We Help Hospital CFOs Deliver Outstanding Service in Challenging Times
COVID-19 has created a cash crunch for many hospitals across the nation with an estimated loss of $200 billion between March 1st and June 30th, according to a report from the American Hospital Association. More than $161 billion of the expected revenue losses will come from canceled services, including nonelective surgeries and outpatient treatment. Moody’s Investors Service said the sharp declines in revenue and cash flow caused by the suspension of elective procedures could cause more hospitals to default on their credit agreements this year than in 2019.
Free yourself to focus
CFO’s need to focus on those areas of greatest need without compromising their ongoing “regular” work. We provide hospital CFO’s with remote accounting teams to manage their routine audit and reporting functions. Support can range from simple bookkeeping or facility monthly financial statements to more complex issues like completing cost report interim settlements, balance sheet estimates, or revenue cycle benchmarks.
Your Virtual Team
We provide your CFO a dedicated scalable virtual accounting & financial team, lead by a chartered accountant with a minimum of 5 years of experience working under your direct supervision. As a dedicated resource your team lead will progressively become an intricate part of your overall team.
Prepare and communicate monthly, quarterly and annual financial statements
Conduct all month-end closing activities including general ledger and balance sheet accounts
Assess and evaluate the financial performance of your organization with regard to defined operational metrics, operational goals, budgets and forecasts.
Develop and maintain monthly operating budget and annual company operating budgets.
Oversee, prepare and present monthly financial budgeting reports; monthly profit and loss by division, quarterly actual vs. budget by division/department.
Review and analyze accrual-based monthly financial reports and provide recommendations.
Execute due diligence analysis of new Providers and business initiatives including acquisitions, and/or new service line offerings.
Manage financial planning and analysis department. Supervise creation of reports, software implementation and tools for budgeting and forecasting.
Enhance and implement financial and accounting systems, processes, tools and control systems.
Constantly reviewing procedures while eliminating inefficiencies. Utilize forward-looking models and activity-based analyses to provide financial insight into the organization’s plans and operating budgets.
Manage cash flow planning process and ensure funds availability.