CARF International and Reinsel Kuntz Lesher LLP are collaborating with NADSA to conduct the 2014 Adult Day Services Financial Indicators Study to develop and present financial benchmarks to Adult Day Services (ADS). All providers are strongly encouraged to participate in this fifth year of the study in order to enhance the validity of the financial benchmarks being developed for the ADS field. Get a feel for how your own ADS center is performing financially based on 2013 financial results.
Many leaders in ADS have identified the need for financial benchmarking. Other sectors such as continuing care retirement communities (CCRCs) rely on financial benchmarking information to enable them to assess trends and make sound financial decisions in varying economic times. Moreover, rating agencies, investment bankers and accountants rely on financial ratios to assess organizational viability when assigning ratings and structuring debt. Adult day services can likewise benefit from financial benchmarks to aid not only with operational management, but also with advocacy initiatives, since payment for ADS is often at risk when state budgets are limited.
There is no fee to participate in the study, and participating organizations will receive a complimentary summary of financial benchmarking information. Because this study combines the efforts of a respected national association and an international accreditor, the information submitted by each participant in the study will not be disclosed to other organizations or used for marketing purposes.
To participate in the ADS Financial Indicators Study, please send the following information to CARF at firstname.lastname@example.org any time before Friday, June 27, 2014:
For your adult day service program’s fiscal year ending in 2013
- Internal report for revenue & expenses for the ADS portion of your company, and/or
- Corporate audit (if applicable)
Note: If your financial information is consolidated for a larger organization, please clearly identify the adult day services financials or send a separate report with only the adult day services financial information included.
A representative from CARF’s Financial Advisory Panel (FAP) is assisting in calculating the financial benchmarks based on the data submitted. The FAP member assisting with this study is Mr. Jeff Boland, Partner, Reinsel Kuntz Lesher LLP. He also presented the results of the last four studies at the NADSA Annual Conferences in 2010-2013. In Mr. Boland’s role as a FAP member, he is required to maintain confidentiality of any financial information disclosed for the purposes of this study. For more information on the FAP’s role related to accreditation, see www.carf.org and type “FAP” in the search field located in the upper left corner of our website.
The ADS Financial Indicators Project is an opportunity for each ADS provider to add significant value to their budgeting, planning and advocacy efforts. Since there is no charge to participate in the study, and minimal time is requested to submit the necessary financial statements for the study, all providers are encouraged to participate.
Questions may be addressed to CARF’s Aging Services Customer Service Unit by calling toll free 1-888-281-6531 or by sending an email to email@example.com.