Senior Services

Senior services development projects are critical to an organization’s growth. Planning and executing development projects is time consuming and, at times, difficult to manage internally with many other competing priorities. From concept and planning through construction and completion, our team provides development advisory services throughout the project and business life cycle. We understand the complexity of the development planning process and the challenges and opportunities facing senior services providers.

Development advisory services

A viable, active strategic plan is a compass that guides decision-making and brings focus to the priorities and initiatives that will help drive the future direction of an organization. Baker Tilly’s senior services team provides a comprehensive approach to strategic planning to align stakeholder input, financial condition, operational readiness, and market opportunity with the mission and vision of the organization.

Senior services providers are facing an increasingly complex and challenging environment, specifically in light of the coronavirus pandemic. As such, the execution of strategies that include mergers and acquisitions (M&A), partnerships, affiliations, etc. are becoming much more prevalent in the sector. At Baker Tilly, we help organizations navigate the transaction process by providing comprehensive analyses along with thoughtful and timely insights to respond to M&A and corporate finance questions.

Transaction advisory services

In today’s ever-changing and challenging operating environment, there are several points of concern that affect how senior services providers operate, and these issues can have a significant impact on the operating results of an organization. In response to these issues, Baker Tilly’s clinical advisory team has the hands-on operational experience and skill sets to provide assistance with

• Analysis of nurse management and direct care staffing
• Mock surveys
• Assistance with plan of correction development and implementation
• Direct in-service education.
• Evaluation and processing of the Five-Star quality rating reports
• Review of billings and related medical record documentation to ensure billings are properly supported by underlying documentation, and that reimbursement for services rendered is accurate.

Labor pressures, including staffing shortages, increased staffing level requirements and wage increases, coupled with near stagnant reimbursement levels from third-party payers, all impact the operations and financial performance of SNFs. The COVID-19 pandemic has also accelerated the desire of the population to live at home, or at least in a homelike environment with a minimal number of additional people, which impacts the growth and viability of the SNFS now, and in the future.

Baker Tilly’s senior living team helps providers identify areas where revenue enhancement and cost savings can be achieved in an effort to improve operating results. Our operational assessments also assist providers by re-evaluating current operations and determining where changes can be made to ensure strategic endurance and financial sustainability.

Our cost reporting and reimbursement team prepares hundreds of cost reports on an annual basis and provides assistance and advice to clients related to contracts with managed care organizations, billing matters and regulatory compliance.

Senior services providers are facing changing consumer preferences, demographic and economic trends, and evolving care delivery models that are driving innovation throughout the industry. An increasingly competitive environment, including competition from non-traditional competitors, is speeding up the timeline to adapt and plan to secure market position into the future. Baker Tilly’s senior services team provides the research, analysis and interpretation necessary to develop a deep understanding of your marketplace and current marketing processes and can provide your organization with the insight to succeed now, and in the future.

Financial planning and feasibility studies are a cornerstone of any project planning process, whether rightsizing, repositioning or renovating an existing campus, or building new construction. The most cost effective and value-added financial planning process starts at the very early stages of planning. This will help to ensure that unnecessary costs are avoided, and all development related costs incurred during the process will add value to the ultimate completion of the project.

At Baker Tilly, our team of senior living and real estate specialists can support your project development initiatives by analyzing the financial feasibility of your project.

Financial planning services

Real estate projects require a comprehensive view of all available financing, incentive and tax credit options. Baker Tilly can help source and secure development financing from various programs including Low-Income Housing Tax Credits and debt sources, such as Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD).

Project financing services

The COVID-19 pandemic has had a significant impact on senior service providers, and understanding and accessing available funding continues to be a challenge. Baker Tilly provides advice and counsel related to accessing COVID-19 related government grant and loan programs, as well as assisting with your organization’s compliance and recovery efforts.

Coronavirus recovery and growth resources

Whether you need assistance with portions of your accounting and bookkeeping functions or if you are looking to outsource your entire accounting department, Baker Tilly can help. Our client accounting services team understands the challenges and pressures facing senior services today and can customize solutions that will transform your back office. After assessing your specific situation, we leverage best-in-class technologies and years of industry expertise to deliver customized solutions.

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Senior living providers face complex decisions everyday as they plan a course for the enduring success of their organization. Baker Tilly can help assess your company’s current state and plan for the future by creating a digital transformation pathway that’s right for your organization by leveraging robotic process automation (RPA), artificial intelligence (AI) and data analytics.

Digital transformation services

The role of the chief financial officer (CFO) has changed dramatically. In addition to ensuring regulatory compliance, overseeing the financial reporting process, controlling transaction processing and interacting to those charged with governance, the finance organization is often asked to support enterprise strategic initiatives in an increasingly competitive business environment. Baker Tilly works with our clients to develop practical and effective strategies for aligning finance operations to the business objectives, tailored to fit each company’s unique business requirements and size.

CFO advisory and support services