Retirement Homes

Accounting Challenges for Retirement Homes – Continuing Care Retirement Communities (CCRC)

Financial Reporting

Many Continuing Care Retirement Communities comprise several services and facilities including:

  • Independent Living – Senior living apartments
  • Assisted Care – Senior apartments with routine physical and emotional care
  • Memory Care – Secure accommodations for seniors with varying degrees of memory loss
  • In-home Care – Visits by specially trained caregivers to provide assistance with dressing, bathing, medication management, health monitoring, etc.
  • Respite Care – Short-term accommodation
  • Hospice Care – Accommodation for advanced illness patients

The General Ledger must be flexible enough to account for each of these operations as (a) separate entities, (b) individual departments within an entity, or (c) a combination of both.

Integration with front-end CCRC applications, such as PointClickCare, is mandatory. Computrack and Sage 300 ERP has the solution.

Financial and Statistical Reporting

Capturing statistical data in tandem with financial transactional data allows for the easy extraction of operational Key Performance Indicators (KPI) using Sage Intelligence, an Excel-based business intelligence tool that is part of the Sage ERP system. For example, daily occupied and unoccupied room counts can be stored in Sage ERP and extracted to report on revenue and costs per resident. This real-time data can be sliced and diced and filtered according to user preferences, allowing management to assess overall performance and make timely business decisions to the benefit of the organization and its residents.

Resident Billings

Recurring and non-recurring billings to residents for rent, medication, and many other services are the life-blood of the operation. Sage 300 makes this easy by (a) generating billings, (b) maintaining accounts for each resident, and (c) allowing for pre-authorized payments using credit cards or EFT.

Budgeting

Perhaps the most important component of a CCRC is the ability to maintain and report on organizational budgets. Actual to Budget reporting must be available on demand at virtually every level right up to a consolidated view for the entire organization.

Purchase Workflow

Expenditure authorization takes on added importance in a CCRC. This demands that approval workflows be implemented to control the purchasing function. Workflows ensure that:

  • Requisitions are created only by individuals with that authority.
  • Individuals can only requisition purchases for departments to which they have authority.
  • Approvers are alerted to any requisitions made by departments or projects within their jurisdiction.
  • Requisitions are restricted to projects that have available remaining funds.
  • A complete log of the approval process for each requisition is maintained for audit purposes.

Government Reporting

Stringent government reporting guidelines must be adhered to by CCRC’s. In Canada, these would include monthly or quarterly submissions to various federal and provincial government ministries. The ERP software must be able to generate these submissions automatically without the need for significant manual data manipulation.

Payroll and Human Resource (HR) Management

Staffing is a key component of any CCRC simply because it is one of the largest, if not the largest, expense of the organization. An integrated HR application will add the following benefits:

  • Manage all your employee-related information and processes in a single solution
  • Make stronger decisions faster with improved access to workforce analytics
  • Ensure government compliance to avoid company risk in meeting federal and provincial rules, regulations, and reporting requirements
  • Allow employees to access information and complete vacation and other training requests over the web using Employee Self Service(ESS)
  • Closely monitor employee records and personnel actions, including recruitment, HR compliance, benefits administration, and absence management
Get in Touch

Get in Touch

First Last
Sending

Categories