Healthcare: Answers to Your Most Frequently Asked Questions on Accounting, Audit, and Compliance Issues Related to COVID-19
This BDO article is available through our affiliation with the BDO Alliance USA. Lumsden McCormick has been a member of the BDO Alliance USA since 2009.
Providers continue to focus most on the critical patient implications of COVID-19, but they must also consider questions about the broader implications for their business. In the face of further uncertainty ahead, healthcare leaders can take steps now to mitigate the impacts of the pandemic on their business so that they can prepare to reestablish full patient care services and be better prepared for additional waves of the virus outbreak that might take place.
Healthcare leaders can look to their CFO and senior financial executives for guidance on critical accounting, financial reporting, and operational decisions that can help position the organization to sustain through the crisis and thrive in its wake. This FAQ answers specific questions about key financial reporting and accounting issues healthcare leaders must consider, including the pandemic’s impact on revenue recognition, lease accounting and debt, and actions to take ahead of the 2020 financial reporting period—and beyond it.