We’ve come to the end of another calendar—each year the ride seems to go faster! With the holidays upon us, we can count on portrayals of the Ghosts of Christmas Past, Present, and Future. It’s inevitable, too, at this time of year that the voices of our industry look to where we’ve been, where we are, and where we’re going in healthcare.
Part 2: Audit Requirements
To assist private companies in understanding what the auditors will request and review, we have identified some of the relevant auditing standard requirements below.
As the effective date for the new revenue guidance in ASC 606, Revenue from Contracts with Customers, quickly approaches for many private companies (January 1, 2019 for calendar-year companies), management and audit committee members are faced with many questions.
The topic of balance billing is in the news again, closely associated with the newer term, “surprise billing.” Patient experiences such as those of Drew Calver, who received an unexpected $109K bill following treatment for his heart attack, have focused new attention on this long-standing issue.
Movement continues on CMS reimbursement of Advanced Diagnostic Laboratory Tests (ADLTs) and Molecular Pathology testing during the 14 days following a hospital stay.