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The ability to acquire and share
"best of class" knowledge is the key
success factor for tomorrow’s healthcare
leaders. Outsourcing is expected to
gain momentum in healthcare as hospitals
seek creative ways to cut costs while
maintaining high-quality care. Our
consultants have practiced in this
environment for many years and are
able to partner with key individuals
and departments within our clients’
organizations to apply that knowledge
and achieve tangible results. SMART
can "tap" into our existing experience
within the healthcare institutions,
for profit subsidiaries of institutions
and private equity funds to provide
the financial management services
needed to fulfill our clients’ varied
strategic goals within the healthcare
marketplace. Our support functions
may include evaluating current accounting
practices, recommending policy and
procedure improvements, and ultimately,
implementing the recommendations and
training employees.
Other
services may include:
• Interim Chief Financial Officer,
Controller - i.e. participating in
Board meetings, obtaining debt and
equity financing, negotiations of
contracts, internal controls, etc.
• Maintain accounting records and
general ledger, including posting
of cash receipts, cash disbursements,
receivables, payables and payroll.
- Providing insight
into the presentation of financial
data
- Financial processes
Policy and Procedure documentation
- Provide workflow
and responsibility analysis
- Document business
cycles (Accounts payable, Accounts
Receivable, etc.)
- Provide recommendations
for improvement
- Assist in implementation
of policy and procedures
• Intermediary cost report review
/ analysis
• Month-end general ledger closing
process implementation
• Development of "Best Practices"
within Finance departments
- "Cross-training"
of responsibilities
- Assisting in
implementing and utilizing benchmarking
tools
• Financial statement compilation
- Individual company,
as well as consolidated, basis for
health systems
• Financial audit support
- Audit schedule
preparation
- Support for audit
requests
• Annual operating budget preparation
and implementation across entity cost
centers
o Discussions with
department executives to resolve discrepancies
• Cash management services and cash
flow forecasts
• Developing and documenting internal
controls
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