With a new year underway, it’s important for accounting and finance professionals in all long-term post-acute care (LTPAC) settings to be aware of reporting updates that may have slipped your mind while getting through year end. In 2016, The Financial Accounting Standards Board (FASB) issued a previously proposed update (ASU 2016-14) that will affect nonprofit entities. The time has now come to get familiar with the details of this update, as it is effective for fiscal years beginning after December 2017.
Accounting and finance professionals are currently in high demand across a wide range of industries, and the long-term post-acute care (LTPAC) industry is no exception. As a result, this makes it difficult for LTPAC providers to attract and retain qualified in-house controllers.
The experience, insights and expertise of a qualified controller are essential to maintaining current quality levels, ensuring profitability, and enabling future growth. So, how do you know if your LTPAC organization is in need of a contract controller? Ask yourself these questions:
For long-term post-acute care (LTPAC) providers, budget season is here! In fact, most organizations are already in the midst of finalizing their numbers for approval in the upcoming year.
Every industry approaches budgeting differently, but when it comes to long-term care, there are certain areas that require special attention. The most frequent budget-related questions I receive from clients have to do with comparisons between actual expenses and what was originally projected. There are certain areas that seem simple, but if they are missed can cause frustrations and large variances when the time period comes.
It’s that time of year again! If your Fiscal Year ends on December 31, you’ve probably been asked to start compiling your data in preparation for your 2017 operating budget. There is no doubt that the budget process can be grueling, but with a good strategy and some preparatory “leg work”, you can see the process through and produce some valid numbers that you can rely on for next year. The last thing that any manager wants to see is a budget that is not based on given, reliable history.
The time has now arrived for providers to submit their Payroll-Based Journal (PBJ) staffing and census data.
The Management of Petty Cash in a nursing facility or assisted living residence is often assigned to the front desk receptionist, Activity Department Head or Business Office Manager. Petty cash is essentially a small amount of money used for expenditures where it is not necessary to utilize a check. Expenditures in a senior living community may be for items such as activity Department supplies (such as the monthly birthday cake for a resident party), a quick trip to the grocery store, gas for the facility bus, maintenance supplies that could not be ordered in advance, etc.
Long-term care insurance has been available for over thirty years. It is becoming increasingly popular for persons to purchase long-term care insurance as they begin to prepare for their potential care needs in the future. Typically, Long-Term Care insurance is attractive to those with assets over $50,000. Those with assets less than $50,000 would generally spend those assets quickly should a medical need arise and potentially qualify for Medicaid.
The most important account to reconcile is the cash account. The amount of cash on the “books” should be consistent with the monthly bank statement balance. The Cash Flow statement should always be updated once the bank reconciliation is complete. Cash Flow problems are not fun, you never want cash to be understated or overstated when trying to prepare for the next check run. Bank Statements are prepared and issued the week after the month ends; it is good to start them as soon as received to allow ample time for research on any unknown items.