National Association for Home Care & Hospice and the Home Care & Hospice Financial Managers Association announce new Uniform Chart of Accounts for industry
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Barbara D. Woolley
Washington, D.C. (May 17, 2012) In an effort to create a uniformity with financial reporting in the industry, the National Association for Home Care & Hospice (NAHC) and the Home Care & Hospice Financial Managers Association (HHFMA) have released The Uniform Chart of Accounts.
Medicare cost reporting and financial analysis gathered through its use will allow for accurate data collection and analysis that can be used for improved business management and in advocacy efforts with the Center for Medicare and Medicaid Services (CMS) and Congress. The Uniform Chart of Accounts provides for all product lines that are considered to be included under their umbrella of Home Care.
Originally started in 1992 by a Joint Committee of the Illinois Home Care Council and the Indiana Association for Home Care, funding for the project was discontinued in 1994 and its final product was never published. That product formed the basis for the completed and finalized Uniform Chart of Accounts.
A new committee was formed by members of HHFMA to finish the Uniform Chart of Accounts in October of 2011. The intent of the members of HHFMA’s Uniform Chart of Accounts Committee is that member agencies of both HHFMA and NAHC will review this Uniform Chart of Accounts and make every effort to revise their chart of accounts so as to fall within this recommended structure. This Committee has also included suggested formats for Statements of Revenue and Expense for Home Health Care (Skilled Intermittent services), Hospice, Private Duty, Pharmacy and Infusion Therapy as guides for assisting in the necessary ongoing financial analysis of each specific product line.
Without the hard work and dedication of members of both the original committee and the current committee we wouldnt have been able to achieve this result, said Pat Laff, chair of the HHFMA Uniform Chart of Accounts Committee.
Members of the HHFMA committee are: Ed Nicolas of VNS of Connecticut, Jeff Kolcum of Family Home Care, Katherine Jones of Guardian Home Care, Mark Tsiames of Simione Consultants, Vern Peterschmidt of Peterschmidt and Associates and Dave Stasiewicz of Addus Healthcare, Inc.
Members of the original committee included: Pat Laff, Dave Elwell, John Gaynor, Tom Galluppi, Renee Hyde and Elaine Ricci, in addition to financial executives from both the provider and home health and hospice side.
The National Association for Home Care & Hospice (NAHC) is a nonprofit organization that represents the nations 33,000 home care and hospice organizations. NAHC also advocates for the more than two million nurses, therapists, aides and other caregivers employed by such organizations to provide in-home services to some 10 million Americans each year who are infirm, chronically ill, disabled and dying. Along with its advocacy, NAHC provides information to help its members provide the highest quality of care and is committed to excellence in every respect. To learn more about NAHC visit www.nahc.org.
The Home Care & Hospice Financial Managers Association (HHFMA) is a professional organization which brings together individuals who work for consulting, planning, management, financial or CPA firms along with the Chief Financial Officers, Chief Operating Officers and Chief Executive Officers who are employed by the nations 25,000 home care agencies and hospices. To learn more about HHFMA visit www.hhfma.org.