The market landscape is changing – and along with the change is the need for enhanced management models:
- More “whole-person care”
- More non-fee-for-service reimbursement
- Increasing competition for payer contracts and for referrals
- New approaches to workforce deployment
- The need for leverage of technology
The OPEN MINDS Financial Assessment Tools Suite is designed specifically for professionals of health and human service provider organizations and made available at no charge through the support of NextGen Healthcare for members of WholePersonCareHQ.com.
Designed by OPEN MINDS experienced senior advisor team, The OPEN MINDS Financial Assessment Tools are designed specifically to provide the key financial information executive teams need to build successful and sustainable strategies for their health and human service organization.
The OPEN MINDS Financial Assessment Tools Suite is part of The 
OPEN MINDS CFO Consortium—a twelve-month program designed to provide executives with the skillset necessary to develop and implement an organizational strategic sustainability plan to position their organization for competitive advantage in an ever-changing external environment. For more information on this on-going program, please click here.
Four Unique Financial Management Tools
#1 – The OPEN MINDS Financial Strength Calculator
Designed to be used by executives who may not have extensive financial training, this calculator examines an organization’s key financial metrics to estimate both short- and long-term financial sustainability—as well as the organization’s financial strength to take on more debt.
This is a ‘point-in-time’ assessment of an organization’s estimated financial strength by processing key financial factors from a standard financial statement or tax form 990.
You will need the following data to complete the tool:
- Assets (accounts receivable, long-term assets, and cash)
- Liabilities (accounts payable and long-term debts)
- Revenue (itemized as much as possible)
- Expenses (program costs, administrative expenses, and depreciation)
Key benefits:
- Can be used for quickly assessing the financial and credit strength of an organization, from the perspective of a lender
- Educates executives and board members on the components of financial strength
- Compares organizational financial ratios to industry benchmarks
- Quick and easy entry of standard financial data
- Summary of nine key financial metrics compared to industry-accepted benchmarks
#2 – The OPEN MINDS Financial Sustainability Assessment Tool
This financial sustainability assessment takes a deeper look at three years’ worth of an organization’s financial data to look beyond a point-in-time financial strength assessment and demonstrate an organization’s sustainability and potential vulnerabilities in need of possible corrective actions. In addition to ten key financial metrics, this tool also assesses a series of financial management best practices.
This tool was designed to be used by financial executives who are looking to build (or sustain) financial strength and plan for additional strategic growth. After inputting three years of financial data in addition to completing a best practices assessment, the results provide:
- A trend analysis of ten key financial metrics with a comparison to industry benchmarks
- Recommendations for implementing financial operations best practices
- An assessment of change in financial vulnerability
To complete the tool, users will need three years of financial reports or tax form 990s, in addition to knowledge of the general accounting operations of the organization.
You will need the following data to complete the tool:
- Assets (accounts receivable, long-term assets, and cash)
- Liabilities (accounts payable and long-term debts)
- Revenue (itemized as much as possible)
- Expenses (program costs, administrative expenses, and depreciation)
- Financial/Accounting/KPI knowledge of organization
Key benefits:
- Provides a comprehensive financial trends analysis across ten key financial metrics
- Identifies 20 best practices for building financial strength
- Compares your organization’s results to industry benchmarks and calculates a financial vulnerability index
- Produces charts and reports that can be used to educate your board and management team
Access Sustainability Assessment Tool
#3 – The OPEN MINDS Competitor Financial Analysis Tool
Developed to provide key financial metrics and assess financial durability and strength of competitor organizations. This tool uses financial data from financial statements or IRS Form 990 to calculate nine key financial ratios, a financial durability graph, and a financial strength graph showing the market position of your competitors. The focus of this tool is to give executives an understanding of their competitive position in the market and inform strategic positioning strategies.
- Used for assessing the financial strengths and weaknesses of competitor organizations
- Designed to be used by executives in strategic planning and marketing positioning assessment
Key benefits:
- Compares the relative financial durability and strength of up to five organizations
- Provides insights into the market positioning of competitor organizations
Key features:
- Data can quickly be entered from IRS Form 990 or audited financial statements
- Bubble graph report can be used to educate the board and management team
Access Competitor Financial Assessment Tool
#4 – The OPEN MINDS Financial Strength Expansion Compatibility Calculator
Developed to provide key financial metrics of potential merger, acquisition, or affiliation organizations. This tool uses data from financial statements or IRS Form 990 to calculate key financial ratios of potential MA&A organizations. The focus of this tool is to give executives:
- A trend analysis of ten key financial metrics
- Comparison to industry benchmarks
- An assessment of change in financial vulnerability prior to investing additional time and expenses into partnership discussions and financial due diligence.
The results of each metric are compared to industry accepted benchmarks in graphical format and includes a brief explanation of the metric and why it is important for financial sustainability.
- Used for assessing the financial strengths and weakness of potential mergers or acquisitions
- Designed to be used by executives who want an initial understanding of potential partner organizations
Key benefits:
- Provides an in-depth financial assessment prior to investing extensive time into a potential partner
- Incorporates financial metrics and industry metrics that enable risk assessment
Key features:
- Can be used to compare the financial metrics of up to two merger partners with your organization at a time
- Provides “combined organization” financial metrics to analyze potential synergies
