How important is it for nursing home accountants to file aging reports?
As a former controller for a Continuing Care Retirement Community (which included a skilled nursing facility, aka nursing home), I can tell you it’s very important to monitor your receivables agings. The facility is billing Medicare, Medicaid, HMO’s, Long-Term Care insurance policies as well as private parties. With a one month stay for one person being around $5,000 at a minimum, losing track of your income gets you in trouble pretty quickly. Also, if you don’t file a claim within a certain time frame you will not get paid, no matter how legitimate the claim. In terms of your specific question on “filing” aging reports, it really doesn’t apply. Agings are internal documents used to stay on top of collections, not something you file with external entities.
