In today’s ever-changing health care environment, rural hospitals are facing increasing financial and operational challenges.
Many facilities operate without a full or dedicated financial staff. A lack of resources is further complicated by the financial pressures resulting from the large part of the demographic who are reliant on government insurance programs, without insurance, or those who have private insurance with tighter negotiated reimbursement rates. Additionally, there are costs involved in submitting and resubmitting claims, managing preregistration procedures and authorizations, and in dealing with a potential shift from fee-for-service payments to value-based reimbursements.
Combine those forces with needed investments in infrastructure and technology, and it is apparent that hospitals must have sound financial staff and strategies in place to maintain their financial position.
The professionals at CFO Systems understand the challenges rural hospitals face. Our team members have provided strategic management, accounting and finance functions, and human resource leadership and assistance to hospitals, clinics, long-term care facilities, senior living communities, and specialty practices. Our experts possess a thorough comprehension of revenue cycles, reimbursement structures, accounting departments, staffing needs, and infrastructure. Most importantly, we offer expertise without the cost or commitment of a full-time employee.
Our services include:
- Part-time, interim, or timeshare financial and HR leadership
- Reviewing monthly financials and variance reporting as well as assisting with adjusting journal entries and action plans
- Reviewing cost reports for identification of trends, variances from market level of expenses by category, and action plans
- Reviewing revenue cycle processes and making recommendations for potential changes (e.g. third-party billing, training, etc.)
- Evaluating physical plant and fixed assets for obsolescence and forecast capital requirements
- Managing cash forecasting and financial modeling
- Determining optimal bed utilization and making recommendations for strategic use of the facility
- Assisting in audit, budgeting, variance reporting, and operations recommendations
- Reviewing accounting staff and organizational structure to include cross training and documentation
- Assisting CEO and Board with strategic initiatives and presentation format including dashboards
- Assisting with HR needs including staffing, compliance, and benefit analysis
- Analyzing fees (fee review of brokers, insurance, benefits, investments, debt, etc.