Healthcare Insights

Effective workflow and time management are critical for financial benefits. Evaluating on a routine basis is crucial for best practices.

The cost of delivering healthcare has been rising for years, and the current cost accounting approach may no longer be effective in the post-COVID-19 world. A more modern cost accounting approach is needed to accurately reflect the true cost of care and improve decision making.

In response to the recent COVID surges and natural disasters occurring in the U.S., a 60-day grace period has been put into place to allow providers who received Provider Relief Funds (PRF) ample time to come within compliance.

While the COVID-19 relief provisions, as part of the CARES Act, provided a lifeline for many medical, dental, and other healthcare-related practices during the pandemic, that support was not without certain compliance requirements and reporting, which we will dive into within this article.

At the start of the COVID pandemic in the early parts of 2020, the concern of business survival was the number one thought of countless business, with each industry having its own struggles. The medical industry was not without its own real concerns at that time, particularly given its role in the pandemic fight. People would continue to get sick, require treatment and see their physicians, but how could it be done safely?

The Consolidated Appropriations Act extends the lower deduction floor for medical expenses past its scheduled expiration date. Even better, the new law change is permanent, meaning it has no expiration date. This article explains that taxpayers can benefit from this provision until Congress changes the threshold again — so, they might have a better chance of qualifying for a deduction this year, next year or beyond than in the recent past.

If your healthcare practice took advantage of the Provider Relief Fund in any amount, it is highly encouraged that you speak with an advisor as soon as possible to fully understand the compliance requirements.

On Sunday, President Trump signed into law the $900 billion COVID-19 relief bill passed December 21, 2020, by Congress.