The National Association for Home Care & Hospice and its Financial Managers Association announced the release of the Uniform Chart of Accounts.
The goal of the release is to create a uniformity with financial reporting in the Industry and allow for accurate data collection and analysis that can be used to improve business and advocacy efforts with the Center for Medicare and Medicaid Services and Congress.
The Uniform Chart of Accounts provides for all product lines that are considered to be included under their umbrella of Home Care.
The chart of accounts was started in 1992 but never was completed due to a loss of financing in 1994 according to NAHC. 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,” said NAHC.
“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.”
Written by John Yedinak