Services We Offer
•Medicare and Medicaid Cost Report preparation
We have been preparing cost reports for over 25 years. We understand the structure and critical components of the Illinois Medicaid cost report, so you can be confident that your report will be accurate and filed on time. The Medicare reimbursement structure has changed from a cost based to a prospective payment system, and although there is no longer a settlement of costs derived from the Medicare cost report, the report is still significant as it is one of the mechanisms in which future reimbursement rates are based, and by which a facility can file their co-insurance bad debt claims. Your cost report will be reported accurately and we can work with you to make certain you will receive the maximum amount for your co-insurance claims. And if applicable, we will file your Medicare Home Office cost report and/or your Medicare Home Health cost report.
•Illinois Medicaid Capital Reports
Many facilities don’t realize that even when Medicaid rates are frozen, there may be a way to increase the capital portion of your Medicaid rate. We have the experience and expertise needed to determine whether or not your facility qualifies for a capital rate increase, and the ability and tact to dispute the State’s proposed adjustments to ensure that your facility receives all it is entitled to.
•Preparation and/or review of Medicare Bad Debt Reports
The process of completing Medicare bad debt reports is cumbersome and tedious and, if not done properly, can result in the permanent inability to collect those co-insurance bad debts. Many bookkeepers don’t fully understand the requirements to claim a co-insurance bad debt, and they can be disallowed, not only with incorrect Medicaid billing codes, but with just the slightest discrepancy. We can review your bad debt claims at a cursory level, where we can quickly weed out obvious issues such as inconsistent dates, or review them in more detail if given the back-up documentation.
•990 tax return preparation for non-profits
The Form 990 can be a time consuming task with some areas being difficult to understand and complete. We use the Form 990 Online service to prepare the return quickly and efficiently, and then e-file it.
•Monthly and/or quarterly financial statement preparation/review
We believe that receiving and understanding a facility’s financial results on a monthly basis is crucial for management’s ability to properly operate a nursing home. Many facilities are either under-staffed in the accounting department or don’t have the expertise to adjust, reconcile and prepare the data, as well as present it in a readable, professional format. We work with facilities on a monthly basis to prepare bank reconciliations, adjust accounts and record accruals to ensure that the financial statements are accurate and presentable. We will also identify any large variances for management so that any irregularities or inconsistencies are understood.
•Preparation of month-to-month or annual projections
Whether needed by a lender for a new acquisition or by current management to assess the viability of a new/existing project, a projection is a good way to gauge the potential profitability or cost effectiveness of that project/acquisition. These projections are time consuming and often times are not able to be completed by the facility’s accounting staff. We will work with management and their assumptions to create a projection that will enable you to determine if your project or acquisition is feasible.
•Assist in annual budget preparation and variance analysis
Budgeting can be an integral part of assessing the performance of a facility and can help determine measures to take for future success. We can assist you in the budgeting process and monitor and compare the budget to actual results on a monthly, quarterly or annual basis.
•Assistance in securing bank financing
With our experience and banking contacts, we can introduce you to lenders that can realistically provide financing at reasonable terms. We can assist with the financial reporting and ratios that banks require to determine whether they can provide the financing you are seeking. Prior to starting Templin Healthcare Accounting Services, we were successful in closing over 20 mortgage loans totaling approximately $115 Million, and $20 Million in Lines of Credit.
•Loan compliance assistance, including borrowing base calculations and covenant compliance
Loan covenants can be tedious and complex and banks can have strict reporting requirements. Not only do these reports need to be filed timely, variances in performance need to be explained. With our extensive experience working with lenders, we can assist you with covenant requirements, borrowing bases and other compliance issues. We can be the liaison to your lender, supply them with the information they need and explain it to them in the terms they will understand and appreciate.
•Sale and acquisition assistance
Whether purchasing or selling a facility, it is crucial to know the value of the facility and other factors that can effect performance in the future. With our experience in valuing facilities based on cash flow, we can calculate a reasonable offering price, or give you an estimate of what your facility is worth.
We provide many more services than are mentioned above. If you do not see a particular service, please call to inquire and we will determine whether we can fulfill your need.