What is CHOW?
Hey everyone, you remember Harold.
What’s up, Harold? I’m so happy to have you back here. Everybody’s been asking to have Harold back, so we got you back.
We’re not going to talk rapping today, we’re going to talk business. You want to talk some business?
Absolutely. What do you want to talk about?
I want to talk about CHOWS.
Yeah. Could we talk about that?
Do you know what CHOW means?
Um…a fine Chinese restaurant?
OK, in the healthcare realm, CHOW, does that mean anything to you?
Let me tell you, CHOW stands for change of ownership.
Stop right there. I’m sure it does.
No, you see how change, CHOW, change of ownership.
Shouldn’t that be COO? Or is that your title?
Was that already taken?
Don’t start getting personal. Yeah, I guess COO would make sense.
Do they have a suggestion box? I could throw that in.
If they did, you should drop that in. I think that’s a good idea. But that’s what the industry calls it. When there’s a transaction going on and there’s a change of ownership, they’re going through a CHOW.
And what does that process entail?
It’s a very difficult process. It’s a lot of different pieces, mainly financial, that need to be done in order to make sure that every part of the transaction is set up for them to go live.
Interesting. How do most operators/owners maneuver through that process?
They usually would either choose to work with an attorney or they would actually try…
And they pay the attorney legal fees through the financial paperwork?
Yeah, it doesn’t really make sense because they actually don’t handle a lot of the financial stuff anyway. I don’t know why. Some of them would try to wing it on their own and see if they can make those deadlines….
Always trying to outsmart the system.
Yeah, I don’t know why people don’t realize there’s a solution out there.
Well, what do you suggest?
Well, you know at LTC we handle everything for a CHOW from A to Z.
Yeah, licensure. Of course we handle that.
A to Z…Medicare/Medicaid Enrollment?
Managed Care Contracting?
You know that’s a big focus of ours, of course we do that.
Bank account structuring?
Bank account structuring. Come on, yeah. A to Z. I’m serious.
A to Z? What about the old AR that I inherit with my acquisition?
Do you know we have a team of specialists that focus on collecting outstanding AR and write offs when there was a change of ownership? Of course, this is something we’re very big about.
OK, time out. Is there anything you don’t handle? Is there a catch?
What don’t we handle? We don’t change carpets when they’re getting replaced.
I knew it! There’s a catch.