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Operational and Compliance Considerations for 2022

Operational and Compliance Considerations for 2022

By Brian Ford
Steps to Take Now Heading Into 2022 (Article 4 of 4)

Concluding our series for healthcare services companies, I highlight some operational and compliance considerations. In 2021, many companies welcomed a return to normal with patient volumes and additional stimulus funds. Currently, we’re facing a different set of challenges into 2022 with staffing concerns, supply issues and slower than normal reimbursement. 

Here are four things to consider, some common observations and challenges we’re seeing with companies:

1. Did you receive payment through the CARES Act or other reimbursement (e.g. PPP, PRF or ERTC)?

  • Many companies received, or are in the process, of receiving forgiveness on such funds. Do you have the resources in place to meet the reporting requirements, both now and in the future? 
  • Companies that received multiple rounds of PRF will have future attestations. Is your team continuing to track and report the related expenses? 

2. How are your patients utilizing your telehealth solution?

  • A recent study from McKinsey concluded that “Telehealth utilization has stabilized at levels 38x higher than before the pandemic.” Currently, over 15% of all E&M services are being delivered with a Telehealth solution. For certain specialties, such as behavioral health, telehealth may represent over a third of all patient visits. 
  • During the pandemic, many states permitted limited platforms such as FaceTime. Have you upgraded to a comprehensive software that integrates with your EMR? Is your current set-up (i) compliant and (ii) delivering the best patient experience? 

3. How does your 2022 budget consider:

  • Potential staffing shortages and rising labor inputs. Common concerns we see are (i) clinic staff turnover, (ii) rising wages and (iii) the impact of vaccine mandates. At the same time, a stronger telehealth platform could help mitigate these risks to deliver patient care with less overhead. 
  • Supply chain issues securing medical supplies. Is your team effectively managing inventory and exploring secondary suppliers? Do you have sufficient working capital if new vendors require pre-payment? 

4. How has your revenue cycle team performed over the past year?

  • Have you experienced an increase in denials and/or delay in reimbursement from payors? 
  • With the additional work, is your team effectively managing patient responsibility, including refunds owed? 
  • Have you fully utilized stimulus programs such as supplemental reimbursement through CARES (e.g. uninsured patients, Covid vaccinations, etc)? 

If you’re a business owner, we encourage you to consider how your team is addressing the items we highlighted in this series. Does your team respond, rather than react, to a changing environment? Do you have a trusted advisor working inside the business, asking the right questions around the future health and growth of the Company? We celebrate our healthcare heroes in yet another difficult year, especially those working in underserved markets. 

Brian Ford is a FocusCFO Area President based in Nashville, TN.

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FocusCFO Tribute for Ed Chong

FocusCFO Tribute
for Ed Chong

By Mike Derringer

Ed Chong, CFO, passed away November 3, 2021 at the age of 56. He joined FocusCFO in 2018 and served 8 clients during this time. 

Ed was a leader to his FocusCFO colleagues.

He served on a panel of top CFOs at our All-Hands conference, sharing his years of experience with his peers about questions to ask and how to interact with the client, and how to best add value for their businesses. He was a regular contributor in our weekly CFO training sessions and shared best practices. He recently earned a spot in our ‘FocusCFO Hall of Fame’, recognizing a major mark for client tenure with our company.

Ed’s clients were raving fans. 

He genuinely cared for them as individuals, their business, and their success. 

Tim Zink of Zink Foodservice said, “Ed’s operator background…I always felt was unique and valuable…he could see our business from a different lens than others. He was always a positive spirit, even when times were tough during Covid, he was always looking for ways to help the company…I will miss him greatly.” 

Sanjay Patel of A1 Nursing Care said: “Ed was an amazing person and a wonderful team member. From the very first day, Ed helped bring people and ideas together, and knowing that we had him on our team allowed us to achieve so many great things in the last two years. He will always be part of the A-1 family.” 

Mimi McCann of 5 Star Staffing said, “It’s impossible to be brief when describing the impact that Ed had upon our business, but it can be easily summarized. He kept us here. He began by keeping our doors open, guided us through the quagmire of 2020 and established a successful future for our company. We would not be where we are without him.” 

She continued, “Some leaders are dynamic, some are unflappable. Ed was both. Ed was hilarious, his ability to filter a tough situation through the lens of a classic Seinfeld plot made challenges manageable.” 

“Ed is irreplaceable. We join his family and friends in mourning his departure but do so with the profound gratitude we feel for having had the privilege to work with him.” 

Ed was also a family man. 

Outside of the office, Ed loved his family. He was very proud of his daughters and boasted about them and his wife, as well he should have. They shared his enthusiasm, his joy, and his faith. He had many, many friends, resulting both from business experiences and his outgoing personality. 

We, along with his family and many friends, will miss our friend and colleague. Rest in peace Ed. 

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Columbus Business First’s Fastest Growing Companies

Columbus Business First’s Fastest Growing Companies

2021 Fast 50 List includes 7 FocusCFO Clients

Congratulations to FocusCFO clients Earthly, Luke’s Auto, JT Bates Group, Ohio Power Tool, Steward Construction Services, Arlington Urgent Care and Leading Edje for making the Columbus Business First’s Fast 50 List 2021. We’re honored to walk alongside you! Congrats to all of Columbus’ fastest-growing companies.

BBI Logistics 
Signature Closers LLC
Davenport Aviation Inc
Earthly Wellness 
Clarus R+D
Lower
Summit Technologies 
Restoration LLC 
Lifetime Quality Roofing and Storm 
Pearl Interactive Network 
Foxen
First Ohio Home Finance Inc
Reliant Capital Solutions LLC
Agility Partners 
Richardson Marketing Group
Acoustic Ceiling and Partition 
Golden Reserve LLC
Environmental Remediation Contractor
Feazel
Facilities Management Express LLC
Luke’s Auto
Right Way Medical 
Wolfrum Roofing & Exteriors LLC
Link Real Estate 
Remember Me Gifts LLC

JT Bates Group
Pat Scales Remodeling
Zipline Logistics LLC
WSA Studio
Jeni’s Splendid Ice Creams
Futurety
Cats Only Veterinary Clinic 
Easyit
Test Double
Ohio Power Tool Inc
Jendco Safety Supply
Steward Construction Services LLC
Asset Strategies Group
Ease Logistics Services LLC
Nexceris
Arlington Urgent Care Inc
MCR Medical Supply
Choice Property Resources 
Vision Communities 
Leading Edje
3 Pillar Homes
Everhart Advisors
Overmyer Hall Associates 
Champion Trading Group
Hamilton Capital LLC
Gilbert Group

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All Hands 2021 Award Winners

2021 Award Winners

Congratulations to these Associates for their recent award at the FocusCFO All Hands meeting.

Client for Life Award

Gold Level

Don Cain

CFO, Central Ohio

Tom Flynn

Area President, Central Ohio

Dan Bloom

CFO, Central Ohio

Client for Life Award

Silver Level

Pat Lang

CFO, Central Ohio

Jeff Lacy

Area President, Central Ohio

Jim McKinney

CFO, Central Ohio

Client for Life Award

Bronze Level

Ric Butler

CFO, Central Ohio

Don Cain

CFO, Central Ohio

Darren Cherry

Area President, Central Ohio

Jim Collins

Area President, Southwest Ohio

Scott Davis

CFO, Southwest Ohio

Mike Derringer

Area President, Central Ohio

Jon Doerer

CFO, Michigan

Jeff Farrington

Area President, Michigan

Tom Flynn

Area President, Central Ohio

Peter Geise

CFO, Central Ohio

Greg Gens

Area President, Northern Ohio

Jim Gilbride

Area President, Northern Ohio

Jeff Lacy

Area President, Central Ohio

Pat Lang

CFO, Central Ohio

Jim McKinney

CFO, Central Ohio

Bob Palmerton

CFO, Michigan

Todd Peter

CFO, Northern Ohio

Kyle Rhodebeck

CFO, Central Ohio

Jeff Semple

Area President, Northern Ohio

Skip Vermilya

CFO, Northern Ohio

Mark Vernallis

Area President, Pennsylvania

Todd Whetstone

CFO, Northern Ohio

Lynette Zody

CFO, Central Ohio

CFO Hall of Fame

Gold Level

CURRENT MEMBERS

David Bourke

Director, CFO Services

Bruce Collen

CFO, Central Ohio

Pat Lang

CFO, Central Ohio

Lynnette Zody

CFO, Central Ohio

CFO Hall of Fame

Silver Level

NEW MEMBERS

Sherif Matar

CFO, Central Ohio

CURRENT MEMBERS

Dan Bloom

CFO, Central Ohio

Don Cain

CFO, Central Ohio

Jim McKinney

CFO, Central Ohio

Jim Zins

CFO, Central Ohio

Joe Dougherty

CFO, Central Ohio

CFO Hall of Fame

Bronze Level

NEW MEMBERS

Ed Chong

CFO, Central Ohio

Bob Palmerton

CFO, Michigan

CURRENT MEMBERS

Wendy Brugmann

CFO, Northern Ohio

Will Cooper

CFO, Central Ohio

Dean Cole

CFO, Central Ohio

Kathleen Ferry

CFO, Northern Ohio

David Gouttiere

CFO, Northern Ohio

David Green

CFO, Central Ohio

Todd Peter

CFO, Northern Ohio

Jim Rowlands

CFO, Northern Ohio

Bob Stecki

CFO, Central Ohio

Skip Vermilya

CFO, Northern Ohio

Scott Lee

CFO, Central Ohio

Walter Himmelman

CFO, Northern Ohio

Scott Davis

CFO, Southwest Ohio

Richard Murch

CFO, Central Ohio

Ric Butler

CFO, Central Ohio

Area President Awards

Rookie of the Year

Michael Stier

Area President, Carolinas

Area President Awards

Rising Star

Lesli Matukaitis

Area President, Michigan 

Mitch Willis

Area President, Pennsylvania

Area President Hall of Fame

Gold Level

NEW MEMBERS

Forest Bookman

Area President, Northern Ohio

CURRENT MEMBERS

Mike Derringer

Area President,
Central Ohio

Tom Flynn

Area President,
Central Ohio

Jeff Lacy

Area President,
Central Ohio

Jeff Semple

Area President,
Northern Ohio

Jim Gilbride

Area President, Central Ohio

Area President Hall of Fame

Silver Level

NEW MEMBERS

Jim Collins

Area President, Southwest Ohio

Bob McAdams

Area President, Central Ohio

CURRENT MEMBERS

Darren Cherry

Area President,
Central Ohio

Fred Dannhauser

Area President,
Northern Ohio

Peter Geise

Area President,
Northern Ohio

Bob Miller

Area President,
Central Ohio

Area President Hall of Fame

Bronze Level

NEW MEMBERS

Mark Vernallis

Area President, Pennsylvania

David Tramontana

Area President, Pennsylvania

CURRENT MEMBERS

Jeff Farrington

Area President,
Michigan

Bob Miller

Area President,
Central Ohio

Greg Gens

Area President,
Northern Ohio

2020 Continuous Learning Award

Exit Planning Institute – CEPA

NEW MEMBERS

Kim Cooper

CFO, Carolinas

Mark Clower

Area President, Southwest Ohio

Michael Stier

Area President, Carolinas

Randy Feger

CFO, Pennsylvania

Mike Derringer

Area President, Central Ohio

Greg Gens

Area President, Northern Ohio

David Green

CFO, Central Ohio

Lesli Matukaitis

Area President, Michigan

Jeff Farrington

Area President, Michigan

Tom Bartos

Area President, Pennsylvania

Forest Bookman

Area President, Northern Ohio

Bob Palmerton

CFO, Michigan

Mark Rust

CFO, Pennsylvania

Peter Geise

Area President, Northern Ohio

Rex Bevis

CFO, Southwest Ohio

Lynette Zody

CFO, Central Ohio

VETERANS

David Bourke

Director,
CFO Services

Darren Cherry

Area President,
Central Ohio

Mark Clower

Area President,
Southwest Ohio

Kathleen Ferry

Area President,
Northern Ohio

Tom Flynn

Area President,
Central Ohio

Jim Gilbride

Area President,
Northern Ohio

Brad Martyn

Visionary and Founder
FocusCFO

Jeff Semple

Area President,
Northern Ohio

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Edward J. Chong Obituary

Edward J. Chong Obituary

Edward J. Chong, age 56, of Dublin, OH, left this earthly world and entered into heaven to be with his Lord and Savior on November 3, 2021, after a brief but tragic illness. Ed was born in South Korea to Dr. James and Mary Chong. The family immigrated to the USA when he was 3 years old and settled in the Cleveland, Ohio area.

Ed was preceded in death by his parents. He is survived by his wife of 22 years, Lori Shaw Chong and their daughters Grace and Sarah, brothers David, Charles and Anthony, brother-in-law and sister-in-law Jeff and Connie Shaw, father-in-law and mother-in-law James and Linda Shaw and a plethora of friends.

Ed graduated from The Ohio State University with a Bachelor of Science degree in Business Administration. Ed was an entrepreneur most of his life, buying his first business while still in college. He owned several types of businesses including convenience stores, restaurants and even a cattle farm. Most recently Ed worked with FocusCFO helping small business owners succeed and grow. He enjoyed learning about new businesses, thrived on strategizing and loved to negotiate a deal. His competitive drive served him well both in business and on the golf course. He began golfing in college and even though he considered himself a mediocre golfer he would often rise to the occasion during competition and brought home numerous trophies and awards. He was a member of Double Eagle Golf Club in Galena, Ohio which he often referred to as ‘golf heaven.’ Ed devoted his life to following Jesus in 2001. He was passionate about learning God’s truth, had the spiritual gifts of discernment and evangelism and was a cheerful giver.

Ed was a devoted husband, a supportive father, and a loyal friend. He had a commanding presence and a contagious sense of humor. He was most content at home, on the beach with his family, or on the golf course where his laughter filled the fairways.

Family will receive friends on Friday 11/12 from 4-7 PM at Schoedinger, 5980 Perimeter Dr, Dublin, OH. A Celebration of Life Service will be held on Saturday 11/13 at 1 PM at Dublin Baptist Church, 7195 Coffman Rd, Dublin, OH. Memorial contributions can be made to Dublin Baptist Church or Grace to You Ministries .

Notes and Cards to:
Lori, Grace and Sarah Chong
5520 Caplestone Lane
Dublin, Ohio 43017

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