Introduction
ABOUT THE DATA
Enclosed is the 2023 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.
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 healthcare issues and reimbursement strategies - a commitment that means affordable, quality service for you. Should you have any questions about Medicare, Medicaid, managed care, or other reimbursement issues affecting your nursing home, please reach out to us. We look forward to discussing the findings of this Analysis with you and exploring how we can assist your nursing home.
Very truly yours,
Michael Criscione
Michael Criscione Partner and Healthcare
Practice Co-Leader
Citrin Cooperman’s Healthcare Industry Practice is well-positioned to help healthcare organizations navigate the current environment. 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
Select Information From BM-64s
Select Information From BM-64s
2019 2020 2021 2022 2023
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, stagnant reimbursement, rapid consolidation, new market entrants, changing technologies, the growth of telehealth, enhanced patient expectations, and more.
Citrin Cooperman’s Healthcare Industry Practice is well-positioned to help healthcare organizations navigate the current environment. 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 industry team supports efforts throughout the full continuum of care while serving providers, payors, and investors.
Industry Experience
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. Services
- Business planning and financial feasibilityAdvisory
- Strategy -
- Mergers and acquisitions (M&A) -
- Finance and operations -
We work with owners, operators, and investors in the healthcare space and are well-versed in the complexities of the different industry segments.
We frequently work with a variety of participants who interact with the healthcare businesses listed below:
- Tax planning services -
- Healthcare transaction-related services -
- Business structuring and operations -
- Profitability and analysisTax and Business Services
Assurance*
- Assurance services -
- Risk management -
- Cost reporting and reimbursement -
*Audit and assurance services are provided by Citrin Cooperman & Company, LLP.
About the Authors
Michael Criscione
Partner and Healthcare Industry Practice Co-Leader
401.421.4800
mcriscione@citrincooperman.com
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.
Lauren Florio Director
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.
About Us
Citrin Cooperman is one of the nation’s largest professional services firms. Since 1979, we’ve steadily built our business by helping middle market companies and high net worth individuals find practical, actionable solutions to help them meet their short-term needs and long-term objectives. Our clients span a diverse array of industry and business sectors and find sustainable growth through utilizing our menu of comprehensive personal and professional services.
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.
To learn more about Citrin Cooperman and how our Healthcare Industry Practice can help your business, visit: citrincooperman.com/Industries/Healthcare.
