our services

01

Business Office Support

The business office support provided by Grace Financial Services is unparalleled. By investing time in training staff on the best practices of the business office, our partners can realize better accounts receivable collections, as well as more confidence in the financial dependability of new admissions and/or patients.

With a designated Regional Director of Business Office
Support, our team will:

  • Supply standardized policies and procedures necessary for successful business office operations
  • Provide an internal business office manual for a quick reference guide to forms, and policies and procedures
  • Educate and train business office staff on all functions performed, as well as overcome state and federal regulation changes
  • Arrange one-on-one structured training for new hires
  • Conduct onsite visits for accounts receivable (AR) and business office support
  • Support with processes including resident trust funds
  • Assist with audits (internal and external)
  • Oversee monthly AR and Medicaid Pending calls to review and assist with problem accounts
  • Present reports to identify trends within the client’s company, including:
    • Cash Collections
    • Cash Collections Goals
    • Accounts Receivable
    • Days Sales Outstanding

Our quality services are available collectively or individually depending on need. For more information about Business Office Support, please contact us.

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02

Medical Billing & Accounts Receivable

Grace Financial Services has a percentage of bad debt expense to revenue of 0.59%. The most recently released skilled nursing industry average from 2014 is 1.70%, scoring our bad debt 1.11% below the skilled nursing industry standard.

The average days sales outstanding (DSO) for our business partners is 33 days, while the 2014 skilled nursing industry average was 45.7 days. This equates to our supported partners receiving cash at an average of 12.7 days sooner than the skilled nursing industry standard.

With an assigned team of designated billers, we will:

  • Prepare, submit and follow-up on claims to ensure proper processing, including:
    • Medicare Parts A and B
    • Managed Care
    • Medicaid
    • Secondary Claims
  • Post remittance advices into accounts receivable system
  • Prepare and process:
    • Medicare Bad Debt
    • Medicare Credit Balance Report
    • Medicare No Pay and Benefit Exhaust Claims
  • Identify, monitor and report cash collections, bad debt and DSO
  • Submit appeals when claims deny in error
  • Oversee monthly accounts receivable calls to review and assist with problem accounts
  • Oversee quarterly delinquent accounts receivable calls with a focus on any outstanding account balance

Our quality services are available collectively or individually depending on need. For more information about Medical Billing & Accounts Receivable, please contact us.

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03

Cash Management

Grace Financial Services has developed cash forecasting tools to allow our business partners to better understand their current cash position, as well as their projected future cash position. This has allowed our partners to make better financial decisions and properly manage cash flow within their organizations.

We also maintain relationships with our business partners’ banking advisors in order to better serve them as banking needs arise.

With a designated Treasury Coordinator, our team will:

  • Update cash forecasting daily to show current and projected cash position through year end
  • Monitor bank accounts daily
  • Process electronic bank transactions, including transfers, ACHs and wires
  • Serve as a designated contact for bank advisors
  • Advise business partners on cash position weekly

Our quality services are available collectively or individually depending on need. For more information about Cash Management, please contact us.

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04

Payroll

With an in-house payroll processing team, Grace Financial Services works alongside its business partners to ensure that the highest expense of their business is safeguarded.

While not only striving to ensure that each employee and payroll tax is paid timely, our team also maintains the integrity of the general ledger by appropriately mapping each employee’s labor costs to the correct department.

With a designated Payroll specialist, our team will:

  • Process payroll from time cards as provided by client
  • Timely file all related payroll taxes including state and federal income taxes, Medicare and Social Security, and state and federal unemployment taxes
  • Timely file all quarterly and annual payroll tax returns, including Forms 941, 940, W2, W3, and any state specific filing requirements
  • Timely pay all garnishment and 401(k) withholdings
  • Ensure accurate general ledger mapping
  • Ensure accurate payroll and paid time-off accruals
  • Work closely with the human resources provider to ensure accurate benefit deductions
  • Conduct internal data audits

Our quality services are available collectively or individually depending on need. For more information about Payroll, please contact us.

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05

Accounts Payable

To safeguard company assets, our accounts payable process confirms accurate invoices. Each invoice goes through a designated approval process prior to payment in order to guarantee the work was performed or products were received as outlined on each invoice.

With a designated Accounts Payable Coordinator, our business partners have a direct contact to reach out to regarding any invoices from or payments to vendors. To ensure timely financial statements, Grace Financial Services has a goal to complete posting of invoices by the 5th business day of each month.

With a designated Accounts Payable Coordinator, our team will:

  • Process incoming invoices daily
  • Execute vendor payments weekly
  • Reconcile vendor statements and communicate directly with vendors to resolve discrepancies
  • File forms 1099 and 1096 annually

Our quality services are available collectively or individually depending on need. For more information about Accounts Payable, please contact us.

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06

Financial Reporting

Grace Financial Services recognizes that timely financial reporting is imperative to making appropriate business decisions. Therefore, our team provides preliminary financial statements by the 10th business day of the month and final financial statements by the 20th business day of the month.

With a designated Regional Financial Controller, our team will:

  • Maintain general ledger
  • Prepare monthly financial statements, including:
    • Balance Sheets
    • Detailed and Summary Income Statements
    • Key Indicators
    • Variances in Budget
    • Cash Flow Statements
    • Per Patient Day Reporting
    • Year-Over-Year Reporting
  • Coordinate:
    • Annual budgets in conjunction with operations using an in-house budgeting tool
    • Required audits with external auditor(s)
    • Medicare and Medicaid cost reports with external preparer(s)
  • Complete monthly bank reconciliations
  • File unclaimed property and sales and use tax in accordance with state regulations
  • Coordinate tax returns with outside preparer, including property tax and state and federal tax returns

Our quality services are available collectively or individually depending on need. For more information about Financial Reporting, please contact us.

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Testimonials

"Grace Financial Services has been a great support to our business office and also to payroll. Calls are always answered or returned timely, and the payroll process is very streamlined. April Payne, Regional Director of Business Office Support, visits frequently and offers support, insight and will assist with any extra AR concerns."

Nancy Burandt

Grace Health and Rehab of Greene County

Administrator

"As an administrator, having a strong partnership with the financial services team is vital for the facility’s success. Having confidence in the financial data produced by Grace Financial Services allows me to effectively plan for the future. Accounts receivable, accounts payable and payroll must operate efficiently for proper cash flow and to maintain a strong relationship with our vendor partners and appreciated employees. I appreciate the value that Grace Financial Services brings to our operations."

Terrence Kee

Leewood Healthcare Center

Administrator

"I have been with Raintree Manor for the past 24 years. In 2005 Grace Healthcare acquired Raintree Manor, which has been a very rewarding experience. I am a past recipient of the Grace Healthcare Business Office Manager of the Year Award for Accounts Receivable and I was very honored to receive it. The Grace Healthcare Support Services and Grace Financial Services teams have always worked hard to resolve any issues that arise. They are very understanding and easy to work with."

Nancy Hayes

Raintree Manor

Business Office Manager

"Over the past 11 years I have met and worked with some amazing business office support team members. There has not been a moment when no one would reach out and lend a helping hand. I have always had the support needed for me to make things easier and succeed when doing my job. No one has ever made me feel as though I was on my own. We were a team. I appreciate all the support I have had over the years at Grace Rehab of Vero Beach."

Tara Abrahams

Grace Rehabilitation Center of Vero Beach

Business Office Manager

"The training and skill level of the Grace Financial Services support team has helped me grow. The tools that they use to teach the business office manager make it easy to learn. In my personal experience with the GFS support team, in one month’s time, I had become very knowledgeable on systems that I had never used before. They have enabled me, coached me and given me the confidence in my work to be very successful in the business office."

Diana Matthews

Frederick Villa Nursing & Rehabilitation Center

Business Office Manager

"I have worked as the Business Office Manager for several years and Grace Financial Services has supported my facility. During this time, GFS has always been there to help me through any unexpected issues and is always looking to make my job easier and more effective. I couldn’t ask for a better partner than GFS and can honestly say that I truly can call some of them my friends instead of just co-workers."

Susan Smith

Grace Healthcare of Three Rivers

Business Office Manager

"Our working relationship with Grace Financial Services has been mutually beneficial. We have found Grace to be an outstanding partner as both of our enterprises continue to grow, and their people are always friendly and courteous."

Paul Ragland

Millennium Bank

Executive Vice President

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