Skilled Nursing Providers Share Where They’d Spend Their Last Dollar
Between changing regulations, maintaining census, and driving positive resident health outcomes, determining which business priority to focus on can be difficult. For skilled nursing providers, identifying how to allocate their resources accordingly to create the best possible results is easier said than done. Additionally, this year saw skilled nursing facilities experiencing some record lows — from occupancy to revenue per resident.
- The average revenue per patient day dropped by $15 in late 2016.
- NIC recently reported that skilled nursing facility occupancy dropped to 81.7% in the second quarter of 2017 – its lowest point in five years.
- Medicare patient-day mix reached its lowest level in five years, dropping from 13.9% to 12.7%.
In this period of change, spending time and resources on the right priorities can mean all the difference. So, we surveyed leading skilled nursing facility providers and asked if they only had one last dollar to spend, how would they use it?
The top two priorities for senior care executives is Clinical Efficiency/Efficacy and becoming a Preferred Partner. Both initiatives require a robust and reliable electronic health record platform to accurately capture, manage, and report on the care being delivered within a skilled nursing facility.
Additionally, as CMS continues to reform senior care by linking the reimbursement model to quality outcomes versus quantity of services, skilled nursing providers must have the right tools in place — or risk being left out of the narrowing referral networks. If facility leaders haven’t started investing in the right technology for capturing, managing, and communicating essential resident data, they’re likely to be left out of the network.
Learn how becoming a preferred provider can help your facility attract more referrals as networks continue to narrow by reading Narrowing Networks: Picking the Right Care Partner.
October 25, 2017