Budgeting
Budgeting is an important task for any business. However, budgeting in healthcare is even more critical because of the many regulatory guidelines that need to be followed. Knowing how to account for allowable expenses and which expenses are simply wasteful can help you achieve your goals without penalties from your MCO. Our certified public accountant will ensure that all of your financial needs are met while staying within the rules set by Medicare and Medicaid.
Looking for a way to better manage your home health care business’s financial health? It all starts with a consultation with our team at HHA Accounting; reach out to us today by scheduling a consultation about budgeting today!
The Importance of Budgeting in Home Health Care
Budgeting is essential for your home health care business to reach its financial goals. A good accrual budget is the difference between receiving an increase from your MCO or not receiving an increase. Our professionals at HHA Accounting know which expenses are considered allowable and which expenses simply cost you money.
Different Types of Budgets
There are two main types of budgets in accounting: accrual and cash. An accrual budget is based on the accounting principle that revenues and expenses are recognized when they are incurred, not when they are paid. A cash budget, on the other hand, is based on the idea that cash flow should be matched with liabilities.
Which type of budget is best for your home health care business? That depends on the specific needs of your business. Our certified public accountant can help you decide which type of budget will work best for you.
Accrual Accounting: Our Speciality
Accrual accounting is our specialty, and we are proud to be one of the only home health care accounting firms practicing this service for our clients for their financial statements, forecasting, and budgeting processes in Wisconsin. We know accrual accounting matters to your top and bottom lines and that is why we specialize in it.
A Budget is a Road Map for Your Business
Your budget is like a road map for your business. It lays out all of your financial goals and how you plan to achieve them. Having a solid budget in place gives you a clear picture of where your business is headed financially and can help prevent costly mistakes down the road.
Need help creating or refining your home health care business’s budget? Contact us today for a consultation! We would be happy to help.