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.
Four Unique Financial Management Tools
#1 – The OPEN MINDS Financial Strength Calculator
Using the perspective of a lender, the tool examines a provider organization’s credit strength, key financial ratios, and other metrics critical to projecting both short- and long-term sustainability—as well as your organization’s ability to take on more debt.
- Used for quickly assessing the financial and credit strength of a provider organization
- Designed to be used by executives who may not have extensive financial training
- Educates executives and board members on the components of financial strength
- Compares organizational financial ratios to industry benchmarks
- Quick and easy entry of financial data
- Summary of nine key financial metrics compared to industry accepted benchmarks
#2 – The OPEN MINDS Financial Sustainability Assessment Tool
This tool examines not only a provider organization’s credit strength and key financial ratios, but also it’s financial vulnerability. It was designed to provide the key financial metrics, vulnerabilities assessment and financial management best practices to assist financial executives to strengthen long-term financial sustainability. While the calculator uses financial data from financial statements or IRS Form 990 to calculate key financial ratios, the focus of this tool is to give executives a trend analysis of ten key financial metrics, comparison to industry benchmarks, recommendations for implementing financial operations best practices, and an assessment of change in financial vulnerability.
- Designed to be used by financial executives who are building financial strength and planning strategic growth
- Provides a comprehensive financial trends analysis
- Identifies 20 best practices for building financial strength
- Comparison of financial metrics to industry benchmarks and calculation of a financial vulnerability index
- Graphical reporting that can be used to educate the board and management team
#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
- Compares the relative financial durability and strength of up to five organizations
- Provides insights into the market positioning of competitor organizations
- 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
#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, and 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
- 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
- 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