If you're a healthcare company, you're well acquainted with just how challenging it is to strategically manage and add locations, overcome the increasing complexity of your organization, and become more integrated with your community. Not to mention the fact that the new FASB ASC 842 mandate takes it to the next level.
The new accounting update requires those in the healthcare industry to consolidate leased real estate and medical equipment to be added to the balance sheet. This includes traditional medical buildings, as well as leased spaces such as manufacturing facilities for drug compounds. And equipment can include CT scanners, MRI machines, surgical robots and hospital beds.
It's a tall order, and you need an experienced team who understands the ins and outs of the healthcare industry. Enter AMTdirect. With over 20 years developing lease accounting software and a slew of healthcare clients, we can help you achieve compliance in the least amount of time, effort and expense.
With AMTdirect, MedStar Health effectively manages critical dates for its lease accounting.
AMTdirect also consolidated equipment leases into a repository, which increased efficiency and accuracy of reporting.
The deadline to comply with FASB ASC 842 is fast approaching. If your healthcare organization needs help kickstarting your implementation or just an extra set of hands to get the job done, just reach out. Our team of experts and customer-tested solution is here for you.