Common use of Financial Functions Clause in Contracts

Financial Functions. Day-to-day management of the Facility by Manager shall include, without limitation, the financial functions set forth below: 1.2-1 Prepare an annual budget in accordance with Facility’s established budgeting policy and submit same to Facility for review and approval prior to the commencement of each fiscal year. The Budget will present income and expense projections on a monthly and an annual basis. There will be separate line items to cover anticipated capital expenditures. Manager will be charged with the operation of the Facility in accordance with this Budget. Manager will meet with Facility as necessary and appropriate or as requested by Facility to update Facility on the economic and operational status of the Facility. 1.2-2 Establish financial controls and monitor Facility expenses in comparison to budget; 1.2-3 Assist Facility personnel as necessary with the establishment and maintenance of accounting, billing and collection procedures, and records; 1.2-4 Assist Facility to prepare on a timely basis all cost and other reports required by Medicare, Medicaid, and other third party payors in connection with the operation of the Facility and review such reports and make recommendations to Facility personnel, where appropriate; 1.2-5 Assist Facility in billing and collecting, in the name of and for the account of Facility, all charges generated by Facility patients.

Financial Functions. Day-to-day management of the Facility by Manager shall include, without limitation, the financial functions set forth below: 1.2-1 Prepare an annual budget in accordance with Facility’s established budgeting policy and submit same to Facility for review and approval prior to the commencement of each fiscal year. The Budget will present income and expense projections on a monthly and an annual basis. There will be separate line items to cover anticipated capital expenditures. Manager will be charged with the operation of the Facility in accordance with this Budget. Manager will meet with Facility as necessary and appropriate or as requested by Facility to update Facility on the economic and operational status of the Facility., 1.2-2 Establish financial controls and monitor Facility expenses in comparison to budget; 1.2-3 Assist Facility personnel as necessary with the establishment and maintenance of accounting, billing and collection procedures, procedures and records; 1.2-4 Assist Facility to prepare on a timely basis all cost and other reports required by Medicare, Medicaid, Medicaid and other third party payors in connection with the operation of the Facility and review such reports and make recommendations to Facility personnel, where appropriate; 1.2-5 Assist Facility in billing and collecting, in the name of and for the account of Facility, all charges generated by Facility patients.