Non-profit senior care providers, who have fiduciary responsibilities for their 403(b) tax-deferred retirement plans, including reporting and disclosure responsibilities, need to be gathering information to properly document these plans and prepare for financial statement audits. These two new compliance requirements will require substantial changes on the part of plan sponsors. For many plan sponsors, fulfilling these compliance requirements will likely require administrative practices that were never previously considered.
If you’re like others in the senior living industry, you are probably wondering how to prepare for the increasing demands of the aging baby boomers. Should you think about expansion? Do you need to upgrade to meet their demands for more amenities? Where can you find money to finance your plans?
The clinical consulting group at Plante & Moran offers the kind of value-added solutions you seek. They have a wide range of experience working with more than 700 senior care providers on services from RAC readiness reviews to staffing analysis and recommendations, as well as the hands-on knowledge from their previous positions as nursing assistants, staff nurses, MDS coordinators, directors of nursing, reimbursement specialists, and administrators. Together the clinical group consultants have 195 years of experience.
Whether you have one facility or a chain of facilities, we have the resources and expertise to handle your financial statement audit. We are one of the nation’s largest accounting, tax, and business management consulting firms, but you can depend on us for personal attention and service. They are part of our firm’s winning culture – our philosophy of putting the client first.
If the board members and executives of your tax-exempt, non-profit senior care facility have been paying little or no attention to how your Form 990 is completed, we suggest they change their priorities. The new version of Form 990 is substantially different from the prior version and is designed to enhance transparency – painting a clearer picture of the organization’s mission, finances, operations, and use of resources.
Our healthcare consultants also understand that each organization is different, so we will listen closely when you describe your challenges to our team, which includes former CFOs, administrators, DONs, and reimbursement and billing specialists.
PointClickCare is a healthcare management and billing software program that seamlessly integrates everything from personal data to financial/billing data to clinical documentation. Developed by Wescom Solutions, it is supported by Plante & Moran, an accounting and business management consulting firm that serves more than 1,800 healthcare organizations, including 500 long-term care providers.
When your revenue is controlled by Medicare, Medicaid, and other third-party payers, cost reporting and reimbursement are essential to your financial good health. Therefore, our senior care consultants stay on top of the most current issues in reporting and have developed an unparalleled expertise for our senior care providers, including skilled nursing facilities and home health agencies.
