Generally Accepted Accounting Podcast

This week, we sit down with managing shareholder Mark Lyons to discuss the ins-and-outs of allocation statistics and how they can impact healthcare cost reports. Listen in to learn more! 0:00 Intro 1:45 What are cost reports? 2:24 What are allocation statistics? 3:23 How often do statistics and requirements change? 4:52 Equipment depreciation 8:00 Requesting changes in allocation 10:49 Affected facilities 11:45 Cost report averages and best practices 14:17 Responsibilities and communication 15:47 Worksheet B-1 19:55 Cafeteria costs 22:47 Typical tricky statistics 26:38 Maximizing reimbursements and patient care 29:04 Outro 30:00 Joke Cost reports are an important piece of reimbursements for Medicare-certified healthcare facilities. According to the Centers for Medicare & Medicaid Services, those facilities have to submit an annual cost report to a Medicare Administrative Contractor. MACs work as a kind of intermediary between healthcare facilities and CMS. Cost reports contain provider information such as: Facility characteristics Utilization data Cost and charges by cost center Medicare settlement data Financial statement data CMS maintains the cost report data in the Healthcare Provider Cost Reporting Information System. Below are some high-level questions you can ask yourself when you’re gathering allocation statistics and filing out a cost report. Questions when filing out Worksheet B-1: Does housekeeping clean all the areas with a stat? Are offsite locations (potential examples: Therapy, RHC, HHA, etc.) receiving an allocation from the cafeteria, housekeeping, or another supporting area they don’t use? Are there better ways to allocate A&G costs (i.e., segmentation)? Does central supply/purchasing order for all departments, or do some departments do their own ordering (e.g., lab, pharmacy, etc.)? Does maintenance provide services to leased buildings? Why are the non-reimbursable areas receiving allocations? Are those correct? If so, is there a way to limit the allocations? Is there a way to deflect costs from non-cost based/nonallowable cost centers? Can you direct cost certain costs for specific areas versus using allocation statistics? When was the last time you updated your square-footage statistics? If it’s been more than a year, it’s a good idea to make sure the square-footage stats are up to date.

We sit down with CPA and managing shareholder Mark Lyons to discuss tips and techniques to help your business fight inflation. Stick around to learn more about profit margins, raising prices, employee productivity, expenses, automation and more! https://caseypeterson.com/podcast  

GAAP Ep 004 – Audit Tips for Nonprofits – Show Notes   We sit down with Casey Peterson CPA and income partner Devin Pfaff to discuss audits for nonprofits and attempt to make sense of attestation, internal controls, compliance, cash vs accrual, and all kinds of other jargon! Plus we'll learn about preparing for audits, what to expect from the process, and what happens when audits are all done. Stick around to learn more!   2:24 Defining different service options 4:00 What is independence? 4:48 Do you really need an audit? 7:55 Cash vs. accrual 9:00 Internal controls 10:35 Compliance 11:35 Revenue recognition 14:58 Single audits 20:17 Regular audits 22:20 Preparing your nonprofit for an audit 27:33 Deliverables 30:13 What happens post-audit? 32:24 Why Devin loves audits   Which service is right for you? https://www.caseypeterson.com/blog/financial-statement-prep-compilation-review-or-audit-which-r Casey Peterson audit tools: https://www.caseypeterson.com/resource-center/audit-tools Why audits rarely find fraud: https://www.isaca.org/resources/news-and-trends/newsletters/atisaca/2019/volume-24/why-auditors-rarely-find-fraud

In this episode, we sit down with Mark Erickson (data analytics client manager at Casey Peterson) to discuss recent developments in data analytics. We've all heard the buzzword before, but how are Amazon and Starbucks using data analytics, and what are the potential business implications? Stick around to learn more! 1:15 Amazon Store Concepts 4:11 Implications of “Pay With Your Hand” Technology 7:57 The Future of Transactions 10:30 Will This Tech Reach the Black Hills? 15:25 Other Process Automation in Business 17:43 What is Data Analytics? 23:18 What can Casey Peterson do? 24:26 Can the Ravens win the Super Bowl? View full show notes and other episode details at https://www.caseypeterson.com/podcast

In this episode, we sit down with Steve Ruda from ICS Tax, LLC and Casey Peterson income partner Tom Jasiak to talk about cost segregation and the Research and Development Tax Credit. What is it, how does it work, and how can depreciation benefit a business? Stick around to learn more! View show notes and other episode details at https://www.caseypeterson.com/podcast