Free Nursing Home Financial Checklist

Use this checklist monthly to ensure all financial operations are in order and compliant with regulatory standards. Review each item, check off when complete, and address any areas requiring action.

Monthly Financial Operations

• Review and reconcile bank statements to ensure accuracy of transactions.

• Verify all invoices received from suppliers and contractors have been accurately recorded and paid.

• Confirm payroll has been processed correctly, including withholdings and benefits deductions.

• Ensure all resident billing is up-to-date, accurate, and that payments have been received and recorded.

• Check for any outstanding debts or receivables and take appropriate action.

Budgeting and Forecasting

• Compare actual spending against the budgeted amounts and investigate any significant variances.

• Update financial forecasts based on current trends and expected changes.

• Review upcoming financial commitments and ensure sufficient funds are allocated.

Compliance and Reporting

• Ensure all financial reporting is prepared and submitted in accordance with regulatory deadlines.

• Review and confirm compliance with all relevant healthcare finance regulations.

• Conduct a review of financial policies and procedures for any updates to compliance standards.

Asset and Investment Management

• Perform a review of investment portfolios and assess performance against benchmarks.

• Check the status of physical assets, including equipment and property, for depreciation and necessary maintenance.

• Evaluate the need for asset acquisition or disposal based on operational requirements.

Risk Management

• Review insurance policies for coverage adequacy and upcoming renewals.

• Identify any new financial risks and evaluate the effectiveness of existing risk management strategies.

• Conduct a fraud risk assessment and ensure anti-fraud measures are in place and effective.

Internal Controls and Audit Preparation

• Verify that internal financial controls are functioning correctly through random transaction audits.

• Prepare for any upcoming external audits by organizing financial records and documentation.

• Review findings from any recent audits and ensure all recommendations have been implemented.

Staff Training and Development

• Identify any gaps in financial knowledge among staff and arrange for appropriate training.

• Review the performance of the finance team and identify areas for development.

• Ensure all staff handling financial transactions or reporting are up-to-date on the latest financial tools and software.

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