Introducing our Nursing Home Specific Accounting Software.
Because TAG's LTC System was developed exclusively for use in the Long-Term Care industry, it provides information not readily found in other Components. For example, while most financial systems can only offer gross dollars, TAG's LTC System provides gross dollars in addition to per-patient day (PPDs) metrics. From the budgeting process to the most detailed financial statements, PPD figures are an essential aspect of our System.
TAG's Long-Term Care Financial Reporting and Analytical Systems will work with any size organization. Whether your company owns one facility or multiple facilities spread across several regions, TAG's LTC System will provide the information necessary to efficiently and effectively manage your operations.
Powered by IBM
Written on the IBM iSeries, TAG's LTC System is capable of working with many different computer configurations. As our Client, we strive to accommodate your specific needs. Our experienced staff can perform the various data entry requirements to ease the facility personnel into the intricacies of accrual accounting. However, TAG can also equip your facilities personnel with a network of terminals on your company's computers to provide online access to our System.
The TAG LTC System is quick and efficient. An entire month-end financial Component for a multifacility, multi-state organization can be processed and printed in less than one workday. In addition, Financial statements for individual facilities can be generated within minutes. Once the data entry process is complete, reports may be processed and saved efficiently between your interested parties.
The TAG LTC System is user-friendly, with each function on the System driven by a menu navigation screen. The screens and input forms are laid out in identical formats to make data input easier and more efficient. Most importantly, our System has a full suite of standardized menus. However, most of our reports may be customized to meet your company's particular needs.
Keeping your Data Safe
The TAG LTC System is safe. The System incorporates many hardware and software controls to ensure your company's data is secure from unauthorized access or manipulation. Passwords may be established at virtually any access level, allowing you to control your security sophistication. Out-of-balance controls, limits on the dollar amount of individual payroll and payable checks, user logs, online warnings, and user-specific data definition are just a few of the many controls built into the System.
The System also protects your data against loss due to equipment failure or other catastrophes. TAG understands the necessity of information access, so we have built a system that includes a complete backup power supply that enables the user to continue data entry or processing in the event of most power failure situations. We also incorporate multiple mirrored hard drives, as opposed to one. All data entered into the System are simultaneously saved on the second drive to safeguard against a single hard drive failure. To further safeguard against physical disaster, all data can be backed up routinely via magnetic tape.
Unlike many financial system providers, TAG's LTC System is backed by Long-Term care professionals with real industry experience. The System was developed to complement and support operations, not complicate it. TAG personnel can be available for your industry needs, including initial set-up, data and/or systems organization, and system training. We stress to our clients that our expertise in Long-Term Care management makes our System the preferred choice for Long-Term Care providers.
LTC Software Components
TAG's LTC System is a complete system with robust Components for budgeting, accounts receivable, accounts payable, payroll, fixed assets, and general ledger. Most importantly, all Components interface electronically with one another, including the general ledger. This feature eliminates the need for time-consuming and frequently overlooked financial reconciliations. Consistent with TAG's commitment to supporting our client's operations, we are dedicated to system enhancements. TAG understands that the Long-Term landscape can change rapidly. As a result, TAG's LTC System is capable of evolving with our clients' unique needs. For example, for our Indiana SNF clients who partner with County Hospitals, TAG understands the significance of UPL/IGT revenue projections.
Preparation of Financial Statement
Financial Statements Component
Financial Reports
The Financial Reports and GL Component provides a variety of reports for all levels of management and operations. In addition to the standard set of financials, many of the Component's reports can be made available weekly, monthly or quarterly by facility, state, region, or on a consolidated basis. In addition, the reports provide an Excel Bottom Line Projection Tool that allows operators to input projected Revenue and Expense Numbers to forecast financial operations against budget. Some of the most widely used reports in addition to monthly standard financials include:
Cash Receipts Journal
Adjustments Journal
Monthly P&L Comparisons
Monthly Spend Analysis
Accounts Receivable Component
Overview AR Component
The TAG LTC System incorporates an Accounts Receivable Component that efficiently captures all your room/board and ancillary revenues. The Component also automatically prepares contractual allowances by payer type for both room/board and ancillary services. The Component can support Traditional Medicare and Medicaid programs as well as most Managed Care Fee Schedules. In addition, the A/R Component can be customized to identify Medicare's Patient-Driven Payment Model components. The A/R Component is designed to produce reports quickly, thereby providing information within a time frame that allows for management interaction should problems be identified. In addition, the A/R Component can produce an updated aged trial balance at any time during the month. All accounts (including credits) are aged by payer and month of service. An automated delinquency report is offered to isolate those accounts that need immediate attention. Consolidated management reports showing dollars and/or days unpaid are available in your choice of configurations (by state, region, etc.)
Convenient By-Exception Basis
The A/R Component operates on a convenient by-exception basis. This means that once a resident has been entered into the System, nothing needs to be done in subsequent months for revenue to be recorded accurately unless something with that resident changes. Private pay room/board billing is done in advance with ancillary charges for the prior month. Private statements, as well as all third-party billing, are generated on the first of the month. Electronic billing is used in those states that have electronic medium capabilities.
Resident Master File
The A/R Component maintains a room/bed master file for all facilities. This master file is especially helpful to operators in assuring the accuracy of current rates. It also safeguards against facilities overriding their budgeted rates with inappropriate contracts.
Ancillary Contractual
Ancillary charges are also able to be captured with the A/R Component. The charges, generated at the facility level, are batch-processed periodically (we suggest at least weekly). The A/R Component can accommodate most charge-out systems for tracking and submission or any other ancillary program. Ancillary pricing is accomplished through a master matrix, which lists the purchase price and automatically applies a specified markup. All ancillary charges are recorded at the Private pay rate. The ancillary contractual is then automatically computed and recorded based on the actual reimbursement allowance for each item.
A/R Reports
The A/R Component provides a variety of reports for all levels of management and operations. Many of the Component's reports can be made available weekly, monthly or quarterly by facility, state, region, or on a consolidated basis. Some of the most widely used report features include:
Cash Receipts Journal
Adjustments Journal
Miscellaneous Charges by either Item or Patient
Patient Trust Fund Accounting
Aged Accounts Receivable Detail by patient
Income Summary by Patient Type
Detailed Census information
Patient Master File with all pertinent patient information
Billing reports by Payor Type
Accounts Payable Component
Overview of AP Component
TAG's LTC System includes an Accounts Payable Component combining data entry efficiency and reporting sophistication. The A/P Component uses a batch processing system with a data input for each invoice processed. Completed at the facility level, these data entry input forms (Invoice Data Transmittals or IDTs) mirror the input screen. Once input, they are attached to the invoices for easy tracking through the System during and after payment.
Advantages of our AP component
The A/P Component offers several advantages not found in other systems. Any invoice may be distributed to multiple general ledger accounts, as well as multiple facilities. Any invoice may be split into multiple payments, providing the ability to remit payment for a portion of an invoice, but not all of it, in those cases where there is a disputed item or some other issue. In addition, for security purposes, the System will not allow duplicate invoices to be entered. Once a batch has been entered, a batch total is available on the screen for review. If the total per the screen does not equal the total on the batch ticket, you can edit the input "on-screen," or you may generate an edit report that will allow you to quickly identify the problem.
Period Ending
At month-end, the accounts payable may be cut off as often as you wish, with a final cut-off performed at your discretion. The A/P Component interfaces directly with the general ledger, so all your invoices in your final A/P cut-off will be included in your general ledger accounts payable balance.
Cash Reconciliation
The A/P Component consists of a cash reconciliation procedure that allows you to automatically post vendor checks to the System when written or voided. The TAG LTC System also offers the option of direct communication with your bank. Choosing this option provides the added feature of having those checks that cleared your bank during the month be directly interfaced with the reconciliation component. This procedure makes your monthly bank reconciliations very timely and accurate. The A/P Component also offers annual 1099 processing, Magnetic processing, and filing is where required.
Detailed Expense Tracking
The consolidated A/P journal ties directly to the consolidated A/P aging, which connects to the consolidated general ledger. For your accounts payable staff, detailed account analyses are available at the touch of a button. If a printed document is not necessary, online inquiry functions are available by vendor, invoice number, invoice date, or general ledger account number. For invoice payments, a cash requirements report can also be produced. This report details each invoice that is due to be paid. Your staff can hold payment on as many invoices as desired while releasing the invoices of your choosing. Once invoices are selected for payment, checks are printed automatically from this listing. Your vendors can be grouped or classed according to payment terms, allowing your company to take advantage of early payment discounts easily. You may also choose to class your vendors by the invoice due dates, type of product or service, or any combination thereof. Suppose you have certain checks that need to be run immediately or before the next general check run (employee expense checks or utility checks). In that case, you may run those separately merely by selecting them for payment.
AP Reports
The A/P Component produces reports for all levels of management. At the facility level, a weekly report can be generated that details all invoices entered and/or paid since the last report was issued. This report allows facility personnel to quickly determine the status of any invoice. In addition, on a monthly basis, the facilities can receive a complete payable aging, payable journal, invoice entry, check register, and vendor status reports. And, as with all of TAG's LTC System, all reports tie directly into the facility trial balance. From regional management teams up to the C-Suite personnel, TAG's A/P Component produces consolidated reports by region, state, or any custom combination you wish that parallels the information available at the facility level.
AP Submission Log
AP Register
Payables Aging
Payable Journal
Vendor List & Detail
Check Register
Cash Requirement
Simply put, TAG's Long-Term Care Financial Reporting and Analytical Systems will work with any size organization. Whether your company owns one facility, or multiple facilities spread across several regions, TAG's LTC System will provide the information necessary to efficiently and effectively manage your operations. Call today for a free consultation.
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