Healthcare

Is the following statement true or false? The new revenue recognition standards will have only a minimal effect on my accounting practices and policies.

As I think about the healthcare industry and where we’re headed, I’m reminded of a lyric from the Tracy Lawrence song Time Marches On, “The only thing that stays the same is everything changes, everything changes.” Serious change is afoot and providers cannot just keep their heads above water. They have to find a way to thrive and flourish.

Earlier this month, the Journal of Accountancy published a detailed article about the shared-responsibility provisions of Section 4980H of the Affordable Care Act. The 3200-word article, titled "The Sec. 4980H assessable payment for large employers," demonstrates how time-consuming and complex traversing the provision can be, and time is running out for employers to determine if they are "applicable large employers" and, more importantly, put the necessary payroll systems in place to comply with the provision.