CFO Services

What Model development (supporting services design, team design and product design analysis, Writeback tool

How Working with your hospice leadership team to determine teams and products. Quantify team and product design as current business reality. Use percentages of net revenue to build expense model, and identify areas of improvement based on benchmarked results. Build hospice model in Writeback tool, and import into accounting system with f9.

When "Initial planning three months prior to produce "budget like" "document."

Why No matter what phase of model implementation you are at, there is a model your hospice is operating under. As you are undertaking a new model initiative, this will assist in quantifying current reality, and provide a platform for improvements as your new model is implemented.

A La Carte? Yes

What Management Application (MA) maintenance and/or set up (not a la carte, but as part of a larger service

How Review current MA configuration, and make adjustments to account lineups as necessary

When Before quantifying a hospice model.

Why In order to accurately determine what a hospice's expense as a percentage of net revenue is, the MA needs to be configured correctly. This will allow accurate benchmarking and management analysis of current reality before embarking on the modeling process.

A La Carte? No - initial setup included with MVI Benchmarking monthly fee

What Benchmarking analysis, expense planning tool with targets and 90-day plans, recommendations.

How Detailed review of the Benchmarking Application (BA), and development of an financial planning grid using BA outcomes.

When Upon request.

Why The financial planning grid combines our leadership tools with the BA, and provides a hospice with an apparatus to focus attention and effot on addressing financially troubled areas.

A La Carte? Yes

What Non-finance staff education (how to read and interpret financial statements

How Through teleconference, video conference, or in person we can explain your hospice's financial results to your non-financial hospice personnel.

When Upon request, but is most effective in when providing virtual CFO services, or for hospices without a designated financial leader.

Why Non-financial personnel struggle with how to read and interpret financial statements. We have found that the more non-financial staff understand financial statements, the more confident they are in the numbers being reported.

A La Carte? Yes

What Monthly financial narrative for board and finance committee

How Detailed review of monthly financial statements, and Q&A with finance staff. Documenting the responses from finance staff and other team members provides monthly variance explanations.

When Between your month end financial close and board meetings.

Why Monthly narratives will address some board questions prior to your meeting, and will also assist in making board meetings more productive as members will have a clearer understanding of the financial condition of your hospice prior to the meeting, and can focus on other issues.

A La Carte? Yes

What Pro forma business line analysis (IP Unit, Palliative program – could be in conjunction with team and product design within model

How Using MA and BA, and working with hospice leadership team to develop pro forma income statements on virtually any new or existing hospice program or initiative.

When Upon request, but can complement development of your model.

Why Before you embark on any initiative, financial implications of decisions are a must. If you believe current lines of business are profitable, detailed analysis will paint the actual picture. Either way, it is power decision-making information.

A La Carte? Yes

What Finance staff supervision using one-to-ones, 90 day plans, goal setting, etc. (MVIP leadership tools)

How MVI Partners leadership tools: one-to-one meetings, 90 day plans, goal setting and monitoring. Regular and defined communication through email, instant messaging, and telephoneensures timely responses to staff questions or issues. Expectations are established initially regarding timeliness of responses, what to do in emergencies, and the most effective form of communication.

When In conjunction with providing virtual CFO services.

Why Without an in-house CFO, financial and non-financial staff feel a level of anxiety. When developing strong lines of communication and using tools to ensure plans

A La Carte? No

What Policies and procedures development

How Through a financial assessment of your hospice, or by request for an area of need, we can determine an appropriate policy or help determine efficient and effective procedures within your finance department.

When Upon request.

Why Polcies and procedures provide structure for staff, assist with internal controls which minimize risk to your hospice, and reduce process variability among different, or new, staff members.

A La Carte? Yes

What Finance representation in finance committee and/or board meetings (CEO support)

How Through teleconference, video conference, or in person we can support the CEO with detailed financial explanations, and assistance with financial aspects of operational planning and financial analysis.

When In conjunction with providing virtual CFO services.

Why In the absence of an in-house CFO, CEO's need support of financial leaders to allow them to focus on operational matters. Our virtual CFOs can provide the support and education CEOs need while enabling them to concentrate on developing the business of their hospice.

A La Carte? No

What Hospice business guidance using MVI resources.

How Based on the results from the MA and BA, along with various industry surveys we have conducted and discussions with leadership, we can make specific recommendations for improvement, either through MVI products or services, or that of our partners.

When Upon request.

Why With the many issues facing the hospice industry today, having resources dedicated to improving hospice business operations is invaluable.

A La Carte? Yes

What Financial assessments (system recommendations, month-end close procedures and schedules, revenue and expense cycle analysis

How Using industry knowledge and benchmarking standards, along with years of audit and practical accounting experience we can make recommendations in all aspects of your revenue and expense cycles.

When Upon request.

Why If your hospice AR days are too high, financial statements aren't prepared timely and/or accurately, or if you have systems which aren't working for you., identifying where the breakdowns in process are can lead to more efficient and productive staff, and save your hospice money.

A La Carte? Yes

What Reconciliation review/ audit assistance

How Years of audit experience can assist in making sure your hospice is prepared for your audit through financial statement and internal control review.

WhenUpon request.

Why Audits can potentially be timely and expensive if your hospice is devoid of adequate internal controls, and if your financial records lack supporting documentation. We can make industry-knowledgable recommendations and save you money on lengthy audit engagements.

A La Carte? Yes

What Report design in f9/Excel

How Strong Excel and f9 experience enable us to design reports specific to your hospice's needs.

WhenUpon request.

Why With so many tasks performed by CFOs and their staff, having custom tools developed by application experts will allow finance departments to focus on analysis and managing the general ledger.

A La Carte? Yes

What Capital budgeting

How In conjunction with preparing your model, projected cash flow is aligned with capital priorities and corresponding depreciation expense

WhenUpon request, but most effective during model preparation.

Why Capital budgets will enable your hospice to forecast costs for implementing point of care devices, replacing computer hardware, or the capital needs of starting up new programs.

A La Carte? Yes

What On-site availability

How All CFO services, and virtual CFOs can include on-site work as needed.

WhenUpon request.

Why For large projects and teams, occassionally on-site work is preferred. We can accomodate that with daily, or weekly engagements. There is typically an increased cost associated with on-site engagements, along with travel considerations.

A La Carte? Yes