Trade Associations
Here's a look at documents from national and international trade associations
Featured Stories
US Gym Visitation Hit New Records in Q3, Driven by Budget Fitness Options
BOSTON, Massachusetts, Oct. 21 -- The Health and Fitness Association (formerly the International Health Racquet and Sportsclub Association) issued the following news release:
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US Gym Visitation Hit New Records in Q3, Driven by Budget Fitness Options
Health & Fitness Association's FIT Tracker shows sustained industry momentum through 2025.
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Visits to US commercial fitness facilities continued to climb in the third quarter of 2025, with both high-volume low-price (HVLP) and mid-priced gyms reaching record visitation levels, according to the latest Fitness Industry Traffic (FIT) Tracker
... Show Full Article
BOSTON, Massachusetts, Oct. 21 -- The Health and Fitness Association (formerly the International Health Racquet and Sportsclub Association) issued the following news release:
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US Gym Visitation Hit New Records in Q3, Driven by Budget Fitness Options
Health & Fitness Association's FIT Tracker shows sustained industry momentum through 2025.
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Visits to US commercial fitness facilities continued to climb in the third quarter of 2025, with both high-volume low-price (HVLP) and mid-priced gyms reaching record visitation levels, according to the latest Fitness Industry Traffic (FIT) Trackerfrom the Health & Fitness Association (HFA).
In the third quarter, average visits per facility rose more than 4% year-over-year, reaching nearly 47,000 visits per location, as value-oriented gyms powered growth across the country. HVLP locations recorded the strongest quarterly performance on record, with visitation 22% above pre-pandemic levels, while mid-priced gyms also achieved a new Q3 high.
"The latest FIT Tracker results reinforce what we're seeing across multiple HFA research initiatives as Americans continue to make fitness a consistent part of their lives," said Anton Severin, vice president of research at HFA. "The combination of accessibility, affordability, and convenience is fueling strong engagement across much of the industry."
Visitation frequency also increased with the average number of monthly visits per user up 2.5% compared with 2024, indicating that growth is being driven both by new participants and by more frequent use among existing members. Regionally, the Middle Atlantic, Pacific, and Mountain divisions led growth, highlighting nationwide demand for value-focused fitness options.
Together with HFA's Fitness Industry Benchmarking Report and US Health & Fitness Consumer Report, the FIT Tracker contributes to a comprehensive, data-driven view of the fitness landscape, linking visitation trends, business performance, and consumer behavior to inform business strategy, investment, and advocacy efforts that promote the benefits of regular exercise.
The FIT Tracker is based on anonymized foot-traffic data from nearly 11,000 US fitness facilities, analyzed in partnership with Sports Marketing Surveys USA (a Buffalo Groupe company) and powered by Placer.ai. The quarterly report is available free to HFA members and for purchase by non-members at healthandfitness.org/publications.
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About the Health & Fitness Association
The Health & Fitness Association (formerly IHRSA), a global community of industry leaders, is the only worldwide trade association providing a unified voice for the community of leaders who operate health and fitness facilities, offer professional guidance on physical activity, and provide the tools and equipment to do so to the millions of fitness facility members who understand that exercise improves their physical and mental health.
Through advocacy, education, and research, the association speaks to opportunities, challenges, and changes that are moving the industry into a new era.
Founded in 1981, the global association publishes a monthly magazine, Health & Fitness Business, and operates The HFA Show, the European Congress, and the Fly-In and Advocacy Summit. It also operates partnerships with ChinaFit, Fitness Brasil, and MEFIT Summit. Follow the Health & Fitness Association on Facebook, Instagram, LinkedIn, X and YouTube.
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Original text here: https://www.healthandfitness.org/about/media-center/press-releases/us-gym-visitation-hit-new-records-in-q3-driven-by-budget-fitness-options/
[Category: Health Care]
Operation Clean Sweep Concludes OCS CON 2025 in Indianapolis
INDIANAPOLIS, Indiana, Oct. 21 -- The Plastics Industry Association issued the following news release on Oct. 20, 2025:
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Operation Clean Sweep Concludes OCS CON 2025 in Indianapolis
Operation Clean Sweep (OCS), a globally recognized resin stewardship program jointly administered by the Plastics Industry Association (PLASTICS) and the American Chemistry Council (ACC) Plastics Division, successfully concluded OCS CON 2025 in Indianapolis this week. The three-day event brought together industry leaders from across the plastics value chain to advance solutions that prevent resin loss keeping
... Show Full Article
INDIANAPOLIS, Indiana, Oct. 21 -- The Plastics Industry Association issued the following news release on Oct. 20, 2025:
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Operation Clean Sweep Concludes OCS CON 2025 in Indianapolis
Operation Clean Sweep (OCS), a globally recognized resin stewardship program jointly administered by the Plastics Industry Association (PLASTICS) and the American Chemistry Council (ACC) Plastics Division, successfully concluded OCS CON 2025 in Indianapolis this week. The three-day event brought together industry leaders from across the plastics value chain to advance solutions that prevent resin loss keepingplastic resin in the circular economy and out of the environment.
OCS CON serves as the industry's premier forum for sharing tested strategies and innovations in preventing resin loss. The 2025 conference featured more than 35 speakers across 21 plus sessions, offering attendees a mix of panels, expert dialogues, and interactive discussions designed to promote collaboration, education, and continuous improvement across all segments of the plastics industry.
This year's event welcomed more than 130 attendees and included hands-on activities that demonstrated real-world applications of OCS principles:
* Two facility tours at Primex Plastics and Berry Global
* A waterway cleanup in partnership with Friends of White River
* An IndyCar Factory Tour at the Dallara Experience Hub and Indianapolis Motor Speedway Museum Experience
Honoring Champions in Resin Stewardship
A highlight of OCS CON 2025 was the presentation of the Operation Clean Sweep Difference Maker Awards, recognizing individual and organizational champions who have gone above and beyond in their efforts to prevent resin loss and protect the environment.
A total of five recipients were honored for their outstanding contributions to OCS.
For more information about the winners, click here (https://www.plasticsindustry.org/newsroom/operation-clean-sweep-recognizes-difference-maker-award-recipients-at-ocs-con-2025/).
OCS Brand Refresh: Leading the Way in Resin Stewardship
During the closing session, OCS unveiled its new brand identityand tagline, Leading the Way in Resin Stewardship.
The brand refresh, officially announced on October 17, reinforces OCS's leadership in responsible resin handling and reflects its evolution as a global movement dedicated to continuous improvement and measurable environmental outcomes.
"OCS CON 2025 demonstrated the incredible momentum and shared responsibility across our industry to prevent plastic resin loss and protect the environment," said Patrick Krieger, Senior Vice President of Sustainability and Policy at PLASTICS. "This year's event underscored how innovation, transparency, and accountability are reshaping the conversation on resin stewardship. We're not just talking about sustainability, we're seeing it in action through new technologies, stronger partnerships, and measurable results that keep plastic in the economy and out of the environment."
"OCS CON demonstrates how the plastics industry is leading the way on environmentally responsible solutions to resin loss, and this year was no exception," said Adam Peer, Senior Director of Plastics Sustainability at ACC. "Collaboration and strong partnerships underscore how innovative solutions and industry practices are shared to build a cleaner world."
The next OCS CON will take place in Houston, Texas, from October 14-16, 2026, continuing to build on the progress and partnerships established in Indianapolis. Please visit https://www.ocscon.org for more information.
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About the Plastics Industry Association
The Plastics Industry Association (PLASTICS) supports the entire plastics supply chain, including Equipment Suppliers, Material Suppliers, Processors, and Recyclers, representing over one million workers in our $551 billion U.S. industry. PLASTICS advances the priorities of our members who are dedicated to investing in technologies that improve capabilities and advances in recycling and sustainability and providing essential products that allow for the protection and safety of our lives. Since 1937, PLASTICS has been working to make its members, and the eighth largest U.S. manufacturing industry, more globally competitive while supporting circularity through educational initiatives, industry-leading insights and events, convening opportunities and policy advocacy, including the largest plastics trade show in the Americas, NPE: The Plastics Show.
About the American Chemistry Council's Plastics Division
The American Chemistry Council's Plastics Division represents America's Plastic MakersSM and the hundreds of thousands of scientists, engineers and technicians who develop plastics essential to modern life. From healthcare and clean energy to transportation and safe food and water, plastics drive innovation and strengthen the U.S. economy by supporting key industries and creating well-paying jobs. Companies are investing billions annually in U.S. production and recycling, advancing manufacturing and efficiency across economic sectors. We envision a future where all plastic products are reused or recycled, conserving resources and creating a cleaner, safer and more resilient world.
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Original text here: https://www.plasticsindustry.org/operation-clean-sweep-concludes-ocs-con-2025-in-indianapolis/
[Category: Industrial Materials]
National MS Society: ACA Marketplace Premiums Set to Increase Without Urgent Congressional Action
NEW YORK, Oct. 21 -- The National Multiple Sclerosis Society issued the following news:
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ACA Marketplace Premiums Set to Increase Without Urgent Congressional Action
Individuals and families who purchase health insurance through the Affordable Care Act (ACA) Marketplace may face significantly higher premium rates for 2026 insurance coverage due to Congress' failure to extend enhanced advanced premium tax credits (eAPTCs). This update is intended to provide more information for those purchasing insurance through the Marketplace for the 2026 plan year. Below is background on the issue, outlining
... Show Full Article
NEW YORK, Oct. 21 -- The National Multiple Sclerosis Society issued the following news:
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ACA Marketplace Premiums Set to Increase Without Urgent Congressional Action
Individuals and families who purchase health insurance through the Affordable Care Act (ACA) Marketplace may face significantly higher premium rates for 2026 insurance coverage due to Congress' failure to extend enhanced advanced premium tax credits (eAPTCs). This update is intended to provide more information for those purchasing insurance through the Marketplace for the 2026 plan year. Below is background on the issue, outliningoptions for consumers and how people affected by MS can take action to urge Congress to protect affordable access to high-quality care.
Background On Premium Tax Credits
The ACA transformed the way many Americans access insurance coverage. To help ACA coverage be more affordable, the law established advance premium tax credits which are available based on income. These tax credits were later enhanced by Congress to increase their affordability and availability.
Today, over 24 million Americans access their insurance through the Marketplace - including small business owners, people whose jobs don't offer health insurance coverage and those with incomes too high to qualify for Medicaid but who would be unable to afford to purchase private coverage without support. The enhanced tax credits have been vital in gaining health insurance for many of these Americans, but they are set to expire on December 31, 2025.
What Does This Mean for People Living With MS?
In the majority of states, open enrollment to purchase health coverage runs from November 1, 2025, through January 15, 2026. The expiration of the enhanced tax credits also has an impact on those who are not enrolled in ACA coverage. Insurers have already finalized their premium rates for next year, with many citing rising healthcare costs and the expiring tax credits driving people away from purchasing insurance, as factors in the sharpest rate increase (18%) enrollees have seen since 2018.
On average, premium payments are expected to increase by 114% due to substantial rate increases and the termination of the enhanced tax credit. Consumers can expect to receive information about rate increases this fall.
Those purchasing insurance through the Marketplace this year can reach out to the National MS Society's MS Navigator program for additional information and support in their search for a plan that is best suited for their needs.
How You Can Help
The Society has tirelessly advocated for a permanent extension of the enhanced tax credits with Congress since 2024 and will continue to work with Congress to protect access to these critical tax credits. Congress still has time to protect access to affordable coverage. Two ways you can join us:
Reach out to your representatives. The Society has launched an Action Center to help people affected by MS speak out on a critical issue. You can easily contact your members of Congress to urge them to extend and make permanent important health care tax credits.
Share your experience as an enrollee who relies on Marketplace coverage. If you've benefited from these credits or received notice of rising premiums for 2026, we want to hear from you. You can share your personal story through the Action Center. The Society will always ask for permission before sharing any story publicly.
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About Multiple Sclerosis
Multiple sclerosis is an unpredictable disease of the central nervous system. Currently there is no cure. Symptoms vary from person to person and may include disabling fatigue, mobility challenges, cognitive changes, and vision issues. An estimated 1 million people live with MS in the United States. Early diagnosis and treatment are critical to minimize disability. Significant progress is being made to achieve a world free of MS.
About the National Multiple Sclerosis Society
The National MS Society, founded in 1946, is the global leader of a growing movement dedicated to creating a world free of MS. The Society funds cutting-edge research for a cure, drives change through advocacy and provides programs and services to help people affected by MS live their best lives. Connect to learn more and get involved: nationalmssociety.org, Facebook, X (formerly known as Twitter), Instagram, YouTube or 1-800-344-4867.
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Original text here: https://www.nationalmssociety.org/news-and-magazine/news/advocacy-breaking-news-4
[Category: Health Care]
Nacha Welcomes Spire as Its Newest Nacha Preferred Partner
RESTON, Virginia, Oct. 21 -- Nacha - The Electronic Payments Association issued the following news release on Oct. 20, 2025:
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Nacha Welcomes Spire as its Newest Nacha Preferred Partner
Nacha announced today that Spire is now a Nacha Preferred Partner for ACH Experience/Fraud Monitoring/Open Banking.
Spire brings ACH payments directly into everyday commerce through a merchant-branded Pay-by-Bank solution--built on a full-service ACH payments platform--which is accepted at 99% of merchants in the United States. This expands the reach of ACH with a frictionless experience for consumers and
... Show Full Article
RESTON, Virginia, Oct. 21 -- Nacha - The Electronic Payments Association issued the following news release on Oct. 20, 2025:
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Nacha Welcomes Spire as its Newest Nacha Preferred Partner
Nacha announced today that Spire is now a Nacha Preferred Partner for ACH Experience/Fraud Monitoring/Open Banking.
Spire brings ACH payments directly into everyday commerce through a merchant-branded Pay-by-Bank solution--built on a full-service ACH payments platform--which is accepted at 99% of merchants in the United States. This expands the reach of ACH with a frictionless experience for consumers andmerchants. Sellers reap benefits including faster settlement times and lower fees. These savings can be reinvested into loyalty programs that yield stronger customer relationships and expand adoption of ACH as a preferred payment method.
"Growing the modern ACH Network and making ACH payments easier for consumers are two of Nacha's key goals," said Jane Larimer, Nacha President and CEO. "We are pleased to welcome Spire as a new Nacha Preferred Partner."
"Becoming a Nacha Preferred Partner is an important milestone for Spire," said Matt Brennan, Spire CEO. "Our mission is to lower merchant processing fees, strengthen loyalty, and give consumers a seamless, secure way to pay directly from their bank. Partnering with Nacha helps advance the ACH Network as we lay the foundation for broader adoption of Pay-by-Bank and a future where merchants and consumers both benefit from the power of ACH."
Nacha's Preferred Partner Program is open to any technology solution provider whose offerings align with the Nacha strategy of advancing the ACH Network. For more information about the program, visit Nacha's Preferred Partner page.
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About Nacha
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 33.6 billion ACH Network payments made in 2024, valued at $86.2 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
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About Spire
Spire is redefining everyday payments with a merchant-branded Pay-by-Bank solution built on a full-service ACH platform. By leveraging the Discover(R) Global Network, Spire enables payment acceptance at 99% of U.S. merchants, without new hardware, complex integration, or added operational lift.
With Spire, merchants lower acceptance fees and reinvest savings into loyalty programs that stregthen customer relationships. Our ACH-based platform delivers industry-leading performance with 90%+ enrollment acceptance and 98%+ approval rates, while giving merchants more data, more control, and a direct connection to their customers. Consumers enjoy a seamless sign-up and the flexibility to pay their way - in-app, with an EMV card, or through a digital wallet - while earning rewards that matter. Every ACH-powered transaction becomes a branded, loyalty-building opportunity for merchants and a more rewarding experience for customers.
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Original text here: https://www.nacha.org/news/nacha-welcomes-spire-its-newest-nacha-preferred-partner
[Category: Business]
EEI Podcast: Industry Leaders on Building America's Workforce
WASHINGTON, Oct. 21 -- The Edison Electric Institute issued the following news release on Oct. 20, 2025:
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New EEI Podcast: Industry Leaders on Building America's Workforce
Careers in Energy Week Episode Highlights Ongoing Efforts to Develop Next-Generation Energy Workforce Initiatives and Forge Strong Partnerships
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The Edison Electric Institute (EEI) today released a new episode of its Electric Perspectives podcast featuring FirstEnergy Pennsylvania President John Hawkins and Center for Energy Workforce Development (CEWD) Executive Director Missy Henriksen. In this conversation hosted
... Show Full Article
WASHINGTON, Oct. 21 -- The Edison Electric Institute issued the following news release on Oct. 20, 2025:
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New EEI Podcast: Industry Leaders on Building America's Workforce
Careers in Energy Week Episode Highlights Ongoing Efforts to Develop Next-Generation Energy Workforce Initiatives and Forge Strong Partnerships
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The Edison Electric Institute (EEI) today released a new episode of its Electric Perspectives podcast featuring FirstEnergy Pennsylvania President John Hawkins and Center for Energy Workforce Development (CEWD) Executive Director Missy Henriksen. In this conversation hostedby EEI President and CEO Drew Maloney, the industry leaders discussed the electric power industry's workforce development priorities, new apprenticeship partnerships and training programs, and how EEI's member companies are preparing the next generation of skilled energy workers.
In the episode, Hawkins and Henriksen reflected on:
* Investing in a skilled and ready workforce: "Our communities rely on a resilient and reliable grid, so we have to have a workforce that has advanced skills and expertise to deliver on those expectations," said Hawkins. "We're investing $28 billion across our footprint through 2029... $15 billion [in Pennsylvania alone] in infrastructure enhancements, people, processes, and facilities--and the key word there is people."
* Fostering strong partnerships: "One of the keys to making [FirstEnergy's new apprenticeship program] possible is the partnerships, and one of the most important partnerships--and one of our most important stakeholders--is our union partners," said Hawkins. "These aren't just jobs, these are careers, and we felt [success] wouldn't have been possible without our union partners."
* Preparing for the future: "We're really seeing employers looking at their hiring practices with a great deal of innovation," said Henriksen. "It's no longer, 'Hey HR, we need to hire some people,' but it's an increasing commitment to the long game and attracting talent. We're seeing companies work together more closely in these efforts so that a rising tide will lift all boats."
* Celebrating Careers in Energy Week: "There are lots of things CEWD is excited about," said Henriksen. "We will have new research coming out on the public's understanding of energy careers and we will be holding a virtual Energy Works forum that will showcase energy careers to hundreds of students and career seekers."
Click here (https://www.electricperspectives.com/podcast-careers-in-energy-week-cewd-firstenergy) to listen to the full interview, and explore our latest episodes below:
* Duke Energy's Commitment to Affordability and Reliability -- featuring Duke Energy President and CEO Harry Sideris
* Driving Energy Policy Discussions in Washington -- featuring EEI President and CEO Drew Maloney
* Meeting Demand With Flexible Generation -- featuring Andrew Phillips, business development manager at Wartsila, and Dylan Bearce, senior director of energy resources operations at Tucson Electric Power
* Delivering a Reliable, Secure, Affordable Energy Future -- featuring Pepco Holdings President and CEO Tyler Anthony
The Electric Perspectives podcast discusses the latest trends and issues shaping the electric power industry. Each episode features an interview with guests including leaders from EEI and our member companies, government and industry partners, and energy thought leaders and experts. Click here (https://www.electricperspectives.com/podcast/) to listen to more episodes and subscribe wherever you listen to podcasts.
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About EEI
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide safe, reliable electricity for nearly 250 million Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 50 international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
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Original text here: https://www.eei.org/News/news/All/careers-in-energy-week-podcast
[Category: Energy]
Delivering Solutions 25, the AHCA/NCAL Convention & Expo, Returns With Record Numbers in Las Vegas
WASHINGTON, Oct. 21 -- The American Health Care Association and National Center for Assisted Living posted the following news release on Oct. 20, 2025:
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Delivering Solutions 25, the AHCA/NCAL Convention & Expo, Returns with Record Numbers in Las Vegas
Largest long term care event of the year gathers again for all-new events, education, and celebrations
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Today, the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) officially welcomed more than 3,000 attendees to its annual Convention & Expo dedicated to the long term and post-acute care profession. Delivering
... Show Full Article
WASHINGTON, Oct. 21 -- The American Health Care Association and National Center for Assisted Living posted the following news release on Oct. 20, 2025:
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Delivering Solutions 25, the AHCA/NCAL Convention & Expo, Returns with Record Numbers in Las Vegas
Largest long term care event of the year gathers again for all-new events, education, and celebrations
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Today, the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) officially welcomed more than 3,000 attendees to its annual Convention & Expo dedicated to the long term and post-acute care profession. DeliveringSolutions 25 is the much-anticipated return of the event after AHCA/NCAL was forced to cancel last year's convention due to Hurricane Milton. The enthusiasm for this year's event is on display as thousands of long term and post-acute care professionals and business partners convene in Las Vegas for four days of education, networking, and inspiration.
"As a profession, we don't take for granted the opportunity to spend time together, and reconnect on the reason we do this important work--the residents," said Clif Porter, president and CEO of AHCA/NCAL. "This is officially my first convention at the helm of AHCA/NCAL, and I just feel an immense sense of gratitude and excitement, like many attendees. There is much to reflect on and celebrate from the previous year, and it's also a time to set our sights on what's next. This week allows us to share ideas, unify our vision, and prepare for the growing demand for care."
The week's events started on Sunday with record-breaking attendance at NCAL Day, which brought assisted living professionals together for specifically tailored education. Attendees had the opportunity to visit the onsite Dementia Empathy Experience Program (DEEP) and learn more about the association's LTC Data Cooperative, a resource that assembles electronic health record data for providers and researchers. In addition, AHCA/NCAL hosted its inaugural Networks Day for professionals leading clinical, operational, or financial strategy for provider-owned networks. Sunday was also host to the Rehabilitation Therapy Symposium, a four-hour educational opportunity for rehabilitation therapists.
Today, the conference continues with the opening general session featuring keynote speaker Allison Massari, an entrepreneur and visual artist, who delivers stories of resilience stemming from her own experiences with adversity.
On Tuesday, the Association will honor long term and post-acute care organizations and professionals who are raising the bar. At the Elevating Excellence Awards Ceremony, the 878 recipients of this year's AHCA/NCAL Quality Awards Program will be recognized, including three facilities at the elite Gold level. The award ceremony will also honor the most recent recipients of the Mary K. Ousley Champion of Quality Award, the Jan Thayer Pioneer Award, and the AHCA/NCAL Awards Program.
Social commentator Jonathan Pontell, who coined the term 'Generation Jones,' will deliver the closing keynote on Wednesday. His work exploring a specific set of aging Americans delivers impactful insights as the long term and post-acute care profession prepares for the next generation of residents.
"This year has a lot in store for attendees--some events may surprise them, others may challenge them to think differently about their work, but all will inspire," said Phil Scalo, AHCA Board Chair. "This is a critical time for our profession to embrace innovation and new ways to approach care. We've living in a constantly changing world of technology and increasing demand, and yet our constant is delivering high-quality care. There's no doubt this week will be memorable."
Delivering Solutions 25, which offers more than 100 education sessions and more than 300 exhibitors, runs through Wednesday, October 22.
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Original text here: https://www.ahcancal.org/News-and-Communications/Press-Releases/Pages/Delivering-Solutions-25--Returns-Record-Numbers-in-Las-Vegas.aspx
[Category: Health Care]
AICPA Experts Offer Advice to Help During Times of Financial Hardship and Job Loss
NEW YORK, Oct. 21 -- The Association of International Certified Professional Accountants issued the following news release:
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AICPA Experts Offer Advice to Help during Times of Financial Hardship and Job Loss
Washington, D.C. - Dealing with job loss or job uncertainty can take a huge toll on mental and financial well-being. As a result of the recent government shutdown, some Americans are experiencing the effects or possibility of an unplanned employment gap. The American Institute of CPAs (AICPA) has tips for those who have been directly affected.
"Job loss and uncertainty can feel paralyzing,
... Show Full Article
NEW YORK, Oct. 21 -- The Association of International Certified Professional Accountants issued the following news release:
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AICPA Experts Offer Advice to Help during Times of Financial Hardship and Job Loss
Washington, D.C. - Dealing with job loss or job uncertainty can take a huge toll on mental and financial well-being. As a result of the recent government shutdown, some Americans are experiencing the effects or possibility of an unplanned employment gap. The American Institute of CPAs (AICPA) has tips for those who have been directly affected.
"Job loss and uncertainty can feel paralyzing,but it can also be a catalyst," says Dan Snyder, CPA/PFS, Director of Financial Planning at the AICPA. "Setting immediate priorities and a workable a plan for current essentials can lessen some of the stress in times of furloughs or job uncertainty."
Financial planning experts at the AICPA recommend the following:
Job Loss or Furlough
* If you are a federal employee, use the shutdown assistance map for resources.
* Review your budget or cash flow and prioritize essentials. Categorize your expenses as "needs" versus "wants" to identify where you can adjust your spending. Pause discretionary spending and focus on housing, food and healthcare.
* Evaluate your emergency fund to see how long it will cover essentials.
* If eligible, apply for unemployment benefits.
Start by checking your eligibility requirements in the state where you worked. There is no federal benefit program and each state sets its own guidelines.
* If you seek other or temporary employment, consult your employer's policies before taking on additional jobs.
This is especially common in government or public-sector employment, where specific ethical rules and regulations are in place to prevent potential conflicts of interest.
* Evaluate sources for cash flow such as home equity or unsecured lines of credit. Another source of cash is a loan from your federal Thrift Savings Plan, much like a loan from a 401k plan. Some of these options have downsides including potential double taxation so evaluate your options carefully.
* Communicate with your creditors if you are struggling with payments.
Some financial institutions offer assistance in the form of payment deferrals, loan modifications and other types of assistance. There may also be specific assistance available to federal workers.
Ahead of a Job Loss
Shore up resources - an emergency fund. Sudden unemployment is exactly what an emergency fund is made for. Take any extra income and use it to pad your emergency fund. A good goal is to have enough money to cover between three and six--or even nine--months' worth of expenses. Start small with a manageable minimum weekly contribution, then add more whenever possible.
* Manage spending with a month-to-month budget.
Establish a current view of your income and how much of it is absorbed by obligations like rent, mortgage and car payments.
* Use credit cards cautiously.
Unpaid balances that grow with high interest charges, along with an income interruption can be a "perfect storm" of financial distress.
* Start networking
Stay ahead of the situation and start networking in your industry now so that if you do lose your job, you'll have others who know you to help you find a new position.
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About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world's largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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Original text here: https://www.aicpa-cima.com/news/article/aicpa-experts-offer-advice-to-help-during-times-of-financial-hardship-and
[Category: Accounting]
