What Is Your Home Health and Hospice’s Financial Pain Score?

Advocating for on-time, accurate, intuitive financial reporting for post-acute healthcare…

Since 2009.

Headquartered in North Carolina but with team and operations across the U.S., HI and the VIs, BlackmorCPA is a decentralized accounting firm specializing in financial reporting for post-acute healthcare including home health, hospice, and palliative care.

Q: What Is Your "Financial Pain Score?"

• Is your home health or hospice agency running a business model that produces sustainable cash flow?

  • At least 15-20% EBITDA running sustainable operating margins and building positive free cash flow — before fundraising, grants, community, and donor support?

• Are your financial statements always timely, accurate and on a full-accrual basis?

• Do you know how your costs rank when compared to the competition?

• Do you receive analytical reports that help you easily identify trends, outliers, or cost overruns?

• Does your agency run strategic planning on flexible census, staffing, and operating revenues — or do they rely on fixed annual budgets?

If you answered "no" to any of these questions, let us help.

Most accounting and reporting is static. Today’s healthcare environments are dynamic and constantly in flux. We’re experts at ‘un-sticking’ your financial reporting processes to put you in the cockpit of today’s changing healthcare landscape. Our vision for CompassBI empowers leaders to see both the forests and trees.

BlackmorCPA performs critical accounting and finance functions for hospice, palliative and home health for-profit and not-for-profit companies: AP, month-end closing, reconciling, and financial statement preparation. Our team has deep expertise and familiarity with the EMR / patient-management systems agencies rely on for billing and claims management, as well as payroll, donor and CRM management, and other systems impacting your agency’s daily operations. We’re familiar with many accounting and GL systems: CYMA, Sage MAS and Sage Intacct, QuickBooks Online, MS Dynamics, Oracle NetSuite, and Araize to name a few.

BlackmorCPA Services Include:

• Month-End Closing & Financial Reporting: We post month-end journal entries, prepare workpapers, and reconcile your core accounts each month. Then we send your financial reports along with our CompassBI suite of healthcare-tailored drill-down and historical financial statements.

• Accounts Payable. We process your agency’s invoices as a bolt-on additional capacity for your finance team. We can work in our preferred Bill.com AP platform or within your accounting system AP module.

• Chart of Accounts Specialists. Many agencies find their chart of accounts in need of repair or out-of-alignment with other core systems like payroll. We’re familiar with ADP, Paylocity, Paycom, UltiPro, iSolved, Paychex, and many other payroll systems and the complex needs for healthcare labor mapping. Any system, any size chart of accounts — we can restructure or create a synching process to maintain integrity between ‘system silos’ with separate charts of accounts.

• Systems and Process Advisors. After our initial 90-day onboarding (or thereafter by request), we will provide you with a write-up of our observations and advice on aligning and streamlining your core processes and systems: EMR, Payroll, Donor, and GL.

  • You may request this service at any time across multiple systems or a single system and process. This is often advisable if your agency is in a period of transition or rapid change, namely merging or acquiring or perhaps changing systems like the EMR or accounting system.

Benefits to the Owners, CEO/CFOs, and Boards of Directors:

• Feedback from a team with tremendous industry experience at the CFO or Accounting Manager level.

• Timely, trustworthy financials prepared by a CPA firm with a focus on transparency and objectivity.

• Role-depth as trusted advisors on core healthcare processes: Billing & Collections / AR Cycles, Payroll and Employee Time & Expenses, AP and Paperless Bill Pay, Donor Reporting and Non-Profit Fund Accounting.

• For most agencies, BlackmorCPA can serve your financial reporting needs at a cost savings or comparable rate to a local hire. When compared to industry medians, Blackmor’s clients experience lower finance labor costs (0.76% below the median) and higher net operating margins (5.90% above the median) on average. We commit to offering services and price points that form a sustainable long-term partnership for fiscally conscientious healthcare agencies.