Rich Corcoran Consulting has helped home care agencies, hospice agencies and post-acute health organizations across the health care continuum – helping steer them with clear direction on financial and operational efficiencies.

Large Home Care Agency

Challenge: Overhauling the entire back office and systems across the agency

Results:

  • Transformed finance, billing, planning and human resource functions
  • Initiated new systems implementation program that included Electronic Health Records, Payroll, General Ledger and Business Intelligence

 

Post-Acute Care Organization

Challenge: Developing a modern controls function to transform quality and efficiency measures across the agency

Results:

  • Created and implemented a comprehensive function that included methodology to test all internal controls and audit billed claims for error rates
  • Enhanced written policies and procedures for continuous improvements and less risk on state audits
  • Generated improvements in quality, control, accuracy and efficiency

 

Mid-sized Home Care Agency

Challenge: Needing a strategic financial plan to guide the agency

Results:

  • Developed a long-term plan focused on debt restructuring and improving cash flow
  • Created process to assess and commence major facility and footprint expansions
  • Included short-term plans to guide current budgeting and accountability issues across departments

Although Rich Corcoran Consulting can optimize core financial and operational functions in home and healthcare organizations, each engagement is specific to the challenges faced by each group.

Other solutions have included:

  • Acquisition of an additional agency for a home care organization – resulting in more than 100% growth of revenues, the expansion of their service area, a broadening of product and service offerings and the limiting of competition in their primary market area

  • Development of investment policies for endowment funds and employee retirement plans – with detailed guidance on proper investments, controls and awareness of performance measures

  • Assistance for a hospital system in the evaluation of the profit contribution of the home care operation

  • Reduction of the Accounts Receivable Days Sales Outstanding process for a home care agency – from 90 days to less than 40 days – leading to a dramatic improvement in cash flow

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