Section 501(r)’s Financial Assistance, Limitation on Charges, and Billing and Collections Requirements Explored
When the Supreme Court upheld the Patient Protection Affordable Care Act (PPACA) in September 2012, it affirmed the new requirements for tax-exempt hospital organizations as codified under IRC Section 501(r). Nonprofit hospital organizations must now meet the following requirements to maintain their tax exempt status:
– Community health needs assessment
– Financial assistance policy and emergency medical care policy
– Limitation on charges and
– Billing and Collections Restrictions
The Knowledge Group has assembled a panel of thought leaders to provide an in-depth discussion on how tax-exempt hospitals can comply with the complicated tax requirements to help them maintain their nonprofit status. In addition, speakers will share case studies, regulatory updates and effective strategies to meet the above mentioned requirements. A LIVE interaction with the audience in a question and answer format is also included in this event.
Nicholas E Smith, MHA, Manager – Health Care Consulting Practice,
Michael G. Bailey, Partner,
WFoley & Lardner LLP
- Intro (5 min.)
- In-depth discussion on how tax-exempt hospitals can comply with the complicated tax requirements to help them maintain their nonprofit status.
- CHNA (15 min.)
- Major CHNA Components and Interpretation
- Strategy for completion
- CHNA (15 min.)
- Financial Assistance Policy and Emergency Medical Care Policy – Limitation on Charges and Billing and Collections Restrictions (25 min.)
- Major Components and interpretation
- Strategy for completion
- Regulatory Updates (April Regulations)
- CHNA (25 Min.)
- Consequences of failure to comply; implications for Fin Assistance Policy, Emergency Medical Care Policy – Limitation on Charges and Billing and Collections Restrictions (15 Min.)
- Discussion and Lessons Learned (i.e. where we see potential pitfalls, areas we most often find non-compliance, etc.)
- CHNA (10 min.)
- Fin Assistance Policy, Emergency Medical Care Policy – Limitation on Charges and Billing and Collections Restrictions (10 min.)
- Q&A (10 min.)
Who Should Attend:
- Directors and Officers of Healthcare Firms
– Hospital Executives (Finance, CFOs, General Counsel and Related)
– Healthcare Organization- Financial Reporting & Accounting
– Executive Directors
– Tax Managers
– Financial Officers
– Senior Officers
– Tax-exempt Auditors
– Tax-exempt Organization Lawyers
– Nonprofit Organization Executives
– Other Related Professionals
Nicholas Smith is a manager in the Health Care Consulting Practice of Wipfli LLP, located in the Minneapolis, Minnesota, office. He has significant experience in the health care industry, consulting on a wide variety of issues related to strategy, service line development, facility master planning, and market planning and analysis. Nicholas regularly assists hospitals and health systems to plan and execute community health needs assessments and has published and spoken nationally on the topic. He holds a master’s degree in health care administration from the University of Minnesota. Previously, Nicholas held a position at a Fortune 500 insurance corporation.
Nicholas Smith is a manager in the Health Care Consulting Practice of Wipfli LLP, located in the Minneapolis, Minnesota, office. …
Michael G. Bailey is a partner with Foley & Lardner LLP where he is chair of the firm’s Health Care Finance & Restructuring Practice and a member of the firm’s Taxation, Finance & Financial Institutions, and Public Finance Practices. He is also a member of the Health Care Industry and Energy Industry Teams.
Mr. Bailey’s practice focuses on tax-advantaged financing, including tax-exempt financing and tax credit transactions. He also focuses on development of tax compliance policies and procedures, energy tax issues, exempt organization tax issues and other federal and state income tax matters. His tax controversy practice focuses on tax-advantaged financing transactions and exempt organization matters.
Mr. Bailey joined the firm from the Internal Revenue Service, where he served as Counsel to the Assistant Chief Counsel for Financial Institutions and Products. At the IRS he played a key role in numerous projects involving taxation of financial products. He was one of the principal authors of the major federal income tax regulations concerning tax-exempt bonds, including the arbitrage regulations and the private activity bond regulations, and reviewed or authored most other administrative guidance issued by the IRS on tax-exempt bonds from 1990 through 1997, including published rulings, private letter rulings, and technical advice memoranda. He also played a key role in developing the IRS compliance program for tax-exempt bonds. He is a frequent speaker on matters relating to taxation of financial products and transactions.
Mr. Bailey is immediate past chair of the Internal Revenue Service Advisory Committee on Tax Exempt and Government Entities. He is also past chair of the Tax Exempt Financing Committee of the Section of Taxation of the American Bar Association.
Michael G. Bailey is a partner with Foley & Lardner LLP where he is chair of the firm’s Health Care …
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About Wipfli LLP
With approximately 1,100 associates and 24 offices in the United States and India, Wipfli LLP ranks among the top 25 accounting and consulting firms in the nation. Wipfli’s health care consultants have significant experience working with hospitals and health systems, rural health clinics and critical access hospitals, medical practices, and senior living organizations in 46 states. Several of our consultants have more than 30 years of experience, including executive leadership experience in the industry.
In addition to the full complement of audit, accounting, and tax services, Wipfli has a robust consulting practice with experts in strategic, operational improvement, physician alignment and performance, reimbursement, facility and financial planning, IT evaluation/implementation, and senior services. For additional information, please visit www.wipfli.com
About Foley & Lardner LLP
With offices throughout the United States and across the globe, Foley combines powerful resources and award-winning client service to help you achieve your business objectives — efficiently and cost-effectively. We draw on the legal knowledge and hands-on industry experience of attorneys in more than 60 practice areas to provide the full spectrum of legal services — any of which can be tailored to meet your unique challenges.