Financial advisory and support offered by Affinity Health Services will help you understand your organization’s financial position and identify opportunities for improvement in your company’s bottom line.
The bedrock of financial viability is accurate accounting. A complete chart of accounts, accurate coding of revenue and expense, and accrual based financial reporting will assist you in understanding your current financial position. Our benchmarking services, key indicator monitoring, situational analysis, and forecasting services will assist you in long-term planning and future repositioning.
Financial Compliance / Support
- We offer a comprehensive internal audit program that focuses on the efficiency and effectiveness of all business office critical functions, such as: Billing and Census, Revenue Adjustments, Accounts Receivable, Accounts Payable and Fixed Assets;
- Fiscal Intermediary Audit Assistance; and
- Regulatory monitoring tools to measure Billing Compliance, Resident Trust Compliance and Cost Reporting.
Financial Accounting and Reporting
- Full Outsourcing of financial management functions;
- Chart of accounts development and implementation;
- Customization of financial reports to meet the Governing Body/Board of Directors’ needs and requirements;
- Cost report documentation and compliance;
- Compliance audits for business office internal control procedures;
- Direct hands-on assistance with independent audits;
- Financial/Operational reviews with Benchmarking Comparisons;
- Key Indicator monitoring;
- Management tools and reports;
- Assistance with management reporting, variance analysis and cost containment opportunities;
- Preparation of Annual Operating Budgets;
- Assistance with development of Capital Budgets to anticipate, plan, and fund future needs;;
- Strategies for market repositioning
- Strategies for renovation, construction or acquisitions; and
- Financial Forecasting and Situational Analysis.
Benefits of Affinity’s Financial Services
- Understanding of your current reality and future projections
- Budget controls and monitoring.
- Continuous and effective revenue and expense controls
- Efficient/timely Accounting Reporting Systems
- Improved cash flow
- Increased internal controls
- Lower Days Sales Outstanding (DSO)
- Reduced bad debt
- Timely month-end closing