Helping Long-Term Care Facilities Restore Financial Health Amid COVID-19 Challenges

March 4, 2021

Kristina Wesch, partner in Herrick's Health Care Group and Restructuring & Finance Litigation Department, spoke on a panel titled Helping Long-Term Care Facilities Restore Financial Health Amid COVID-19 Challenges at the American Health Law Association's Long Term Care and the Law Virtual Conference. Kristina joined Joseph Tomaino from Grassi Healthcare Advisors and David McMillan from Consulting, PYA for the panel.

The session covered:

  • Resource Utilization
    • Costs / Utilization: Cost management and prioritization through implementation of a rigorous cash and vendor management program, while aligning expenses with occupancy and revenue
    • Evaluating legal risks and solutions associated with vendor demands, payment timing, and avenues of relief
  • Value Realization
    • Revenue / Market: Evaluating opportunities to improve documentation, ensure appropriate recognition and receipt of documented services (revenue cycle integrity), evaluating additional services and associated revenue streams, and analyzing clinical program effectiveness
    • Evaluating legal, compliance, and licensure issues associated with new clinical streams, revenue opportunities
  • Capital Rationalization
    • Financing / Funding: Access financing options through current lenders, new funding sources, and merger opportunities
    • Legal considerations associated with bond financing and other private/public funding sources