Tahoe Forest Hospital District received a clean audit opinion of its fiscal year 2016 financial statements at the Regular Meeting of the TFHD Board of Directors held at the Tahoe Truckee Unified School District on October 27, 2016. A complete copy of the audit report is available here.
The audit was completed by the independent accounting firm K-Coe Isom based in Chico, California. The auditor’s “clean” opinion is that the financial statements fairly present the Districts’ financial position and results of operations. An unqualified or “clean” opinion is the highest audit opinion that can be received by an external auditor.
“Our improved accounts receivable and days cash on hand numbers, as well as the economic community benefit of our bond refinancing reflects our strong commitment to excellence in financial management and effective stewardship of taxpayer dollars,” said Harry Weis, Chief Executive Officer of Tahoe Forest Hospital District. “This audit puts building blocks in place for the District to continue to be agile and address the ongoing challenges from the Affordable Care Act. We are in a much better position than some other rural hospitals to preserve a very precious resource for our community.”
U.S. hospitals are facing major financial challenges due to new mandates originating from the Affordable Care Act (ACA). These include a changing payer mix—meaning the percentage of revenue coming from private insurance, government insurance and self-paying individuals—and lower reimbursement rates. Health Reform regulations will also significantly affect medical billing and coding (ICD-10), electronic health records, technology requirements, and more.