicare & Medicaid Services (CMS) in the Federal Register dated August 13, 2008. More
 Success Linked to Revenue Cycle in Physician Gold Standard Study
The health care industry will face significant changes in the future, and a medical practice’s success is becoming increasingly linked to its revenue cycle. LarsonAllen and Gateway EDI conducted an extensive study on the performance of medical billing practices and found nine important operational areas that the gold standard performers had in common. More
MIPAA to Drive Positive Changes in Medicare Reimbursement
With an override of a presidential veto on July 15, the House and Senate enacted the Medicare Improvement for Patients and Providers Act of 2008 (MIPPA). Passage of new law accomplishes several improvements that will benefit Medicare beneficiaries and health care providers. More
New Study Points to Crisis for Florida Aging Services
Florida faces a crisis in meeting the demand for aging services over the next 22 years as the population aged 85 and older is forecast to grow by 126 percent. Florida’s aging population is a good bellwether for what other states may be facing with their own aging populations. More
Redesigned 990 Requires Extensive Preparation
Nonprofits need to begin preparing for the revised Form 990, which goes into effect for the 2008 tax year (returns due May 15, 2009 or after). Because the reporting requirements have increased substantially, many organizations will have to build accounting systems and practices to gather the information now required. More
Upcoming Changes to 403(b) Plans Require Foresight—Don’t Risk Noncompliance
Organizations need to begin preparing to ensure compliance with the first major regulation changes to 403(b) plans in four decades. They generally become effective on January 1, 2009. Revisions to the Form 5500 filing requirements also go into effect at the same time—making certain 403(b) plans subject to an audit—similar to
401(k) plans. More
SAS 104-111: Preparing for Your Auditors Can Minimize Fee Increases
Eight new risk assessment standards (SAS 104-111) go into effect for financial statement audit periods beginning on or after December 15, 2006. The new standards widely expand and change the audit process for privately-held entities. Are you prepared for your auditors? It’s not too late to begin preparing for June year-end audits. More
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