Practical Accounting, Finance & Business Analysis
Executive Summary Revenue recognition is one of the most important accounting areas for healthcare organizations because the amount a hospital bills for services can differ substantially from the amount it ultimately expects to collect. For many healthcare providers, revenue recognition under ASC 606, Revenue from Contracts with Customers, requires significant judgment. Hospitals must evaluate whether…
Executive Summary Revenue Cycle Management (RCM) is the financial process through which healthcare organizations convert patient services into cash. It begins before a patient receives care—with scheduling, registration, insurance verification, and authorization—and continues through charge capture, coding, claim submission, payment posting, denial management, accounts receivable follow-up, and final account resolution. The Healthcare Financial Management Association…
In today’s uncertain world, understanding different types of insurance, choosing the right insurance coverage, and managing risk with insurance are critical components of a healthy financial plan. Whether it’s protecting your health, your car, your home, or your income, the right insurance policies act as a safety net—helping you bounce back financially when life throws…
When it comes to retirement planning, many individuals focus primarily on saving for living expenses, travel, and hobbies, often overlooking one of the most significant financial challenges in retirement: healthcare costs. Healthcare expenses tend to rise with age, and without careful planning, they can become a major burden, impacting your ability to enjoy retirement and…