Industry: Healthcare
Lease Count: 80
Portfolio Locations: Regional (Midwest)
Background
A large, regional healthcare provider had a portfolio of diverse leases including direct landlord agreements, income tenants, and subtenants, some of which were hospital-affiliated physicians. Their primary challenges included managing the lease documentation, ensuring timely rent payments, and managing income tenants and subtenant leases while complying with STARK law. They had previously engaged with another lease administration provider but were dissatisfied with the level of service and sought a more comprehensive solution.
The NLA Solution
NLA’s team took on the challenge to significantly improve the client’s lease administration process, committing to a seamless transition from the previous provider.
Transition
Our dedicated transition team worked closely with the client to ensure a seamless transition from the previous provider and avoid operational downtime. The client was dissatisfied with the current lease administration software and monthly reporting. We worked with the client to identify their key objectives to select the best software solution for their needs and customize the monthly report.
Lease Administration
Using our comprehensive lease administration service, we effectively organized and managed the client’s complex portfolio of leases. Our expert team meticulously oversaw each lease agreement, ensuring accurate tracking of critical dates, terms, and obligations, significantly improving the client’s organization and allowing them to focus on upcoming critical tasks.
Rent Invoice Processing and Payments
We streamlined the process of rent invoices, scheduling, and making payments directly to landlords through a client-funded account. Our proactive approach helped to bring account balances to zero, identify mischarges by landlords, avoid late fees, and ensured a timely and accurate payment process.
Managing Income Tenants and Subtenant Leases
We took over managing the client’s income tenants and subtenant leases, delivering clear and timely rent statements. This resulted in improved tenant satisfaction and efficient lease management.
STARK Law Compliance
Our team of experts has deep knowledge and understanding of healthcare laws and regulations, including the STARK Law. We ensured all lease arrangements were appropriately managed to comply with this law, reducing the client’s risk of penalties.
ASC 842 & GASB 87 Reporting
NLA provides the client with monthly Balance Sheet and Journal Entries Reports for both their for profit and non-profit entity. This ensures that the clients’ financial data is updated regularly, and their financial reporting was in line with the requirements of each accounting standard.
Outcome
The healthcare provider experienced a substantial improvement in the management of their leases, noting NLA’s higher level of service compared to their previous provider. They expressed satisfaction with the seamless transition and the comprehensive lease administration services provided by NLA. By trusting NLA, the client could focus more on their core operations while we expertly managed their leases, ensuring compliance, and timely payments.
Through our dedication to excellent service, our healthcare client found the solution they needed for their lease administration challenges, demonstrating NLA’s ability to deliver superior, tailored services to clients in the healthcare sector.