Senior living facilities face the constant challenge of making the most out of limited resources. They must manage ever-changing regulations, shifting markets and increasing costs, all while maintaining the highest quality of care for their residents. To do this sustainably, an organization needs trusted advisors who have experience working with senior living facilities and proactively bring solutions forward for consideration.
Industry advisors can help with a range of concerns in senior living. They can devise strategies that build strength into your processes and operations and help you achieve financial goals, which can all lead to better resident experiences and improved organizational performance.
Reimbursement complexity and ongoing changes, for example, is a key challenge for senior living facilities. Ensuring that the facility receives the proper reimbursement for services provided is incredibly important to maintaining financial stability. Advisors can provide guidance on the development of processes that promote the understanding and importance of strong care documentation and billing processes for proper reimbursement.
Advisors can also assist in overall organizational planning, helping you understand where you stand today so you can make investments for tomorrow. As your facility looks to adopt processes to better serve your residents, it helps to understand how that investment will impact your finances now and in the future. An advisor specializing in healthcare can help you identify the right solutions for your facility and your residents.
A primary goal for senior living facilities is to optimize operational performance in a way that also reduces unnecessary expenditures and costs. Advisors can assess and audit performance and operations to pinpoint the best solutions and improvements for your facility. Through this assessment they can help an organization strengthen its processes and develop improved understanding through solutions such as implementing data analytics for monitoring and enhancing performance on a regular basis.
The meaningful changes you can make based on advisor assessments will help you improve processes, finances, operations and overall resident care.
How Eide Bailly Can Help Your Senior Living Facility
Eide Bailly’s healthcare industry advisors know the challenges senior living facilities must manage on a daily basis, and we have experience helping facilities navigate toward optimal operational and financial performance. We work closely with our clients to help them achieve their specific goals. Our in-depth experience continues to evolve as we work with healthcare organizations nationwide to develop stronger and new strategies around finance, operations, technology, cybersecurity, process improvement and more. We’ll help you make the best, most informed decisions for your facility.
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Our healthcare team has in-depth experience working with healthcare organizations nationwide to assist them in making the right strategic financing decisions, including identifying funding sources.
Senior living reimbursement is growing in complexity as the market transitions to value-based purchasing.
Business advisors will work with your team to ensure they understand the importance of proper documentation and ADL coding on your organization’s performance. The advisors will work with your team to develop ongoing training processes to enhance understanding of this vital process that provides you with improved data.
Eide Bailly will help you use this improved data to identify opportunities for process changes that will lead to optimization of your workforce, improved financial performance, and most importantly, better care for your residents.
Depending on your state plan, the Medicaid cost report can be the key to the financial success of your organization. Whether the cost report actually impacts future rates or just provides the state with operating data, the Medicaid cost report is important to your future reimbursement. Too often, facilities simply update last year’s Medicaid cost report without taking a strategic look at areas that may impact the future. Cost reports can also provide insight about opportunities for improvement, like areas of improved compliance and identification of operating components that are outside of industry norms.
Eide Bailly’s reimbursement specialists understand how important your Medicaid cost report is to your financial success. We’ll take time to understand your operations to help ensure proper Medicaid reimbursement, but also to provide you with identified areas of potential review for long-term improvement. We personalize our service, obtaining quality data and completing your cost report on time—not just-in-time.
Healthcare organizations are operating in challenging environments—tight labor markets, moving to value-based reimbursement, adapting new technologies, all while being forced to implement cost-cutting policies that are providing diminishing returns. These factors make developing and maintaining a strong operational strategy mission-critical.
Business advisors can help you optimize care resources to improve your financial and operational performance, helping you become a market leader and deliver population health to your community. Business advisors can also help establish a sustainable system based on your data that your team can use to identify opportunities and bring them to fruition. The easy-to-navigate improvement methodologies are designed for your specific facility, not an industry benchmark.
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