What Do You Need?

Monthly Financial Statement Preparation And Financial Analysis
We prepare monthly financial statements on a timely basis so you or a Board of Directors can make the decisions that are necessary to insure success. Review of the financial statement between decision makers and our staff can be done via phone, computer or in person and all questions are answered. Subsidiary statements can also be provided to give details and provide for planning. Cash flow reports can be included as well as budgeting and requirements needed by municipalities, bonds or other stakeholders. The last 30 years have provided us with a wealth of experience and expertise in the area of analysis. We are able to assist with debt structure, finance and re-finance, and remodeling and renovation. Our experience has also included guidance when a facility is to be sold or merged with other entities. Tax considerations, staff issues and other seemingly small concerns can be overlooked and become the reason for a deal breaker or a reduction in the total net sale price.

General Ledger Maintenance
Monthly reviews by your personal specialist as well as ongoing reviews by your consultant can help insure that your information is complete and accurate, avoiding any last minute hassles that can result from unexpected errors. Potential problems will be presented to you as they are discovered and strategies for correction will be discussed. The industry has gotten so complex that there is no one size fits all kind of solution and we will support you with information and scenarios to help you decide what you would like to do.

Monthly and Year-End Closing Assistance
We will be there from the first of your fiscal year to the very end. All required reports will be prepared so that they can be filed timely, thereby avoiding any fees or penalties. Ongoing monitoring of the issues through accurate and detailed financial statements will free you up from any last minute emergencies and perhaps costly mistakes.

Payroll & Sales Tax Return Preparation
Our specialist will set your business up on a schedule that will insure that all taxes, reports and information requirements are filed and paid on schedule. Fees, penalties and interest can keep you from having the financial success that you desire. Unless there are reasons that the information is not available, the reports will be delivered to you on time for you to forward on to the appropriate place eliminating stress, errors and costs on your part.

Account Reconciliations
The specialist will insure that all bank accounts; both checking and savings are reconciled. Bank reconciliations will be included in your monthly information so that you can see what checks were paid and which are outstanding, so that current and accurate financial statements can be guaranteed. Bond accounts and other financial accounts are also maintained as well.

Payroll and Accounts Payable Processing
One of the most valuable services that we have for you is payroll preparation and the ancillary services surrounding payroll. Payroll and the handling of the employee benefits is one of the most time consuming activities for management staff of adult care homes. Our specialists will help you prepare a reporting system for the times of your staff that will be used to prepare their paycheck. This same information then flows into the myriad of reports, taxes and payments that must be made to insure that you do not have time consuming and costly errors to deal with later, maybe years later. The payments you make to companies offering employee benefits are matched to each employee to make sure that what is withheld is accurately paid for and received by the employee. Other time features can also be tracked and reported as needed.

Account Receivables and Billing
No business can survive without income. Our specialists work daily on your billing and receivables issues. With current information being provided to them, they can give you a daily balance almost daily. The Adult care industry has become so complicated and will continue to get more complicated. Our staff can help you track the payments and charges, maximizing your income to be successful.

Staffing Ratio and Analysis
You will receive a monthly breakdown of the staff and cost per patient day of each expense. By using this invaluable information, you will be able to monitor and adjust problem areas before they affect your bottom line. The report is prepared in a lay person style so that you can see “at a glance” how things are going. A comparison column allows you to see trends and inconsistencies as they happen. Your consultant will review the form when you request

Reimbursement Services
In these times it is extremely important to make sure that you are maximizing your facilities patient reimbursement rates. Our specialists can help your facility by streamlining and improving your recovery rates.

Annual Medicaid and Medicare Cost Reports
Our expertise with preparation of cost reports is extensive and can help you save a lot of expense on a yearly basis. Because we set up the system to seamlessly integrate into the cost reports, we can provide a smooth and quick report, so that it can be off of your desk and off your mind as soon as possible.

Medicaid Rate Analysis
By performing a breakdown and analysis of your expenses in a “Per Patient Day” manner your consultant can help your management team to understand areas where your facility can work to maximize your Medicaid Rate Reimbursement.

Medicaid Ownership Cost Center Rebases
Our team will make sure you are getting the most out of your assets by completing “Ownership Cost Rebases” to improve your R.P.P.F.

Annual Tax Services

W-2 and 1099 Filing
We have been working with employee and contract issues for over 30 years and have a solid foundation in requirements and timelines. Our system is designed to have all reports prepared in a timely manner and in plenty of time for any corrections or adjustments to be made. The Final reporting processes are also completed early so that you have time to make the payment avoiding any extra costs.

990 Form Filing
For entities that are Non-Profit, we will insure that the form 990 is processed accurately and filed on time. This is an area we take extremely serious, as your status as a non-profit is important and can be put into jeopardy easily without the proper monitoring and management. Improper filing can result in large fines and perhaps loss of an important tax status.

Income Tax
Our Tax Professionals have been working in this area since before we began FMI. They understand both proprietary and tax-exempt issues and can help you keep the potential tax ramifications in mind. They will help you comply with reporting requirements, assessing the most beneficial corporate structure for your needs and keep you current on the most recent tax issues. Assistance in keeping you in compliance with employee issues is also strength of our organization.

Budget Preparation
Budgeting has become one of the most important strategies for keeping costs in check. Not only do we help with the preparation of your budget, we include the comparisons on the monthly financial statements. Our input can include standard averages for your consideration.

Short and Long-Range Management Strategy Planning Sessions
These planning sessions are customized to your facilities and projects needs. Listed below are a few examples, however, they can encompass many others:

• Facility development and/or expansion
• Tax levy budget preparation
• Succession planning