Month-End Close Made Easy for Long-Term Care Facilities

Transforming Complexity into Confidence with Expert Month-End Solutions

Month-end closing is one of the most critical financial operations in long-term care—and often one of the most time-consuming. With multiple moving parts, tight compliance requirements, and high stakes for accuracy, even small errors can have large consequences.

But it doesn’t have to be that way. With the right strategies, tools, and expert support, long-term care facilities can make their month-end process faster, more accurate, and significantly less stressful.

Why the Month-End Close Matters in Long-Term Care

The month-end close is more than a formality—it’s the foundation of sound financial management. It involves:

• Reconciling all accounts

• Generating reports for internal and external stakeholders

• Ensuring compliance with industry standards and regulatory requirements

Inaccuracies during this process can result in:

• Delayed or reduced reimbursements

• Regulatory penalties or failed audits

• Misguided operational decisions based on faulty data

• Eroded credibility with funders and partners

Given the role of agencies like CMS and state health departments, accuracy in month-end closing is non-negotiable.

Key Pillar: Streamlining Account Reconciliation

At the heart of the month-end process lies account reconciliation. For long-term care centers managing numerous accounts and payer sources, this can be a source of significant complexity.

To reduce errors and accelerate reconciliation, facilities should implement the following practices:

• Routine audits to detect discrepancies early and resolve them proactively

• Detailed transaction documentation that creates a clear audit trail

• Collaborative reviews across finance and operations to reduce blind spots and increase accountability

A structured reconciliation process builds the foundation for financial clarity and confidence.

Improving Financial Reporting Accuracy

Long-term care executives rely on accurate reporting—income statements, balance sheets, and cash flow reports—for everything from compliance to budgeting and strategic planning.

To ensure financial reporting reflects reality and meets industry standards, facilities should focus on:

• Standardized templates for consistent formatting and clarity

• Multi-level review systems to catch errors before finalization

• Ongoing staff training on current GAAP standards and healthcare-specific reporting requirements

Reliable financial reports support stronger decision-making and demonstrate transparency to funders, investors, and boards.

Leveraging Technology to Simplify Month-End Operations

Manual processes slow down month-end close and increase the risk of error. Long-term care facilities benefit significantly from automation and cloud-based systems designed for healthcare finance.

Key technologies include:

• Automated data entry for invoices, payroll, and financial transactions

• Cloud-based financial platforms offering real-time access to month-end performance metrics

• Integrated systems that connect accounts payable, payroll, EHR billing, and general ledger

Technology doesn't just reduce manual work—it enhances visibility, improves team collaboration, and accelerates closing timelines.

Integrating Treasury Services for Greater Financial Control

Month-end is not complete without treasury oversight. Effective treasury services improve cash management and ensure the facility’s financial stability.

Consider integrating treasury into month-end workflows to:

• Forecast cash flow needs and availability for the following period

• Schedule and manage debt payments to avoid fees or service disruptions

• Evaluate short-term investment opportunities while maintaining liquidity

This holistic view helps long-term care executives make informed, strategic financial decisions.

HR and Payroll: The Overlooked Elements of Month-End Close

Payroll is one of the largest line items in a long-term care facility’s budget—and one of the most sensitive. Mistakes in payroll reconciliation or benefit allocation not only risk compliance penalties but can impact staff morale and retention.

Facilities should integrate the following HR checks into their close process:

• Payroll reconciliation between timekeeping systems and accounting records

• Benefit allocation reviews to ensure accurate reporting of expenses and liabilities

• Compliance verification against labor laws and organizational policies

An aligned approach between finance and HR creates a more complete and compliant month-end close.

Actionable Strategies for Month-End Success

To consistently close the month with accuracy and efficiency, long-term care centers should adopt these best practices:

1. Establish timelines and accountability for each task in the month-end workflow

2. Use detailed checklists to ensure nothing is overlooked

3. Train teams continuously on financial regulations, system updates, and internal processes

4. Promote collaboration across departments to reduce silos and streamline handoffs

5. Review historical close data to identify patterns and areas for improvement

These steps help eliminate last-minute surprises and promote a culture of financial discipline.

Reframing Month-End as a Strategic Opportunity

Month-end closing doesn’t have to be a source of anxiety. With the right framework in place, it becomes a valuable opportunity to:

• Demonstrate financial transparency

• Assess operational performance

• Strengthen stakeholder trust

• Identify trends and inform long-term planning

By building repeatable, technology-enabled processes, long-term care facilities can make their month-end close not just easier—but smarter.

Take Control of Your Month-End Close with Core LTC Services

At Core LTC Services, we help long-term care facilities simplify and improve the entire month-end process. Our support includes:

• Account reconciliation services

• Financial reporting assistance

• Payroll and HR compliance oversight

• Treasury management and cash flow forecasting

Let us help you reduce risk, improve accuracy, and gain control over your financial close—so you can focus on your mission of exceptional care.

Contact us today to schedule a consultation and discover how Core LTC can streamline your month-end operations.