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ASC 606 will require healthcare providers to evaluate revenue recognition in a new way.
In basic terms, you will record revenue at the time services are provided in the amount that you ultimately expect to collect. Furthermore, it must be probable that you are going to collect the consideration. Given the nature of third-party reimbursement in the healthcare industry, this could create significant challenges for providers.
This guide will:
For additional information related to ASC 606 visit bakertilly.com/asc606.
Mark Ross, CPA, Partner and National Healthcare Practice Leader
Debra Bowes, CPA, CHFP, Partner, Healthcare
Danielle Hawley, CPA, Partner, Healthcare