A Team Of Experts On Call

Headline

LTC’s Finance Department provides clients with the unique advantage of having full-time financial expertise at their service on a constant basis. Cost effective and efficient, LTC Finance’s time-tested systems and processes offer clients accurate and precise financial reporting from our highly qualified group of CPAs. The finance team’s industry expertise and constant dedication to perfection enable clients to focus on their organization’s future growth and success.

  • Accounts Payable – Invoice posting and Review

    LTC works closely with each facility to develop an efficient invoice approval process. Vendor statements are reviewed monthly to ensure accuracy of invoice postings, and monthly spending variances are appraised by vendor and account category.

    The LTC Finance team quickly identifies invoice irregularities and reacts accordingly, saving money and providing accountability for all incurred expenses. “Critical Payments” are assessed and scheduled to ensure timeliness of payments for insurances, utilities and other critical expenditures.

    LTC Finance serves as the primary contact for vendor collection calls; vendor calls are logged for review in conjunction with check runs.

  • Cash Management

    As skilled nursing facilities nationwide have been faced with severe rate cuts, they must now manage their cash flow with greater scrutiny and expertise than ever before.

    Many facilities turn to banks for loans and/or revolving credit agreements and LTC Finance expertly manages the process, relieving the facility of an otherwise onerous and daunting burden. LTC coordinates Line of Credit borrowing base certificates; cash draw requests and covenant compliance. Daily book balances are consistently evaluated; this includes projected income and expenses based on historical data and intimate knowledge of the facility. Payroll account funding and resident funding are reconciled as necessary. All bank accounts are reconciled on a monthly basis, check runs are reviewed and processed bi-monthly (or per facility preference).

Ancillary Invoice/Consolidated Billing

Ancillary invoices are among the highest bills a facility receives, and they have the most potential for billing errors. LTC Finance Ancillary Specialists are experts in all aspects of ancillary and consolidated billing invoices, and have significantly lowered facilities’ ancillary expenses. LTC Ancillary specialists review all invoices for payer source and census accuracy. Based on the contract, charges are examined for inconsistencies such as outliers, per diem rates, do not ship list and MCD pending.

Thousands of dollars in credits are requested month over month from the ancillary vendors and are continuously monitored for inconsistencies. Standard analyses include contract analysis, PPD costs, high cost residents vs. revenue and Top 10 meds report. Consolidated billing invoices are also appraised for complete accuracy of charges.

  • Month End Close

    Month End Close

    Rigorous month-end reviews by our professionals ensure that all reportable data is accurate. Revenue and expense trends are analyzed to ensure complete accuracy and is structured to easily identify any issues of concern.

  • Financial Statement Preparation

    Financial Statement Preparation

    Monthly and annual Financial Statements are compiled and prepared. LTC Finance reports are professionally prepared and custom tailored to the individual needs of each client. Compliance with bank covenants is constantly tracked and monitored.

  • Assessment Tax Filing

    Assessment Tax Filing

    LTC Finance files accurate assessment tax returns per the specifications of each state. Understanding the various requirements of each individual state, our professionals constantly ensure reporting accuracy, assuring proper reimbursement.

  • Use Tax Filing

    Use Tax Filing

    Sales and Use Tax exemptions are coordinated, when applicable. Coordinate accurate filing of monthly, quarterly and annual tax returns.

  • Cost Report Coordination

    Cost Report Coordination

    Medicare and Medicaid Cost Report support is thoroughly managed; LTC works closely with the cost report consultants to ensure that costs reports are filed properly and that the facility gets maximum reimbursement.

  • Audit and Bank Exam

    Audit and Bank Exam

    Our team of accountants works closely with auditors, bank exams and due diligence exams, allowing ownership the peace of mind that their financial interests are being represented with the greatest of care and precision.

Finance Specialist Highlight

Steve Zicherman

Director of LTC Finance

Director of LTC Finance, Steve Zicherman earned his Masters in Accounting from Fairleigh  Dickinson University, and is a CPA with public accounting experience that includes the servicing of both large and midsize clients. As a senior accountant at PWC, Steve served as the field team leader for financial and compliance audits of some of the largest healthcare systems in New Jersey.

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