Accounting in Healthcare

Accounting in Healthcare
5 min read

Healthcare Auditing Certification

Healthcare auditing is a highly specialized field that requires a combination of thorough knowledge and skills. Certification is often used as a way to distinguish experienced auditors from other professionals within the field. Having a certification demonstrates that you have the knowledge and capabilities necessary to lead a healthcare audit.

Several professional organizations offer certifications in healthcare auditing. The Association Of Healthcare Internal Auditors (AHIA), offers a Certified Healthcare Internal Audit Professional (CHIAP) while the Institute of Internal Auditors (IIA) offers a Certified Internal Auditor Certification (CIA). The Healthcare Financial Management Association (HFMA) offers several certifications including a Certified Healthcare Financial Professional (CHFP).

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The Importance of Healthcare Audits

At this point, some of you might be wondering: “Why does auditing matter?” If a healthcare organization is not compliant, it could be fined or have its license revoked. Auditing ensures that healthcare organizations are compliant with regulatory agencies. Healthcare auditing also provides a way to measure financial performance by tracking key performance indicators (KPIs).

Healthcare organizations are required to follow a variety of standards, regulations, and financial reporting requirements. These rules include the Patient Protection and Affordable Care Act(ACA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, the Health Insurance Portability and Accountability Act (HIPAA), the Code of Federal Regulations (CFR), and the Standard on Accounting for Health Care and Other Medical Care Services (SASC).

Healthcare Financial Reporting Standards

The Standard on Accounting for Healthcare and Other Medical Care Services (SASC) is the authoritative guidance for accounting for healthcare and other medical services. It is published by the Financial Accounting Standards Board (FASB), a private standards-setting organization.

The accounting standards for healthcare and other medical services are broken down into three categories: external, internal, and other healthcare providers. External refers to patient billing, internal refers to the financial reporting used within the healthcare organization, and other healthcare providers include accounting rules specific to other service providers, like pharmacies.

What does a Healthcare Financial Accountant do?

A healthcare financial accountant calculates the amount of money that a healthcare organization spends on its payroll, bills, expenses, and supplies. They also track any lost revenue from insurance claims and make sure that no fraud occurs with insurance payments. Healthcare financial accountants work in every part of the healthcare industry, including hospitals, long-term care facilities, clinics, and medical offices. They also work in both the private and public sectors of healthcare.

Requirements to be a Healthcare Financial Accountant

If you want to become a healthcare financial accountant, you’ll need to have a strong background in accounting and finance. You should also have good communication and computer skills to help manage large amounts of data and interact with the business side of healthcare.

Healthcare financial accountants need to be highly detail-oriented, have good analytical skills, be able to work under pressure, and have excellent time management skills. It’s also helpful if you have a degree in accounting.

Healthcare Auditing and Accounting Pathways

If you want to become a healthcare auditor, you’ll need to start with a degree in accounting or a related field. Most healthcare auditors have at least a bachelor’s degree in accounting or auditing and a license to work as public accountant. If you want to become a professional healthcare accountant, you’ll need to have a bachelor’s degree in accounting and complete the Chartered Accountant exam. It’s helpful if you have some experience in healthcare, such as having worked as an office manager or in billing.

Healthcare Information Management Accountant Pathway

If you are seeking a career as an information management accountant, you’ll need to have a strong foundation in medical terminology and business management. You’ll also need to be proficient with at least one computer software program, such as Excel. If you want to become a healthcare actuary, you’ll need to have at least a bachelor’s degree in Mathematics, Economics, or Statistics. You’ll also need to pass the exams of the Society of Actuaries.

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