Planning to attend HFMA 2019? It’s an important event you don’t wanna miss!

Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders.

Its annual conference, HFMA 2019, is the go-to event for inspiring real conversations and connecting a community of over 2,500 leaders focused on improving the business of healthcare.

These like-minded executives from all over the country lead and manage healthcare finance.

At this event, they gather to be inspired, to take action, and to obtain the tools needed to lead change and transformation within the industry.

Private companies - the FASB is lookin’ at you!

With the new FASB standards in place for public companies as of earlier this year, the FASB is turning its attention to private companies, whose implementation deadline starts in January 2020—less than eight months away.

Surveys show private companies are reporting an even lower state of readiness than public companies were at this time last year. Almost 40 percent of private companies are behind schedule on implementing the new lease accounting standards.

Some haven’t even started getting ready yet, even though the implementation deadline for FASB ASC 842 compliance is quickly approaching.

Even under the best of circumstances—your team is on the same page, you know where all your leases are, and you have invested in the best software for your needs—FASB 842 compliance isn’t easy.

Nearly 55% of companies who have already started this process are finding FASB 842 compliance more complex than originally anticipated.

Here are 7 questions you may be asking, and the practical answers for tackling the new lease accounting standards.

80 percent.

That’s the average portion of a portfolio equipment leases occupy at any given company, according to the Equipment Leasing Association of America.

However, many companies don’t know:

• How much equipment they’re leasing
• The terms associated with those leases
• Who’s providing the financing for those leases
• When those leases will come up for renewal

And that only adds fuel to the fire for the average 75% of companies who have reported facing challenges when trying to implement the new FASB 842 accounting standards.

As a manager, your job is to proactively oversee your facilities’ ever-growing list of maintenance needs, while doing so with efficiency and cost-effectiveness in mind.

At the core of these processes and decisions lies preventive maintenance.

Managers, maintenance workers, and businesses have varying opinions about preventive maintenance and its significance to daily and long-term maintenance goals.

But some of the best in the business agree creating and implementing a long-term plan for preventive maintenance, in addition to routine and reactive maintenance, is essential for facility success.

The GASB 87 lease reporting standard has been all but forgotten.

In the hype of public companies preparing for compliance last year and private companies up next at the plate in 2019, the complementary mandate for government bodies is flying under the radar.

But the deadline is the same - Jan. 1, 2020 - and all the same repercussions apply to GASB 87 offenders as they do to FASB 842.

It’s time to bring GASB 87 out of the closet.

We put together a list of the essential facts you need to know about GASB 87. With a short timeline of just 9 months to plan and execute - and few solutions on the market - you’ll benefit from understanding the dos and don'ts now.

Waiting to start FASB 842 implementation is like waiting to do your taxes.

Hunky-dory in the beginning...

...but potentially costly, time-consuming and painful in the end.

Just ask any public company that had to do it last year: The longer you wait, the more expensive - in dollars and days - implementation will be.