Capital, Budgeting and Finance Strategy
Anytime a healthcare organization is considering a significant change such as new service lines, remodeling or rebuilding, it is crucial to make the right strategic financing decisions. How will you structure the debt? What is the best source of funding? How will it affect your long-term financial viability? By answering these questions to help identify sources of capital and credit, strategic financing advisors can help you feel confident in your decisions. Strategic financing advisors work with you to provide the following financial strategy and related services:
- Board education
- Forecasted financial statements
- Pro forma analysis
- Debt capacity studies
- Lease versus purchase analysis
- Departmental budget development and training
- Physician demand modeling
- Market demand studies
Our healthcare team has in-depth experience working with healthcare organizations nationwide to assist them in making the right strategic financing decisions, including identifying funding sources.
MDS Training and Optimization
Senior living reimbursement is growing in complexity as the market transitions to value-based purchasing.
Business advisors will work with your team to ensure they understand the importance of proper documentation and ADL coding on your organization’s performance. The advisors will work with your team to develop ongoing training processes to enhance understanding of this vital process that provides you with improved data.
Eide Bailly will help you use this improved data to identify opportunities for process changes that will lead to optimization of your workforce, improved financial performance, and most importantly, better care for your residents.
Medicare/Medicaid Cost Reports and Reimbursement
Depending on your state plan, the Medicaid cost report can be the key to the financial success of your organization. Whether the cost report actually impacts future rates or just provides the state with operating data, the Medicaid cost report is important to your future reimbursement. Too often, facilities simply update last year’s Medicaid cost report without taking a strategic look at areas that may impact the future. Cost reports can also provide insight about opportunities for improvement, like areas of improved compliance and identification of operating components that are outside of industry norms.
Eide Bailly’s reimbursement specialists understand how important your Medicaid cost report is to your financial success. We’ll take time to understand your operations to help ensure proper Medicaid reimbursement, but also to provide you with identified areas of potential review for long-term improvement. We personalize our service, obtaining quality data and completing your cost report on time—not just-in-time.
Operational Strategy and Process Improvement
Healthcare organizations are operating in challenging environments—tight labor markets, moving to value-based reimbursement, adapting new technologies, all while being forced to implement cost-cutting policies that are providing diminishing returns. These factors make developing and maintaining a strong operational strategy mission-critical.
Business advisors can help you optimize care resources to improve your financial and operational performance, helping you become a market leader and deliver population health to your community. Business advisors can also help establish a sustainable system based on your data that your team can use to identify opportunities and bring them to fruition. The easy-to-navigate improvement methodologies are designed for your specific facility, not an industry benchmark.