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Know Your Costs to Manage Your Costs

DATE: Friday, June 19th

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COURSE DESCRIPTION

View your organization from a comprehensive business lens incorporating general cost accounting business principals into day-to-day operations. This session will help identify which rental units and services generate a profit or loss and the measures to adjust pricing, improve delivery of services, and ultimately strengthen net operating income.

AT THE END OF THIS PRESENTATION YOU WILL BE ABLE TO:

  • Identify how to accurately price the rent and services that are provided to residents

  • Identify which services should be provided and others that should be avoided in an effort to manage expenses and enhance revenue

  • Identify and evaluate the correlation between the cost to provide a service vs. the revenue that is being generated

  • Evaluate and compare pricing structures as it relates to the specific market demand in your community

Pat McCormick has been immersed in the healthcare industry, focusing on senior living throughout his entire 27-year career. Working with CCRCs, nursing homes, assisted living facilities, and independent living facilities, Pat has provided financial feasibility, operational due diligence, strategic planning, operational reviews, and Medicare/Medicaid reimbursement services. By immersing himself in provider operations, Pat is often able to bring them a new perspective. His passion is seeing clients — from smaller family-owned organizations, all the way up to publicly traded or private equity-owned national groups — develop their own niches and optimize the expertise that they provide to their residents. Pat is a frequent speaker at both state and national events, such as Senior Living 100, the Ziegler CFO conference, LeadingAge, state provider associations, and numerous board meetings. He is a member of the American Institute of Certified Public Accountants (AICPA), the Ohio Society of Certified Public Accountants, and earned a BBA in accounting from the University of Toledo.

Jim Stradiot is a senior manager specializing in operational analysis, strategic planning, financial feasibility studies, financial forecasts, mergers & acquisitions, and due diligence. With over ten years of experience in consulting and operations, he provides valuable insight in helping clients improve operations, implement best practices, and evaluate the financial impact of business decisions. He has worked with a variety of long-term care and senior living organizations, including nursing facilities, assisted living facilities, continuing care retirement campuses, and developmentally disabled communities. He has also participated in all phases of Medicare and Medicaid cost report filings and rate projections, resulting in a comprehensive understanding of the healthcare reimbursement system and a solid understanding of facility operations.

Administrators: This program has been approved for one hour and fifteen minutes of continuing education by the National Continuing Education Review Services (NCERS) of the National Association of Long-Term Care Administrator Boards (NAB) – Approval #20211011-1.25-A69589-DL.

Administrators, if you have NOT registered with NAB you will NOT receive credits until you set up an account.

Instructions on setting up both a regular NAB account and CE Registry account can be found in NAB CE Registry Handbook for Administrators found here: Click Here

Login page for the NAB CE Registry: Click Here

Important note to individuals with licenses other than nursing home administration:

While these programs are approved through NAB/NCERS for nursing home administrator credits, Forum Extended Care Services suggests that those who hold licenses in other healthcare disciplines such as: nursing, social work, physical therapy, etc. inquire with their respective state licensing board to ensure that the board will accept the credits. All state licensing boards have final say on what credits they accept.

BROUGHT TO YOU BY:

Acadia Pharmaceuticals Logo
Usa Florastor Logo (1)
Foley And Associates

PRESENTERS:

Patrick McCormick
Patrick McCormickCPA
James R. Stradiot
James R. StradiotCPA

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