Healthcare Articles

President Biden’s 2024 budget proposal includes a variety of changes that could impact taxes for individuals and businesses.

Purchasing a heavy SUV could provide a more generous tax break than a smaller vehicle for business owners.

The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.

Medicare bad debts present rural health clinics and other Medicare Part A providers an opportunity to recover reimbursement dollars they might otherwise miss.

Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.

Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.

New rules designed to protect consumers will have significant impacts not just on medical facilities, but also on the physicians and professionals who provide non-emergency services there. Here’s what the No Surprises Act means for healthcare providers.

If you received a Child Tax Credit or third-round Economic Impact Payment in 2021, watch your mailbox for a letter from the IRS – it will include key dollar amounts that you’ll need to complete your 2021 federal tax returns.

The early end of the employee retention credit surprised employers who had been underpaying payroll taxes in anticipation of the tax break. But there’s a collective sigh of relief after news from the IRS.

Diversity, equity, and inclusion are buzzwords in modern strategic management. Here are some of the benefits that initiatives in these areas bring to public and private companies and how companies can showcase their progress in footnote disclosures and separate diversity, equity, and inclusion reports.

Tax laws could change significantly in the coming weeks, but a few reliable year-end strategies should be at the top of your list as you look for ways to minimize your tax bill.

Congress has passed the Infrastructure Investment and Jobs Act after months of debate and negotiation. Find out what tax-related provisions have been built into the new law.

The outcome of two big pieces of legislation remains uncertain as negotiations continue in Congress. Here’s a look at the proposed bills and the potential tax law changes that could affect you or your business.

The new lease accounting standards changed in 2019 for public companies. Calendar-year private companies that follow U.S. Generally Accepted Accounting Principles must comply with the updated lease rules in 2022.

During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.

If your business hasn’t already claimed the Employee Retention Tax Credit, now is the time to check on your eligibility. The money can help with the costs you incur in hiring and retaining employees during the pandemic.

More than $25 billion of new healthcare funding has been released as part of the Provider Relief Fund, a federal program designed to help providers hit hardest during the COVID-19 pandemic.

Have you taken a few minutes to really explore QuickBooks’ report center? It’s the best way to learn about the variety of reports available from one of QuickBooks’ most powerful components.

If you received a PPP loan, important forgiveness deadlines are approaching quickly. Are you prepared?

Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?

Claim denials can be complicated at most and confusing at best. Conquering the rules and regulations of medical billing and coding is one of the biggest challenges in the fight against denials and clean claim submissions. It’s extremely important that medical practices ensure that claims are filed appropriately the first time.

The estimated number of going concerns for the fiscal year 2019 fell to the lowest amount in 20 years, but the pandemic caused financial distress that could bring an end to this downward trend for the fiscal year 2020.

Cybercrime isn’t just an issue for big corporations. Your small business can be a target, too. Are you protecting your QuickBooks data?

What could President Biden’s tax proposals mean for you? Here’s a brief rundown of the American Families Plan.

If your practice has either a full or partial suspension of operations during any calendar quarter in 2020 or 2021 due to a government order, or a significant decline in gross receipts during any calendar quarter compared to the same quarter in 2019, you could be eligible.

The value of an internal audit is different for everyone and can change based on circumstances, but a solid framework can provide the conditions necessary to deliver value to you.

Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest updates on the popular loan program.

Is your business taking full advantage of the Employee Retention Credit? Discover how you could make the most of the year-old ERC.

Did you resolve to pay bills on time in 2021? QuickBooks offers tools to help you enter, pay, and track them, so you can avoid late payments. Here’s how.

Because the new American Rescue Plan Act is such an expansive piece of legislation, it’s likely that you, your family, or your business can benefit from it.

The Internal Revenue Service has provided guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

The latest COVID-19-related stimulus bill, the American Rescue Plan Act, has passed and awaits signing by President Biden. What does this legislation mean for you individually or as an employer?

Medical and dental costs are expensive, and it’s hard to get a tax deduction for them. But you may qualify by including every eligible expense allowed. Here’s what it takes to get a deduction.

Tennessee business leaders say their outlook for 2021 has dropped significantly from 2020, according to the latest Tennessee Business Barometer. Although outlook had surged higher in October prior to the election, optimism for a brighter future has now faded.

The U.S. Department of Health and Human Services has made changes to the reporting timeline for the Provider Relief Fund Program in light of the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act.

New guidelines have been applied to federal programs established due to the COVID-19 pandemic. As a result, many non-federal entities — including many health systems and hospitals — will, for the first time, be subject to single audit or other audit requirements established in the Uniform Guidance.

Kraft Healthcare Consulting LLC president Scott Mertie has been appointed to the board of directors for the Nashville Health Care Council for 2020-2021. Scott is one of 15 new members chosen for the board.

The Nashville Business Journal’s annual list recognizes the area’s most influential professionals in the healthcare industry.

There are a variety of cyber vulnerabilities that can impact medical devices, especially as these devices within a hospital or health system become more and more connected.

Members of Kraft Healthcare Consulting in Nashville traveled to Boston to learn about innovation at Leadership Health Care’s delegation.

Scott’s debut on the NBJ’s annual Most Admired CEOs list follows his recent recognition in the publication’s Power Leaders in Accounting, as well as their Health Care Awards.

Are you ready to schedule a security audit so that you can ensure your practice is protected before back-to-school season? Now is the time to make that audit happen.

New patient check-in codes can have a significant impact on healthcare practices, especially those that offer specialized services.

Fast Healthcare Interoperability Resources offers innovative tools that ultimately allow patients to control their health data, free up office staff, and help create an opportunity for overall independence.

Find the right blockchain applications for your healthcare business workflows or operations to boost competitiveness and profitability.

KHC’s Scott Mertie teamed up with the AIHC to create a specialized training program and credential for cost reporting professionals.

Healthcare professionals have made it clear that they’re concerned about cybersecurity, but a few key steps can helps put those minds at ease.

Home healthcare providers will face changes because of new Section 199A guidelines, but those changes are based on a variety of factors, including exactly how the entity relates to “the field of health.”

The Tax Cuts and Jobs Act (TCJA) includes a broad range of tax changes impacting both individuals and business entities, including changes that directly impact healthcare companies and physician practices.

Reimbursement practices don’t have to be a chore for healthcare providers. Just follow a few simple tips to keep accounts healthy.

What goes into medical office accounting? For starters, you can’t manage what you can’t measure, so create statements that are meaningful for the practice. That’s just one of several helpful takeaways from the monthly chat with the Nashville Medical Group Management Association.

Less than two months into President Donald Trump’s White House tenure, the Nashville Health Care Council’s Leadership Health Care (LHC) initiative led a group of more than 100 healthcare leaders on its annual two-day delegation to Washington, D.C.

With the continual arrival of new regulations and standards governing the healthcare industry, it is imperative for healthcare providers and hospitals to have an effective compliance plan in place.

Scott R. Mertie of Kraft Healthcare Consulting, LLC (KHC) was selected by the German American Chamber of Commerce® of the Midwest, Inc. (GACC Midwest) to participate in an exclusive international health and technology delegation in Germany.

MACRA (Medicare Access and CHIP Reauthorization Act) requires all clinicians who 1) bill Medicare more than $30,000 in Part B-allowed charges, or 2) provide care for more than 100 Medicare Part B beneficiaries to report specific data under the Quality Payment Program via either MIPS (Merit-based Incentive Payment System) or an Advanced Alternative Payment Model (APM).

Any entity that handles health information or other sensitive data should be intimately familiar with HIPAA, HITECH and HITRUST.

Healthcare systems are seeing global transformation, with governments and providers trying to reconcile increased costs with rising demand for greater accessibility and higher-quality care. In March, Scott Mertie, president of Kraft Healthcare Consulting, LLC, participated in the Nashville Health Care Council’s 2017 International Health Care Study Mission to the United Kingdom.

KraftCPAs has earned the designation of HITRUST CSF Assessor through the Health Information Trust Alliance (HITRUST).

Is your practice experiencing a decline in net income? Do daily operations feel chaotic with complaints from patients about wait times, billing, etc.? Perhaps your practice is running smoothly enough, but you feel that things could be better.

Leadership Health Care (LHC), an initiative of the Nashville Health Care Council to nurture the talent of Nashville’s emerging health care leaders, has announced its 2016 award winners in the categories of Health Care Emerging Leader of the Year, Ambassador of the Year and Supporting Organization of the Year.

Throughout the years, Scott Mertie, president of Kraft Healthcare Consulting, LLC (KHC), has attended healthcare delegations to China and multiple European countries that have government-run healthcare systems. While Scott was visiting the Republic of Cuba on a personal excursion earlier this year, he envisioned a trip where the activities would allow him to explore the country’s national healthcare system.

Scott Mertie was part of a delegation of approximately 30 healthcare leaders to visit Paris in April — a trip spearheaded by the Nashville Health Care Council (NHCC).

Leadership Health Care (LHC), an initiative of the Nashville Health Care Council to nurture the talents of future health care leaders, has announced its 2012 award winners in the categories of Health Care Emerging Leader, Volunteer of the Year and Supporting Organization of the Year.

Scott Mertie traveled to London, England and Edinburgh, Scotland on a Health Care Study Mission.

Scott Mertie and Kevin Crumbo accompanied Governor Bredesen and Economic Community Development Commissioner Matt Kisber on individual trade missions to China and Japan.