Financial reports are documents you create to review and track how much revenue your facility is making (or not). Many facilities have outside investors, owners, shareholders, board members or lenders who require information contained in financial reports. They also have a right to know if their money is being spent wisely or returning a profit. After all, they are partially supporting your facility, and it is essential that they are kept up-to-date with your financial position.
When healthcare services shifted to the Prospective Payment System (PPS), after Congress passed the Balanced Budget Act of 1997, many providers thought that their Medicare cost reports would lose their significance. This was not the case. In addition to still being a requirement, they are also used for establishing future reimbursement rates and for benchmarking. And they are still being examined closely by the Office of Inspector General (OIG).
When you hear the words “using advanced technology”, do you think of a nursing home? A nursing home resident? Probably not. We typically think of a different generation entirely - those who are in their 20s, 30s, 40s, and even 50s. Older adults may have the lowest rates of technology use as compared to other age groups; yet, older adults are increasing their use of technology faster than any other demographic. Why? The increasing population of Baby Boomers. Baby Boomers who are going to expect Wifi, tablets and computers, not to mention streaming ability for music and television.
Topics: Clinical Consulting
By definition, the Resident Trust Fund is an account that is held by a Long-Term Care or Senior Living facility in order to manage the finances of the resident. Most of them are set up as one single bank account made up of all the participating residents’ funds combined; however, each resident’s transactions must be accounted for and documented individually. When the individual’s fund balance reaches $50, any additional funds must be placed in an interest bearing account and the residents will be entitled to a portion of the interest each month based on a set calculation for spreading that amount equitably. The facility and residents who receive Medicaid benefits must also be aware that if their funds go above the resource limitation threshold, they may lose their Medicaid coverage until the money is spent down.
In accordance with Section 6106 of the Affordable Care Act, the Center for Medicare and Medicaid Services (CMS), working towards greater accountability and accuracy, has introduced a means for nursing facilities to report electronically staffing information which will eventually be utilized in the determination of 5 Star Ratings on quality care. This system is known as the “Payroll-Based Journal” (PBJ), and is mandated to start on July 1, 2016.