Outline some of the similarities and differences in accounting and reporting among (a) private, not-for-profit health care organizations, (b) governmental health care organizations, and (c) private, for-profit health care organizations. Include the sources of GAAP, accounting and reporting for equity accounts, and statements required.
Your boss at your accounting firm wants to start offering accounting services to health care organizations and would like your team to brief your entire department on the fundamentals as outlined in problem 12-4.
Please review these resources:
Comparison of Not-for-Profit (NFP), Governmental and Private Health Care Accounting and Reporting
In order to expand our client base, we are considering offering accounting services to health care organizations. The auditing standards require that we staff all engagement with those having the proper expertise for the job. If we obtain a healthcare client, we will need to know the fundamental of healthcare accounting, including for-profit (FP), not-for-profit (NFP) and governmental accounting (GOV) and reporting requirements.
Healthcare firms, whether governmental, NFP, FP or GOV, have similarities. They all provide health services, have similar revenue recognition issues, have costs and cash flows. They also have either owners, constituents or authorities to which they are accountable and must report the results of activity for the year, and the resources/liabilities/commitments at year-end. We will have to record transactions, verify balances, count inventory and so forth, as with any client with customers, vendors and employees. They all also have special accounts and transactions that are healthcare specific. For instance, they all offer some level of indigent care which must be disclosed so the accounts must track revenue deductions related to indigent care versus other types of write offs.
All the firms have contractual adjustments to revenue based on insurance and contract prices. They also may have discounts and uncollectible accounts that are larger and more varied that commercial clients that preauthorize customers based on their credit worthiness. Also, collections are more complicated since they often get part of the payment from one or more insurance firms and the rest from the patient.
Although these organization might appear to offer similar services, they are likely offering a different product mix. ...
Your tutorial is 1019 words and two references and recommends adding these services incrementally. Reasons are given. The discussion includes similarities, differences and sources of GAAP.
Developing a marketing strategy and marketing mix
I am asked to create a basic marketing strategy and design a marketing mix for Action-Cal. Explain to me how you would come up with a strategy and mix and how this will help launch the product. I need lots of information and any source you can give me. I'm giving a good bit of credits to get help with this.View Full Posting Details