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3/27/2020
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Michelle Wier, MBA, CMPEFounder, V2V Management Solutions
Taking Care of Your Business: Creating a Recovery Mindset During Major Events
Irv Barnett, MBA, CMPEFounder, V2V Management Solutions
Covid-19 Alerts
Quick Overview
Finding Ways to Manage Cash Flows
Tracking Financial Impacts
Identifying and Addressing Gap Coverage Needs
Monitoring Relief Fund Opportunities
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Finding Ways to Manage Cash Flows
1. Organize your financial data.2. Make a list of areas of greatest concern.3. Work closely with external financial partners.4. Forecast needs for 90 days.5. List immediate cashflow demands.
6. Don’t take your eyes “off the ball” – internal controls.7. Identify and list your available debt and credit options.8. Check Business Insurance Policies for coverage.
Managing Cashflows: Priorities for Managing Accounts Payables
1. Contact key business partners (Banks, Landlords, Vendors)
2. Negotiate deferral arrangements.
3. Establish payment priorities.
4. Make some choices on needed services or supplies.
5. Identify unusual expenditures directly related to current situation.
6. Monitor your credit score during times of financial concerns.
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1. Collect Everything Now – Don’t Wait!a. Make personal calls.b. Consider discounts for payment in full.
2. Ramp up focus on areas of claim cycle with quickreturn.
3. Prioritize workflows focusing on greatest return. 4. Ensure current claims are accurate.5. Bill patients as soon as possible.
Managing Cashflows: Priorities for Accounts Receivable
Tracking Financial Impacts
1. Document, document, document
a. Unexpected expenditures, loss of revenue
b. Create tracking codes in PM and EMR
2. Create a supply plan with vendors & consider alternative sources.
3. Monitor federal & state guidelines re: employees & benefits. FFCRA
4. Create unique tracking codes within your payroll system.
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Addressing the Gap
1. Look at new sources of revenue.a. Use caution.
b. Complete an ROI analysis.
2. Ensure you are capturing everything billable.3. Address gaps in provider and staff coverage.
a. Get creative.
b. Consider short term business to business contracts (*consult advisors)
c. Maintain workloads for key personnel. (position for strength when this is over)
Monitoring Relief Fund Opportunities
1. SBA Economic Injury Loan a. Low interest federal disaster loans.b. Use for covering fixed debts, payroll, AP, and other
essential bills. c. 3.75% interest – long term repayment options.
1st line of economic recovery response from the Government : The Coronavirus Preparedness and Response Supplemental Appropriations Act.
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Monitoring Relief Fund Opportunities
2. SBA Express Bridge Loan Pilot Programa. Access to $25,000 with less paperwork if you have a
relationship with an SBA Express Lender.b. Used to bridge the gap while applying for Economic
Injury Disaster Loan. c. Repaid in full or in part by Economic Injury Funds.
2nd line of economic recovery response expansion directly from the SBA on March 25.
Monitoring Relief Fund Opportunities
3. SBA Community Block Development Granta. Access to use grant dollars as loans to support local
clinics, hospitals and nonprofits effected.b. Must contact local SBA office to determine if any are
available in your area and what specific terms exist.
3rd line of economic recovery response expansion directly from the SBA on March 25.
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Monitoring Relief Fund Opportunities
4. State support – Quick Action Loan Programsa. Some state governments have enacted access to quick
action loans to address small and mid-size business.b. Must contact local Government or Economic
Development office to determine if any are available in your area and what specific terms exist.
State specific responses vary by state.
Monitoring Relief Fund Opportunities
5. Federal Stimulus Plan – Coronavirus Aid, Relief, and Economic Security Act (CARES)-(Title 1-Keeping American Workers Employed and Paid Act)
a. Qualified SBA lenders can loan directly to eligible businesses (500 employees or less).
b. Proposed funds calculation is 2.5 x average monthly payments for payroll.
c. Precludes EIDL applicants & may be forgiven if meets usage requirements.
Federal Response: Senate approved on Wednesday; House to vote on Friday March 27
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208-717-3941
Thank You For Your TimeMichelle Wier
www.v2vms.com
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