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Richter ShareSource Blog

Liz Lane, CPA, Senior Accountant

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Tips on Preparing a Final LTPAC Annual Expense Budget

Posted by Liz Lane, CPA, Senior Accountant on Oct 18, 2017 10:04:58 AM

For long-term post-acute care (LTPAC) providers, budget season is here! In fact, most organizations are already in the midst of finalizing their numbers for approval in the upcoming year.

Every industry approaches budgeting differently, but when it comes to long-term care, there are certain areas that require special attention. The most frequent budget-related questions I receive from clients have to do with comparisons between actual expenses and what was originally projected. There are certain areas that seem simple, but if they are missed can cause frustrations and large variances when the time period comes.

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Topics: Accounting

New DOL Overtime Rule - Does It Affect Your Enterprise?

Posted by Liz Lane, CPA, Senior Accountant on Sep 30, 2016 11:52:25 AM

Recently the Department of Labor (DOL) issued a final overtime rule that may impact how and what an employer pays their employees. This rule has raised the salary threshold to determine if a salaried employee is eligible to receive overtime. According to the Department of Labor, the annual threshold is currently $23,660 for a full-time employee. Anyone earning over that does not receive overtime for working over 40 hours a week. Starting December 1, 2016, this amount has been raised to $47,476.  

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Topics: Accounting, Financial Consulting

What CPAs Need to Know About Revenue Cycle Management (RCM)

Posted by Liz Lane, CPA, Senior Accountant on Jul 7, 2016 10:31:14 AM

When it comes to Revenue Cycle Management, most accountants focus on the end result, reflected in the monthly financials. It is assumed or even taken for granted that there is a process in place for the front end, the collection of revenue. Revenue Cycle Management or RCM is indeed a process. Billing is a big part of the RCM process for LTPAC providers. Although we all know that collection of revenue is a key area when it comes to the financial statements, the focus is directed more on how a company performed during that time period, rather than how the numbers were generated.

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Topics: Accounting, Revenue Cycle Management, Financial Consulting

Accounts Payable and Invoice Review Best Practices for Health Care Facilities

Posted by Liz Lane, CPA, Senior Accountant on Jun 9, 2016 1:41:59 PM

All facilities receive invoices for goods and services provided.  It is imperative to have a strong accounts payable system in place so that the monthly financials portray the true story.

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Topics: Accounting, Financial Consulting