2022 Rhode Island Nursing Home Cost Per Day Analysis

Introduction

ABOUT THE DATA

Enclosed is the 2022 Rhode Island Nursing Home Cost Per Day Analysis (Analysis) prepared by Citrin Cooperman Advisors LLC (Citrin Cooperman). The data used to prepare this Analysis was obtained from copies of Form BM-64 cost reports submitted to the State of Rhode Island Executive Office of Health and Human Services (cost reports). We did not audit, compile, or review the cost reports or other data, and do not express an opinion or any form of assurance on them.

This Analysis provides insights into what is happening in the environment and may be of assistance to you in managing your nursing home. As always, historical information provides a glimpse of the past, but we all must deal with the complications and challenges of the present and future.

Table of Contents

Citrin Cooperman’s Healthcare Industry Practice is well-positioned to help healthcare organizations navigate the current marketplace. With a suite of services specifically designed to add value, we help organizations position themselves for short-term profitability, long-term sustainability, and strategic growth.

SELECT INFORMATION FROM BM-64S

We're Here To Help

Citrin Cooperman continues to assist the nursing home industry with its experience, expertise, and insights. As a firm, we have made it our business to know health care issues and reimbursement strategies - a commitment that means affordable, quality service to you. Should you have any questions about Medicare, Medicaid, managed care, or other reimbursement issues affecting your nursing home, questions about this Analysis, or about how we can provide assistance to you, please contact your Citrin Cooperman representative or Michael Criscione, partner and coleader of Citrin Cooperman's Healthcare Industry Practice (mcriscione@citrincooperman.com).

AVERAGE OCCUPANCY

AVERAGE CENSUS MIX

DIRECT CARE COST PER DAY

TOTAL COST PER DAY BY CATEGORY

EXPENSES VS. REVENUE PER DAY

COST PER PAYROLL HOUR

COST PER PURCHASED SERVICE HOUR

INSIDE THE HEALTHCARE INDUSTRY PRACTICE

Very truly yours,

Michael Criscione

Michael Criscione

ABOUT THE AUTHORS AND CITRIN COOPERMAN

Select Information From BM-64s

Select Information From BM-64s

Average Occupancy

Average Occupancy

Average Census Mix

Direct Care Cost Per Day

Direct Care Cost Per Day

Total Cost Per Day By Category

Total Cost Per Day by Category

Expenses vs. Revenue Per Day

Cost Per Payroll Hour

Cost Per Payroll Hour

Cost Per Purchased Service Hour

Inside the Healthcare Industry Practice

Healthcare organizations continue to confront and adapt to significant challenges associated with new payment models and stagnant reimbursement, rapid consolidation, new market entrants, changing technologies, growth of telehealth, enhanced patient expectations, and more.

Citrin Cooperman’s Healthcare Industry Practice is well-positioned to help healthcare organizations navigate the current market. With a suite of services specifically designed to add value, we help organizations position themselves for short-term profitability, long-term sustainability, and strategic growth. Our dedicated healthcare team supports efforts throughout the full continuum of care while serving providers, payors, and investors.

Services

We proactively arm our clients with the tools they need to be forward-thinking and draw from our deep collective expertise to deliver services that keep their organizations competitive and financially profitable.

Advisory

- Strategy -

- M&A and strategic partnerships -

- Finance and operations -

- Business planning and financial feasibility -

Industry Experience

We work with owners, operators, boards of directors, and investors in the healthcare space and we are well-versed in the complexities of the different industry segments.

We frequently work with a variety of participants who touch the healthcare businesses listed below:

Hospitals and health systems

Physician practices

Ambulatory surgery centers

Outpatient centers

Physical therapy and rehabilitation

Tax and Business Services

- Tax planning services -

- Healthcare transaction related services -

- Business structuring and operations -

- Profitability and analysis -

Assurance*

- Assurance services -

- Risk management -

- Cost reporting and reimbursement -

*Audit and assurance services are provided by Citrin Cooperman & Company, LLP.

Behavioral health

Long-term care

Adult day centers

Assisted living facilities

Independent living centers

Home health

Hospice

Payors and health plans

Managed care organizations

Technology and startups

Medical foundations

About the Authors

mcriscione@citrincooperman.com

About Us

Michael Criscione Partner and Co-leader Healthcare Industry Practice

Michael is a co-leader of Citrin Cooperman’s Healthcare Industry Practice and specializes in audit and business advisory solutions for healthcare entities such as home health agencies, hospices, long-term care and assisted living facilities, community health centers, and health and human service providers. He has over 30 years of Medicare/Medicaid experience including assistance with the preparation of third-party cost reports, benchmarking reports, and financial analysis. He works extensively with owners, operators, and boards of directors regarding the financial aspects of their businesses, including thirdparty reimbursement, appeals for rate adjustments, compliance-related matters, operating budgets, development of reimbursement strategies and systems, and negotiations/discussions with federal and state agencies.

401.421.4800

lflorio@citrincooperman.com

Lauren is an audit director with over 15 years of experience specializing in the not-for-profit, employee benefit plan, and healthcare industries. Her not-forprofit clients include schools, membership organizations, health and human service organizations, and healthcare clients including skilled nursing facilities. Lauren’s experience with auditing employee benefit plans includes defined contribution plans (including 401(k) and 403(b) plans) and defined benefit plans. Lauren provides various services including attest, Uniform Guidance audits, Massachusetts Uniform Financial Report (UFR) audits, cost reporting, and Form 990 preparation. She works closely with boards, owners, and management to assist clients on reimbursements, benchmarking, and other financial analysis.

Citrin Cooperman is one of the nation’s largest professional services firms. Since 1979, the firm has steadily built its business by helping companies and high net worth individuals find practical, actionable solutions to help them meet their short-term needs and longterm objectives. We specialize in offering our clients innovative, timely, and sage advice to improve operations and enhance profits.

Citrin Cooperman clients span an array of industry and business sectors and leverage a complete menu of service offerings. Citrin Cooperman & Company, LLP, a licensed independent CPA firm that provides attest services and Citrin Cooperman Advisors LLC, which provides business advisory and non-attest services, operate as an alternative practice structure in accordance with the AICPA’s Code of Professional Conduct and applicable law, regulations, and professional standards. The entities include more than 400 partners and 2,400 total professionals.

To learn more about Citrin Cooperman and how our Healthcare Industry Practice can help your business, visit: citrincooperman.com/Industries/Healthcare

Lauren Florio Director

401.421.4800

Citrin Cooperman" is the brand under which Citrin Cooperman & Company, LLP, a licensed independent CPA firm, and Citrin Cooperman Advisors LLC" serve clients’business needs. The two firms operate as separate legal entities in an alternative practice structure. Citrin Cooperman is an independent .)member of Moore North America, which is itself a regional member of Moore Global Network Limited )MGNL