Email
dwagner@fqhcconsultant.com
phone
855-493-FQHC (3742)
Address
109 N 7th St.
Leesburg, FL 34748
Copyright
© 2024 | FQHC Consultants
FRACTIONAL CFO SERVICES
Many small health centers simply cannot afford a fulltime CFO or the CEO is performing these duties. For accountability and true financial and operational strength, the CFO should be a separate person.
We are able to perform as CFO for your organization and assist your internal accounting team with organization of reports, reporting to the board (using Skype or webinar at your board meetings), and assisting with all of the CFO functions required by HRSA.
We monitor the financials, make recommendations to the CEO and others designated by the CEO, counsel providers on productivity and profitability, counsel office and front managers on collections, etc.
1. Strategic Financial Planning and Analysis
FQHC Consultants offers fractional CFO services playing a crucial role in guiding financial strategy and decision-making for both FQHCs and RHCs (Rural Health Clinics). We conduct comprehensive financial analyses to help the organizations understand their financial health, forecast future performance, and plan strategically. This involves developing financial models, analyzing cash flow trends, and evaluating the impact of potential changes in reimbursement rates or funding.
By providing expert insights into financial projections and budgeting, FQHC Consultants' fractional CFOs help FQHCs and RHCs make informed decisions that align with their long-term goals and ensure financial sustainability.
2. Financial Reporting and Compliance
Maintaining accurate and timely financial reporting is essential for FQHCs and RHCs to meet regulatory requirements and secure continued funding. FQHC Consultants' fractional CFOs assist with the preparation and review of financial statements, ensuring they comply with Generally Accepted Accounting Principles (GAAP) and specific federal requirements. We also oversee the implementation of internal controls and accounting procedures to mitigate risks and enhance financial transparency.
By staying current with changes in healthcare regulations and grant requirements, FQHC Consultants' fractional CFOs ensure that these organizations meet all compliance standards and avoid potential pitfalls.
3. Operational Efficiency and Cost Management
A significant aspect of FQHC Consultants' fractional CFO services is improving operational efficiency and managing costs effectively. We analyze operational processes and identify areas where cost savings can be achieved without compromising the quality of care. We implement financial management practices that streamline operations, optimize resource allocation, and enhance overall efficiency. This includes evaluating vendor contracts, renegotiating terms, and identifying opportunities for cost reduction.
By improving financial and operational processes, FQHC Consultants' fractional CFOs help FQHCs and RHCs minimize costs and reinvest savings into patient care and community services.
4. Revenue Cycle Management
Effective revenue cycle management is critical for FQHCs and RHCs to maintain financial health. FQHC Consultants' fractional CFOs provide expertise in optimizing the revenue cycle by analyzing billing practices, ensuring accurate coding, and improving collections. We work to identify and resolve issues that may be delaying payments or impacting revenue. Additionally, our fractional CFOs help implement strategies for maximizing reimbursement rates, including navigating complex payer agreements and negotiating contracts.
By enhancing revenue cycle efficiency, FQHC Consultants' fractional CFOs ensure that FQHCs and RHCs maintain a steady cash flow and financial stability.
5. Strategic Initiatives and Capital Planning
FQHC Consultants' fractional CFOs also support FQHCs and RHCs in strategic initiatives and capital planning. We assist in evaluating investment opportunities, managing capital expenditures, and securing financing for expansion projects or new technology.
By providing detailed financial analyses and risk assessments, FQHC Consultants' fractional CFOs help organizations make strategic decisions that align with their mission and financial capacity. We also aid in developing long-term financial strategies to support growth and sustainability, ensuring that capital investments contribute to the organization’s overall objectives.
List of Fractional CFO Services for FQHCs and RHCs
1. Financial Planning and Analysis
- Developing financial models and forecasts
- Analyzing cash flow and budgeting
- Strategic financial decision-making
2. Financial Reporting and Compliance
- Preparing and reviewing financial statements
- Ensuring compliance with GAAP and federal regulations
- Implementing internal controls and accounting procedures
3. Operational Efficiency and Cost Management
- Analyzing and optimizing operational processes
- Identifying and implementing cost-saving measures
- Streamlining financial and operational workflows
4. Revenue Cycle Management
- Analyzing and improving billing practices
- Ensuring accurate coding and improving collections
- Navigating payer agreements and maximizing reimbursements
5. Strategic Initiatives and Capital Planning
- Evaluating investment opportunities and capital expenditures
- Securing financing for expansion projects
- Developing long-term financial strategies and risk assessments
By providing these fractional CFO services, FQHC Consultants enables FQHCs and RHCs enhance their financial management, improve operational efficiency, and achieve their mission of delivering high-quality, accessible healthcare to underserved communities.