Financial Management

Advantages of Financial Management Services provided by Healthcare Support Services, Inc. include:

Payroll:

• Time sheets are entered into the billing system and then imported into the payroll system. This allows tracking of all hours worked for each individual service recipient
• Payroll system is setup to handle multiple pay rates for each employee based on individual service recipient rate and for other billable time (i.e. training, supervision).
• Preparations of all monthly, quarterly and annual tax returns and completion of W2 reporting.
• Automated posting to General Ledger System

• HSS will bill all services on a weekly or monthly basis, as appropriate.
• Tracking system for retroactive billing and appeals
• HSS will rebill all denials as appropriate
• Posting to Accounts Receivable payments of all cash receipts
• Accounts Receivable aging report identifying outstanding balances.
• Capability of running reports for various time frames by Cost Center and Service Recipient

Financial Statements:

• Completion of monthly financial statements with a comparison to operating budget (if multiple locations, financial statements will be prepared by location)
• If required, assistance in completion of annual external audit, review, and/or compilation
• Assistance in preparing annual corporate income tax returns (information as requested will be provided to tax return preparer)
• All Accounting functions are integrated into the general ledger system. If you are having outside vendors processing Billing, Payroll, or Accounts Payable, your organization will need to have someone to manually enter information in the General Ledger in order to record all financial activities (if HSS is your financial management services provider, you will not have the cost of the position of manually entering information into the General Ledger system.)
• Other reporting include but not limited to productivity rates and financial statement by service

 Accounts Payable:

• Processing of all Accounts Payable invoices and automated posting to General Ledger System.
• Printing of Accounts Payable checks with your agency bank account information and you will sign the checks, thus providing the final approval of all checks.