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111 People Charged in Medicare Scams Worth $225 Million

MIAMI (AP) - Federal authorities charged more than 100 doctors, nurses and physical therapists in nine cities with Medicare fraud Thursday, part of a massive nationwide bust that snared more suspects than any other in history.

More than 700 law enforcement agents fanned out to arrest 111 people accused of illegally billing Medicare more than $225 million. The arrests are the latest in a string of major busts in the past two years as authorities have struggled to pare the fraud that's believed to cost the government between $60 billion and $90 billion each year.

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Public Policy Update

 AARP Public Policy Institute

Weathering the Storm: The Impact of the Great Recession on Long-Term Services and Supports

by: Jenna Walls, Kathleen Gifford, Catherine Rudd - Health Management Associates, Rex O'Rourke, Martha Roherty, Lindsey Copeland - National Association of States United for Aging and Disabilities, Wendy Fox-Grage - AARP Public Policy Institute | from: Public Policy Institute | January 2011

This report documents how the recession continues to affect state programs for older individuals and adults with physical disabilities. States have used many administrative tools to curtail expenditures. At the same time, demand for publicly funded services has grown, and resources-including staff-are stretched thin, according to this new 50-state study.  

Thirty-one states cut non-Medicaid aging and disability services programs in fiscal year (FY) 2010, with more than half of the states reporting increased demands for information and referrals, home-delivered meals, respite, case management, personal care assistance, family caregiver support, transportation, and homemaker services. Twenty-eight states anticipated making cuts to these programs in FY 2011, when an end to American Recovery and Reinvestment Act stimulus funding will put fiscal pressure on state Medicaid budgets.

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Personal Finance

Small Business

Cash Versus Accrual Accounting

There are two basic accounting methods available to most small businesses: cash or accrual.

Cash method. If you use the cash method of accounting, you record income only when you receive cash from your customers. You record an expense only when you write the check to the vendor. Most individuals use the cash method for their personal finances because it's simpler and less time-consuming. However, this method can distort your income and expenses, especially if you extend credit to your customers, if you buy on credit from your suppliers, or you keep an inventory of the products you sell.

Accrual method. With the accrual method, you record income when the sale occurs, whether it be the delivery of a product or the rendering of a service on your part, regardless of when you get paid. You record an expense when you receive goods or services, even though you may not pay for them until later. The accrual method gives you a more accurate picture of your financial situation than the cash method. This is because you record income on the books when it is truly earned, and you record expenses when they are incurred. Income earned in one period is accurately matched against the expenses that correspond to that period, so you get a better picture of your net profits for each period.

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Insurance