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ASC 606 revenue recognition for healthcare providers
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ASC 606 revenue recognition for healthcare providers
What you need to know
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:
- Help you to better understand each step in the new standard for ASC 606 revenue recognition
- Provide you with potential implementation issues to review for each step
For additional information related to ASC 606 visit bakertilly.com/asc606.
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Mark Ross, CPA, Partner and National Healthcare Practice Leader
Debra Bowes, CPA, CHFP, Partner, Healthcare
Danielle Hawley, CPA, Partner, Healthcare
