Client Background

Several senior living providers, including skilled nursing facilities and assisted living communities, were facing significant back-office and financial leadership gaps. Many operated in rural markets where recruiting experienced accounting professionals was difficult.

Even when organizations filled CFO roles, leaders often lacked health care-specific financial knowledge, creating challenges in financial reporting, revenue cycle, regulatory compliance, and operational decision-making.

This resulted in delayed reporting, inefficient processes, and limited financial visibility at a time when third-party payor reimbursement pressure and rising costs demanded greater precision and control.

The Situation

The organizations needed to:

• Fill critical accounting and finance talent gaps
• Improve the accuracy and timeliness of monthly financial reporting
• Strengthen internal controls and accounting processes
• Gain healthcare-specific financial expertise at the CFO level
• Support board education and strategic decision-making

Recruiting and retaining in-house talent with both accounting expertise and healthcare industry knowledge proved to be costly and time-consuming—particularly in these rural markets.

The Solution & Results

Baker Tilly deployed its Accounting and Finance Services (AFS) team to provide scalable back-office accounting and CFO advisory support tailored to senior living providers.

Our approach included:

• Monthly financial statement preparation and accounting support
• Interim and ongoing CFO advisory services
• Restructuring charts of accounts for greater efficiency and clarity
• Internal control assessments resulting in accounting process improvements
• Implementing Sage Intacct designed for senior living organizations
• Support from specialized teams including accounts payable, payroll, and human resources
• Access to healthcare-focused professionals, including MDS nurses and billing and collections specialists

By combining deep accounting expertise with healthcare industry knowledge, Baker Tilly delivered both operational stability and strategic insight.

Through this comprehensive approach, the senior living providers achieved:

• Improved financial reporting accuracy and timeliness
• Greater visibility into operational performance
• Streamlined general ledger structures and accounting workflows
• Enhanced internal controls and process efficiencies
• Improved cash flow through billing and collections support
• Education and strategic guidance for boards and executive leadership
• Cost savings compared to hiring full-time, in-house finance personnel

Through their partnership with Baker Tilly, these senior living providers strengthened financial oversight, improved operational performance, and achieved greater efficiency and cost-effectiveness.

Most importantly, the organizations gained a holistic financial partnership, strengthening both day-to-day operations and their long-term strategy. The senior living providers are now well-positioned for the future.

We’re Here to Help

For more information on how our Accounting and Financial Services team can help your health care organization improve its operations, please contact your Baker Tilly professional.

Additional Resources

• Health Care Practice
• Outsourced Accounting Services