Lease Administration & Accounting for Healthcare
Support Compliance, Mitigate Risk, and Provide Transparency
In today’s business environment, healthcare facilities need to leverage technology on the backend to gain efficiencies and focus on patient care. FASB requires leased medical equipment and real estate to be consolidated and accounted for. This can feel like a large and daunting task. The good news is that we can help!
- Achieve FASB, Stark Law and Antikickback compliance on medical equipment and real estate leases
- Mitigate risks by centralizing your lease data
- Manage and track equipment leases better to meet financial compliance ratios
Effectively Manage Real Estate And Equipment Leases
Lucernex is a cloud-based software platform for real estate and equipment leases. With Lucernex you can automate your lease administration and accounting for real estate and equipment, creating a data repository and a single source of the truth. This provides transparency into your entire lease portfolio allowing you to make better decisions faster
Focus On Driving Business With Comprehensive Functionality
- Easily calculate your lease expense obligations
- Track, manage and increase visibility into your entire real estate and equipment lease portfolio
- Mitigate risk and increase efficiency through automation, processes and workflows
- Easily integrate your lease data and financial schedules into ERP solutions
Achieve Full Compliance
With the new FASB standard, real estate and equipment leases that were once off the balance sheet now have to be included. Leasing obligations for real estate and equipment can range from a few million dollars to tens of billions of dollars for each company. It’s critical to the success of your business that leases are accounted for and managed properly. For the healthcare industry, leases in a medical environment may include: CT scanners, MRI machines, surgical robotics, hospital beds, service contracts (which may contain embedded leases), and other assets. A robust software solution should help you, at a minimum, do the following:
- Meet the new financial reporting requirements under ASC 842
- Accurately classify your leases as operating or finance using the FASB ASC 842 test
- Generate accounting schedules from a solution that has been verified by an independent 3rd party accounting firm
Why Bother With Lease Management Software For FASB Compliance?
- Lease administration and accounting can often feel like a revolving door of paperwork, inaccuracies, and evolving standards that require compliance under FASB and IASB, the Stark Law, and the Anti-Kickback Statute.
- These regulations can have risks, fines, and penalties — and a lasting impact on your company’s financials. Without strong lease administration and accounting solutions, providers under-utilize assets, miss opportunities to protect their options and rights, and unknowingly pay inappropriate charges or inaccurate lease payments. As a result, providers are constantly in an unproductive, reactive mode rather than being well-positioned to make strategic decisions to support and enhance patient care.
- This update to the standard can be an overwhelming challenge for companies seeking compliance. The new standards were introduced to enhance transparency in helping investors and other financial statement users understand the amount, timing, and uncertainty of cash flows arising from leases, allowing them to better judge a company’s performance.
Getting Help With Your Compliance
It’s mission-critical to utilize a lease administration and accounting solution that supports compliance, mitigates risk, and provides transparency into your entire lease portfolio for better decision making.
Designed to meet the needs of both real estate and equipment leases, our Lease Administration and Accounting solution is third-party verified and FASB and IASB compliant, allowing you to mitigate risk, improve business processes and make decisions that impact the overall health of your business.
In addition, a proven step-by-step implementation process helps to quickly achieve a successful implementation without disrupting your business, ensuring on-time compliance.
Added Value And Ease
Our Lease Administration and Accounting solution empowers you to achieve compliance, meet your growth strategy, manage capital and provide transparency for better decision making.
- FASB and IASB
Meet the new accounting standards with ease using our 842 lease test, verified calculations and straight-line reporting functionality.
- Stark Law & Anti-Kickback
Meet Stark Law Self-Referral and Anti-Kickback regulations and mitigate risk exposure.
- Optimized Workflow
Create workflows with automated notifications customized to work the way you do business, for ease in approvals and checkpoints to manage your business efficiently.
- Capital Allocation
Use “what-if” scenarios to determine the best lease scenario for your business. Calculate “lease vs. buy” scenarios, terms and conditions and other scenarios to determine the best way to allocate capital and grow your business.
Keep Track Of The Details
- Tailored User Views & Reporting
Security enables real estate and equipment to be managed by different groups. Reports can be configured by asset type (real estate, equipment, or combined).
- Variable Rent
Calculate use-based variable rent scenarios for counts, hours, or other units.
- Customizable Reporting.
Negotiate favorable terms and options using available data through configurable reports and page views to determine the best strategy for making improvements and optimizing the portfolio.
- Asset-level accounting.
Track and manage thousands of key assets, handle location changes and multiple sub-contracts within one master contract.
- Lease Management
Track the needed details of all leases and contracts, allowing you to handle top-level concerns, such as the management of critical dates, key asset details, master leases, financial obligations and insurance requirements. Our Lease Administration and Accounting solution also calculates your rent and expense obligations, so you never overpay.
Our Lease Administration and Accounting solution is designed to help manage the most complex real estate and equipment lease scenarios, mitigate risk, achieve compliance and seamlessly integrate into your ERP.
Make the transition to the new FASB and IASB lease accounting requirements with step-by-step guidance and best practices for implementation. Accruent is dedicated to sharing our deep knowledge to ensure your team’s success.
With Accruent’s Healthcare & Medical Device Lease Management Software, You Can:
- Support your business on a global scale with our multilingual and multi-currency features
- Gain visibility into your entire real estate and equipment lease portfolio.
- Mitigate risk through automation, processes and workflows.
- Configure the solution with unlimited user-defined fields without the need for IT support.
- Easily integrate into ERP solutions.
- Implement quickly and with ease, using our proven implementation process.
- Receive ongoing support and training for onboarding and solution adoption.
- Achieve healthcare real estate and medical equipment compliance.