Long-Term Care: How Accounting & Finance Platforms Have Advanced

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1 Long-Term Care: How Accounting & Finance Platforms Have Advanced P R E S E N T E D B Y : J E F F B R U N T Z E L / B U S I N E S S D E V E L O P M E N T / B K D T E C H N O L O G I E S INTRODUCTION Jeff Bruntzel Business Development BKD Technologies 1

2 Long-Term Care: How Accounting & Finance Platforms Have Advanced P R E S E N T E D B Y : J E F F B R U N T Z E L / B U S I N E S S D E V E L O P M E N T / B K D T E C H N O L O G I E S AGENDA Recognize how leaders can leverage integrated analysis into profit & cost centers to make informed growth decisions quickly Recognize the organizational KPIs & real-time reporting insights that can be created by integrating the financial accounting & clinical management platforms Understand how cloud-based systems can support team collaboration systemwide by sharing business intelligence & helping them isolate & diagnose anomalies quickly 2

3 Industry Overview Over the course of the next 20 years, approximately 10,000 people will reach age 65 in the United States every day The number of Americans over the age of 65 is expected to nearly double by 2030 The world of accounting & finance is going through its own generational shift. The accounting industry is moving to newer technologies that simply make managing finances & running a business operation easier The LTC Post-Acute Care Space Is changing Is growing Competition for market share is fierce There are newer players in the marketspace that are redefining how care is provided More regulations more requirements to report on information 3

4 Top 3 Challenges Impacting Day-to-Day Operations with Finance & Accounting for LTC Organizations 1. Integration/Scalability 2. Visibility/Reporting 3. Financial Intelligence Challenges Integration/Scalability Integration Organizations working from disparate systems Not all systems talk to one another o Clinical management systems may not be connected to the financial system o Other systems like payroll/hris may not be integrated as well Scalability As organizations grow, how well-equipped is your current financial platform to handle growth &/or multiple locations? 4

5 Challenges Visibility/Reporting Reporting is many times done manually Manual task-based activities take precious time & leave the door open for errors Managing spreadsheets takes time & can delay getting financial data into leadership s hands to make informed business decisions Challenges Financial Intelligence Because systems are not fully integrated, it s harder to bring together data, thus limiting the ability to provide meaningful insights into the operation It s harder to produce statistical data to formulate metrics that are key to understanding business operations data without a lot of extra manual effort Many older systems memorialize financial data/history & are not able to provide real-time information 5

6 Having the Right Tool Means Everything Organizations need to consider how they can take advantage of newer accounting platforms to integrate with their other clinical management solutions in order to manage the entire business operation Cloud-Based Systems Are the Solution! True multi-tenant cloud-based accounting platforms are architected/designed to easily meet the needs of our changing industry In addition, they are More secure Continuously up to date (you re always working from the latest version) Architected to handle growth Easy to access from any mobile device 6

7 Cloud-Based Systems Provide Integration They offer open APIs that are designed to make it easy to connect to other systems you work with for real-time data integration They also offer easy data import/export capabilities Cloud-Based Systems Provide Visibility Dashboards Easy access to the information you want to see in real-time, including key performance indicators (KPI), metrics, reports, etc. Reports within the system that allow you to drill down right to the transaction level Consolidated reporting that easily allows you to roll up multiple entities or focus on an individual entity 7

8 Cloud-Based Systems Provide Financial Intelligence Through the use of dimensions, you re able to tag & track data that is meaningful to you Ability to track & manage both financial & statistical data to create metrics that help you understand key aspects of your business Managing Metrics That Matter to Your Organization Examples of key metrics & statistics LTC organizations track Occupancy Payor mix Resource utilization group use Activities of daily living scoring Average days to collect by payor Full-time equivalents by department Current ratio Days of cash on hand Per-patient day expenses (salary & nonsalary) 8

9 Dimensions = Financial Intelligence The Power of Dimensions Dimensions Who? What? Where? Repurpose for your specific use Customer Class Project Add more or use less as needed Collect key data for analysis Vendor Item Department Employee Entry & Location 9

10 Dimensions = Financial Intelligence Dimensions are classifications for your data Using dimensions, you can customize reporting on the fly Examples Expanding into a new geography Report by physician & geography Dimensions = Financial Intelligence 10

11 Quick Demo Quick live demo of the following Dashboards & reporting Consolidated rollup of entities Questions? Jeff Bruntzel

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