October 2018
The deadline for private entities to comply with the updated ASC 606, Revenue from Contracts with Customers, revenue recognition standard is quickly approaching. The purpose of this new guidance is to improve consistency and comparability of financial statements and to provide more useful information to users of financial statements.
For medical practices, this new standard could prove particularly challenging, making advanced preparation even more important. The focus on value-based health care means that revenue recognition for your medical practice will be more complex than other service-oriented businesses.
