Every public hospital that receives funds against approved annual work plans must maintain separate bank accounts and books of accounts for funds received for its programs. The extent to which a hospital achieves its objective depends largely on the application of the basic hospital financial rules, guidelines and accounting policies.
The hospital's financial team must stay up-to-date with all applicable audit and accounting hospitals must maintain policies and have procedures in place to stay on top of their credit balances. For instance, if considering a capital construction project, a hospital's financial staff must consider weather to capitalize construction period interest.
In providing services to their patients, hospitals must keep track of the standard charges for each procedure or supply in their financial accounting system, and they must also ensure they use a billing process that is clear, accurate and patient friendly.
Our skilled tax service team can offer your health care business:
- Tax accounting, filing, and representation services
- Advice to ensure you remain in compliance with regulatory and taxation requirements