Senior Living Accounting

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Before answering this question, ask yourself what are you looking to accomplish? What is your business model? How many properties will your company likely scale to?

Each of these questions help shape the best answer to whether your firm needs an in-house solution or if you will have a better chance of hitting your targets using outsourced professionals. From our experience, as owners or operators grow from 5 to 10 plus properties, systems break, and true accounting infrastructure is no longer a good suggestion. The organization needs a professional to not only do the work, but restore and maintain a high level of stability. Our firm focuses on providing high level property accounting services to the senior living industry. Period.

Our organization is built to handle the nuances of senior living accounting, and we’ve mastered the art of working with operators to help achieve their accounting and business goals. If you are just looking for some additional hands to close the books, you might be better off with an in-house team. But if you would like to welcome a business partner to not only close the books, but challenge your way of doing things for the sole purpose of creating an excellent product, then our specialized accounting services would probably be a great fit.

Outsourcing eliminates recruitment costs, benefits expenses, and concerns about staff turnover or coverage during vacations and sick leave. You gain access to a team of specialists familiar with senior living regulations, Medicaid billing complexities, and trust accounting requirements without the overhead of full-time salaries. Most operators save 30-40% compared to maintaining an in-house accounting department.

Not only do we understand the unique accounting requirements to report on each asset accurately, but we understand the unique opportunities of the business in general. The demands on the time of the leaders. The patience in working with operating staff and knowing that we both have the same goals. The responsiveness and excellent communication required to deliver on the reporting targets month after month. We pride ourselves on our accounting technique, and also our operational understanding of the senior living industry to drive the necessary results. By keeping both in front of us, success becomes very predictable.

If there is a system transition need, then our team can help. This is a common practice in the industry since oftentimes, the system selected when operators first get going is not the best choice for their “forever” system, which should be updated to handle the reporting needs of the new, bigger portfolio.

We are very knowledgeable in some of the top property management systems in our industry and have successfully transitioned our clients through multiple system conversations that better align our customers with their reporting targets.

We take a case-by-case approach; however, our team will review your current processes and give recommendations, import historical data, train your staff and provide user guides (for selected systems). Because we live this every day, our clients often turn to us for system recommendations that would best serve their property management accounting needs.

We work with our owners and operators to development a series of successful processes that align with the reporting deadlines of the asset agreements. No one understands better than us that reports must be completed both timely and accurately. Missing deadlines are non-negotiable.

Though we highly recommend an appropriate software that aligns with the owner’s goals, we are confident our team can work with most systems common to the senior living industry. We understand there could be separate care systems, from the CRM and the accounting system – attributed to the uniqueness of senior living. We can leverage in-house technology that allows us to maintain efficient accounting despite the potential for disconnected systems.

We work with most major senior living software platforms including Yardi, MatrixCare, PointClickCare, and AL Advantage. If you’re using a different system, we can typically establish data feeds or imports to eliminate double-entry.