Key Financial Considerations for Hospice Boards

A key responsibility of hospice board members is financial oversight, which requires an understanding of not only the organization’s finances, but also the financial context in which it operates. In this three-part Hospice Governance Academy Spotlight Interview, Bill Musick, President of Integriti3D, talks with Mark Sharp, a Partner at BKD CPAs & Advisors and the leader of BKD’s Home Care & Hospice Center of Excellence. They discuss what hospice board members should know and focus on in the boardroom when it comes to finance.

Segment 1: Financial Basics for Hospice

Mark Sharp shares his top three areas for organizational financial stewardship, which are the responsibility of all members of the board:

1. Accounting 101 and Basic Hospice Finance
2. KPI Dashboard
3. Financial Feasibility for New Initiatives

Click here to download a discussion guide that can help continue a conversation with your fellow board members on this important topic.

Segment 2: Financial Oversight

Mark Sharp shares what hospice board members should know about financial oversight, including how to get board members with little knowledge of finance up to speed:

1. All Board Members Responsible
2. Recruit for the Right Skillsets
3. Take Financial Responsibility Seriously
4. Ask the Difficult Questions
5. Perform Financial Analysis with Strategic Planning
6. Don’t Use Non-Profit Status as an Excuse

Click here to download a discussion guide that can help continue a conversation with your fellow board members on this important topic.

Segment 3: Future Challenges

Mark Sharp shares some of the biggest challenges on the horizon for non-profit hospice boards, including:

1. Payment model reforms
2. Annual payment cap
3. Potential addition of Medicare managed care
4. Influx in compliance monitoring
5. Staffing challenges
6. Economies of scale

Click here to download a discussion guide that can help continue a conversation with your fellow board members on this important topic.