Baptist Health South Florida, Inc. (BHSF) is a not-for-profit Florida corporation located in Miami-Dade County, Florida. BHSF is the largest healthcare organization in the region, owning and controlling more than 350 properties, including 10 hospitals as well as outpatient, surgery and rehabilitation facilities, express and urgent care centers, diagnostic imaging and endoscopy centers, and sleep centers. BHSF has approximately 19,500 employees plus more than 3,500 physicians.
In 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842) to dramatically change accounting requirements for leases. In order to interpret, analyze and comply with the new reporting standards relative to its leases, BHSF engaged a team consisting of Swenson Advisors, KSDT & Co., a financial accounting and advisory firm in South Florida, and the commercial real estate firm Cresa, San Diego.
KSDT, Cresa and Swenson Advisors are very pleased to have the opportunity to support BHSF in this project and to be able to offer expert resources to streamline the process and facilitate BHSF’s achieving compliance with the new standards.