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Accounting

4 Steps To Improve Self-Pay Collections

4 Steps To Improve Self-Pay Collections

If your patients can't pay their statements, your accounts receivables days go up, cash flow slows down, bad debt mounts and revenue shortfalls are inevitable.

Self-pay is an additional burden for hospitals that are already struggling to reduce costs and increase revenue. Increasing efforts toward collecting past due medical debts on is a necessary process that many hospitals who have limited resources cannot afford to do on their own. Luckily, there are is a plethora of affordable outside services that can aid in this process, many of which are cloud-based. 

5 Cloud-Based Accounting Trends for 2018

5 Cloud-Based Accounting Trends for 2018

2018 is upon us and as many accounting businesses prepare for the new year, it's important to understand some of the biggest industry trends. If you take a look back at the accounting trends in 2017, the majority of them were surrounding cloud-based and automated solutions. So, what are some of the changes that we can expect to see in 2018? Have the trends changed much? Well, the short answer is no. But continue reading if you'd like to know the accounting trends for 2018.

CFO's are The New Cloud Software Champions

CFO's are The New Cloud Software Champions

Cloud computing and cloud-based solutions aren't the next best thing, they are already here and this movement is largely being driven by end users and tech shops. This has created a micro-management mess for many companies. In a large study, Symantec found that the average number of cloud apps in use in various industries was 926. As more cloud-based solutions become available and utilized, companies need to implement streamlined processes that make the integration and implementation phase easier. Defining this process has now largely fallen in the hands of the CFO largely because of how these solutions effect OpEx and CapEx.

Patients are The New Payer in Healthcare

Patients are The New Payer in Healthcare

According to Healthcare Finance, healthcare consumers are now responsible for 30% to 35% of their healthcare bill. Since patient payment and collection practices are consistently becoming more complex, deductibles have also continued to rise. Furthermore, collection costs are much higher for patients as compared to payer collection. Both of these factors have lead to the evolution of patients being the primary payer source. Although patients are now the primary payer source, let's face it, they have a lot going on and paying their bill is not a top priority.

Surviving The Self-Pay Patient Landscape

Surviving The Self-Pay Patient Landscape

The healthcare industry is in the midst of a huge change with its patient collection programs. This change is causing strides towards designing sophisticated and patient-friendly programs that increase transparency, improve user experience, and minimize pressure from the IRS. These programs help hospitals, pharmacies, and other healthcare providers offer easy-to-understand patient statements and front-end eligibility help. Furthermore, the real-time analytics that these solutions provide make it easier to comprehend entire portfolios from the click of a button. However, if an organization fails to realize this trend they will fall behind. Below we've listed ways that healthcare organizations can survive the changing self-pay patient landscape.

The 3 Biggest Accounting Problems for Small Businesses

The 3 Biggest Accounting Problems for Small Businesses

Small businesses are the lifeblood of the United States economy because of their ability to innovate their industry landscapes. However, it's not uncommon for small business owners to feel overwhelmed due to the number of problems they have to face on a daily basis. Below we've listed the 3 biggest accounting problems small businesses face.

CEO's Continue to Be Confident in Accounting Technology

CEO's Continue to Be Confident in Accounting Technology

According to a recent survey conducted by KPMG, CEO's are continuing to gain more confidence in technology. This is especially true within the accounting world. Of the 400 CEO's surveyed, three-quarters of them said they are actively pursuing technology disruption in their own sectors, rather than waiting for competitors to do it. This initiative is accelerating accountants acceptance of technology and trending cloud-based accounting solutions. 

Everything You Need to Know About The New FASB Standard

Everything You Need to Know About The New FASB Standard

Yesterday, August 28th, 2017, FASB issued a new standard that aims to simplify hedge accounting for financial statement preparers and users. Before looking into the specifics of the new FASB standard, it's important to note that it will take effect for public companies beginning December 15th, 2018 and one year later on December 15th, 2019 for private companies. Keep in mind that early adoption of this standard is permitted.

How Automation Will Help Manage The New Revenue Recognition Standard

How Automation Will Help Manage The New Revenue Recognition Standard

The new revenue recognition standard will be here before we know it and you should be treating it as top priority in your organization. The standard will officially be enforced upon public companies after December 15th, 2017. If your company ends its fiscal year on December 31st, the new standard will apply with quarterly reports starting in January. According to the Journal of Accountancy the standard is a five step process;

    The Cost of Not Automating Your Bookkeeping

    The Cost of Not Automating Your Bookkeeping

    We've all heard the phrase, "time is money" since we were kids. This phrase is especially true within the accounting industry and if you've been keeping up with the current trends within the industry, you know that accounting bookkeeping is moving away from manual processes and more towards automated accounting solutions. There are so many benefits to automating your accounting processes that you are actually losing money if you still maintain your accounts manually.