A new year is on the horizon, which gives senior care executives the opportunity for a clean slate and the chance to take a look at the expense and revenue column in the budget. Operating costs can be big or small, but even cutting the small ones can make a substantial impact at year’s end. Senior care communities can lose money without an executive even noticing it until it is too late. Here are some strategies to control operating costs and stop unnecessary spending.
Earlier this month, the Office of Civil Rights released a toolkit to help individuals understand HIPAA and their rights to their own health data. The HIPAA privacy rule has alway granted patients the right to access and receive a copy of their health information from their doctors, hospitals and health insurance plans. This right is what allows patients to take ownership of their own health. Doing so allows individuals to monitor conditions, comply with treatment plans, fix errors in their records, track wellness, and directly contribute their information to research. At Keystone IT, we believe so strongly that this right is imperative to health and wellbeing that we established the following vision for our company: “Keystone IT seeks to enable and empower every person to control and improve his or her own health.”
Senior living operators who focus on the health and happiness of their residents above all else will find they tend to succeed in most other aspects of the business, as well.
Sometimes it helps to think of seniors as residents: This is where they live, where they have their friends and engage in their pastimes. Sometimes, though, it is helpful to shift the lens a little and think of them as consumers.
For decades, now, healthcare and senior services have been reimbursed according to volume. This fee-for-service method is now going by the wayside as providers strive to incorporate value based care. Under the changes brought about by the Patient Protection and Affordable Care Act of 2010, value based care is to be built soundly on efficiency and quality. It’s about finding better ways to do things to bring about even higher quality care at lower costs.
As senior housing looks forward to the coming year, there is much to be optimistic about. Occupancy rates remain high, in an industry that is increasingly looked upon favorably by seniors and their adult children.
When looking at financial reports, senior care executives must not get too wrapped up in looking at move-ins for the month. Instead, closing the back door and keeping residents in the community is often the way to a more successful bottom line at the end of each month. It’s not secret that resident retention is just as important – if not more so – than moving residents into a community. However, it might be a surprise that focusing on clinical items, such as fall risk assessments, can increase resident retention rates.
As every senior housing executive knows, attracting new residents is only the beginning of the relationship. Often the greater challenge is in ensuring resident retention over time. A number of pressures come to bear to make resident retention a business challenge, and those pressures are only increasing as the new year begins.
Senior living executives are in a constant race to stay on top – on top of resident care, on top of staff satisfaction, on top of family relationships, and on top of the competition. With technology playing a bigger role in senior care services, it can be difficult to ascertain which technology can put a community on top – and which technology is just flashy, but not effective. Remote monitoring technology has proven that it is here to stay and is quickly becoming an industry standard. Take a look at how remote monitoring can keep your community in the lead in areas ranging from employee engagement to clinical outcomes.
A range of external pressures will challenge senior housing operators to rethink their business strategies in the coming year and beyond. This eBook details ways to keep operating costs in check while maintaining high resident retention numbers – throughout 2016, and for years to come. Read More