About
Wise Health System has established a progressive philosophy in the delivery of health care and continues to expand services as well as purchase state-of-the-art equipment to provide with the latest in diagnostics, treatment, and support.
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Challenge
Wise Health Systems was struggling to adopt and comply with the FASB issued Accounting Standards Update (ASU) regarding leases.
(2016-02, Leases Topic 842)
Mohr’s goal was to provide lease accounting support and help Wise Health achieve compliance with FASB and the new standard issued while also optimizing the lease-to-pay process.
Process
Wise Health retained Mohr Partners, Inc. to exclusively provide Lease Accounting Support for approximately 100 leases using the lease accounting system, Lease Accelerator, which delivers long term sustainable compliance.
MPI managed their leased real estate properties, assets and equipment as part of Lease Accounting services provided.
Results
Wise Health gained long term compliance with ASC 842, IFRS 16 and GASB 87 through the Client Accounting System which optimizes the entire global leasing process.