For long-term post-acute care (LTPAC) providers, it’s already time to think ahead to the coming year. Specifically, it is budgeting season if your organization has a December fiscal year end. Budgeting is critical for purchasing decisions, and having an accurate budget is necessary when it comes time to analyze financial performance. Instead of just assuming the same performance from year to year, we recommend focusing on the areas below and adjusting your budget projections as necessary.
With a new year underway, it’s important for accounting and finance professionals in all long-term post-acute care (LTPAC) settings to be aware of reporting updates that may have slipped your mind while getting through year end. In 2016, The Financial Accounting Standards Board (FASB) issued a previously proposed update (ASU 2016-14) that will affect nonprofit entities. The time has now come to get familiar with the details of this update, as it is effective for fiscal years beginning after December 2017.