Senior Services
Helping create the future of senior services.
Senior Services
From development advisory to operational assessments to audit and tax solutions, our collaborative team of senior living, healthcare, real estate and technology industry specialists provide custom solutions to establish organizational and financial resiliency as well as fulfillment of the mission critical task of providing high quality care and services to residents.
By the numbers
2 of 10
We work with two of the largest not-for-profit, multisite senior living providers in the nation
500
Serving more than 500 for-profit and not-for-profit senior living organizations
30
Audited and/or advised 30 of the top 100 not-for-profit senior living, multisite organizations
Top 15
Top 15 healthcare consulting management firm (Modern Healthcare 2023)
Our solutions
Baker Tilly’s team of professionals understand your organization's unique situation and can tailor solutions that address your most pressing needs beyond audit and tax. Our team works alongside our clients every day and can help you and your organization stay nimble and adjust to change while creating the future of senior living through our customized senior services industry consulting solutions.
Senior services development projects are critical to an organization’s growth. Planning and executing development projects is time consuming and, at times, difficult to manage internally with many other competing priorities. From concept and planning through construction and completion, our team provides development advisory services throughout the project and business life cycle. We understand the complexity of the development planning process and the challenges and opportunities facing senior services providers.
A viable, active strategic plan is a compass that guides decision-making and brings focus to the priorities and initiatives that will help drive the future direction of an organization. Baker Tilly’s senior services team provides a comprehensive approach to strategic planning to align stakeholder input, financial condition, operational readiness, and market opportunity with the mission and vision of the organization.
Senior services providers are facing an increasingly complex and challenging environment, specifically in light of the coronavirus pandemic. As such, the execution of strategies that include mergers and acquisitions (M&A), partnerships, affiliations, etc. are becoming much more prevalent in the sector. At Baker Tilly, we help organizations navigate the transaction process by providing comprehensive analyses along with thoughtful and timely insights to respond to M&A and corporate finance questions.
In today’s ever-changing and challenging operating environment, there are several points of concern that affect how senior services providers operate, and these issues can have a significant impact on the operating results of an organization. In response to these issues, Baker Tilly’s clinical advisory team has the hands-on operational experience and skill sets to provide assistance with
- Analysis of nurse management and direct care staffing
- Mock surveys
- Assistance with plan of correction development and implementation
- Direct in-service education.
- Evaluation and processing of the Five-Star quality rating reports
- Review of billings and related medical record documentation to ensure billings are properly supported by underlying documentation, and that reimbursement for services rendered is accurate.
Labor pressures, including staffing shortages, increased staffing level requirements and wage increases, coupled with near stagnant reimbursement levels from third-party payers, all impact the operations and financial performance of SNFs. The COVID-19 pandemic has also accelerated the desire of the population to live at home, or at least in a homelike environment with a minimal number of additional people, which impacts the growth and viability of the SNFS now, and in the future.
Baker Tilly’s senior living team helps providers identify areas where revenue enhancement and cost savings can be achieved in an effort to improve operating results. Our operational assessments also assist providers by re-evaluating current operations and determining where changes can be made to ensure strategic endurance and financial sustainability.
Our cost reporting and reimbursement team prepares hundreds of cost reports on an annual basis and provides assistance and advice to clients related to contracts with managed care organizations, billing matters and regulatory compliance.
Senior services providers are facing changing consumer preferences, demographic and economic trends, and evolving care delivery models that are driving innovation throughout the industry. An increasingly competitive environment, including competition from non-traditional competitors, is speeding up the timeline to adapt and plan to secure market position into the future. Baker Tilly’s senior services team provides the research, analysis and interpretation necessary to develop a deep understanding of your marketplace and current marketing processes and can provide your organization with the insight to succeed now, and in the future.
Financial planning and feasibility studies are a cornerstone of any project planning process, whether rightsizing, repositioning or renovating an existing campus, or building new construction. The most cost effective and value-added financial planning process starts at the very early stages of planning. This will help to ensure that unnecessary costs are avoided, and all development related costs incurred during the process will add value to the ultimate completion of the project.
At Baker Tilly, our team of senior living and real estate specialists can support your project development initiatives by analyzing the financial feasibility of your project.
Real estate projects require a comprehensive view of all available financing, incentive and tax credit options. Baker Tilly can help source and secure development financing from various programs including Low-Income Housing Tax Credits and debt sources, such as Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD).
The COVID-19 pandemic has had a significant impact on senior service providers, and understanding and accessing available funding continues to be a challenge. Baker Tilly provides advice and counsel related to accessing COVID-19 related government grant and loan programs, as well as assisting with your organization’s compliance and recovery efforts.
Whether you need assistance with portions of your accounting and bookkeeping functions or if you are looking to outsource your entire accounting department, Baker Tilly can help. Our client accounting services team understands the challenges and pressures facing senior services today and can customize solutions that will transform your back office. After assessing your specific situation, we leverage best-in-class technologies and years of industry expertise to deliver customized solutions.
Senior living providers face complex decisions everyday as they plan a course for the enduring success of their organization. Baker Tilly can help assess your company’s current state and plan for the future by creating a digital transformation pathway that’s right for your organization by leveraging robotic process automation (RPA), artificial intelligence (AI) and data analytics.
The role of the chief financial officer (CFO) has changed dramatically. In addition to ensuring regulatory compliance, overseeing the financial reporting process, controlling transaction processing and interacting to those charged with governance, the finance organization is often asked to support enterprise strategic initiatives in an increasingly competitive business environment. Baker Tilly works with our clients to develop practical and effective strategies for aligning finance operations to the business objectives, tailored to fit each company’s unique business requirements and size.
Sage Intacct
Drive your organization forward with our cloud-based solutions
Baker Tilly offers scalable financial solutions optimized for speed and flexibility, empowering you to focus on strategic accounting instead of manual processes. Lead with confidence using our intelligent product solutions tailored to drive growth.
We have a great appreciation for Baker Tilly’s vast industry knowledge. Their participation in various national committees and associations has helped us stay at the forefront of industry changes. Our relationship with the team is characterized by a high level of partnership with mutual respect on both sides. They listen to us, work with us and are highly responsive to our requests.President, senior services client
Podcast
Healthy Outcomes: A Baker Tilly podcast
Listen and subscribe to Healthy Outcomes, a podcast series from Baker Tilly, that discusses hot topics in the healthcare industry. This podcast series brings together Baker Tilly’s team of Value Architects™ and other healthcare industry leaders to talk about issues and opportunities that can help your healthcare organization win now, and anticipate tomorrow.
Featured insights
Senior living trends and challenges in 2023 and beyond
Watch our on-demand webinar for a discussion about senior living trends and challenges in 2023 and beyond as well as how you can position your organization for success.
2022 Financial Ratios & Trend Analysis of CARF-accredited Continuing Care Retirement Communities
Baker Tilly – in collaboration with CARF and Ziegler – released the 2022 edition of the Financial Ratios & Trend Analysis report to assist individual CCRC boards and management teams in understanding financial trends within the senior services industry.
NFP lease accounting: understanding ASC 842 and real-world challenges
This on-demand webinar overviews ASC 842, the new lease standard, and factors affecting not-for-profit organizations, including implementation challenges and lessons learned.
Demystifying HITRUST assessment types: bC, i1 and r2
This webinar reviews and differentiates three HITRUST assessment types and compares them to other frameworks to further help organizations select the right level of assurance.
Baker Tilly’s team members provide us with proactive advice to help us stay at the forefront of industry developments. They listen to our concerns and seek out timely and effective solutions. They are highly responsive, professional and offer an extensive range of services to complement our annual audit. We are confident in their abilities to provide us with beneficial guidance and we view them as a trusted business advisor.CFO, senior services client
Our professionals
At a glance
Senior services providers are currently faced with several challenges, including dramatic shifts in the healthcare ecosystem resulting from mergers and acquisitions (M&A), increasing competition, declining reimbursement, the evolution of value-based purchasing and healthcare reform, and pandemic related impacts, which include declines in occupancy and labor pressure (i.e., wages, staff shortages, etc.).
Strategies related to the development of new products and services, repositioning of existing campuses, technological advancements, and service delivery and care models must evolve to attract future consumers and to remain competitive. Understanding market demand, financing options, the regulatory environment and how to navigate the real estate development process all play a critical role in setting and executing future strategies designed to serve this rapidly growing population segment.
From concept to completion, we deliver a proactive approach to strategically position your business to remain viable. Our team serves a breadth of for-profit and not-for-profit senior services organizations, including:
- Continuing-care retirement communities (CCRCs) and life plan communities (LPCs)
- Skilled nursing facilities (SNFs)
- Assisted living facilities
- Memory care organizations
- Home and community-based service clients (i.e., home health, hospice)
- Active adult and affordable housing communities
Our solutions
Assurance
Baker Tilly pairs deep industry knowledge with service specialization to deliver high quality accounting and assurance services.
Tax
Contributing to clients’ success by accelerating tax deductions, increasing tax credits, reducing cash taxes and mitigating risks
Development Advisory
Guiding clients through development projects from conception to completion.
Transaction Advisory Services
Baker Tilly’s transaction advisory services team provides straightforward advice to clients on every critical business decision before, during and after a transaction.
Project Finance
We take a comprehensive view of available federal, state and local tax credit and incentive programs and loan programs when developing a project’s capital stack.
Regulatory Compliance
Strengthen your federal, state, industry and agency regulatory compliance.
Digital Strategy
Digital transformation is so much more than just implementing the latest technology. See your big picture, understand your “why” and chart a course for success.
Outsourced Accounting
Outsourcing your accounting needs can help transform your financial management and provide data to drive strategic planning, guide business decisions, and support overall growth — all while saving you time, money and stress.
CFO Advisory Services
Baker Tilly provides critical advisory services and support to financial leaders, business owners and investors that meet the unique challenges, complexities and the ever changing environment the office of the CFO faces.
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