ASC 606 – revenue recognition presents major changes to the manner in which companies account for revenue, including healthcare organizations.
During this webinar, Baker Tilly specialists provide a better understanding of the portfolio approach under ASC 606, provide specific examples for your consideration and conduct a discussion of revenue cycle best practices that will aid in implementation of ASC 606.
Under the portfolio approach, you will account for patient and resident contracts as a collective group rather than individually. This works best for organizations that have a large volume of similar contracts with similar patients and residents. When considering the portfolio approach you need to consider all of the information available to make the estimate of variable consideration. This includes historic, current and forecasted reimbursement rates – not historic information alone.
For more information on this topic, or to learn how Baker Tilly healthcare specialists can help, contact our team.