Photo courtesy BKD CPAs and AdvisorsJuli Pascoe, CPA and partner at BKD
Strategy
Juli Pascoe Offers Financial Tips for Caregivers
Juli Pascoe, CPA and partner at BKD helps lead their long-term care and senior living industry team. She offers financial advice for caregivers with aging family members.
by Rae Swan Snobl
Mar 2022
Biz 417: What services does BKD provide for senior living facilities?
Juli Pascoe: Our team provides financial, operational, clinical, and strategic insight to create solutions that help providers adapt to continuous change with minimal disruption. We assist with attest, tax preparation, accounting outsourcing, outsourced billing, clinical and operational consulting, and preparation of Medicare and Medicaid cost reports.
Biz 417: What financial challenges does the senior living industry face?
J.P.: There is a major funding gap in Missouri for Medicaid residents in skilled nursing care, as many times per diem Medicaid reimbursement rates fall below the daily operating costs of caring for these residents. My clients have been on the front lines of the COVID-19 pandemic caring for the frail and elderly, who are the most susceptible to this virus. I have spent a significant amount of time over the past two years researching and analyzing various COVID-19 relief funding sources and helping my clients understand the intricacies of the terms and conditions attached to this funding.
Biz 417: Women are typically caregivers in their family. What financial issues should they be aware of when navigating care for an aging family member?
J.P.: Caregivers need to understand the financial resources which may include Medicare, insurance policies and other payor sources for their aging family members. People don’t like to talk about money, but it is important to plan for healthcare costs which is our biggest expense in retirement. Medicare only covers so much. Whether it’s home care, assisted living, or a full nursing care facility, knowing how much care will cost and planning for it is essential. Reach out to an expert on these costs and work closely with your senior care facility to understand their services and care plans.
