Insights: Article

Boost Your Senior Living Benchmarking with Business Intelligence

By Sam Olson

March 21, 2018

In today's competitive marketplace, it is critical that health care executives, leaders and providers possess the tools and resources necessary to monitor their organization’s performance to ensure favorable positioning compared to the market. For most of recent history, visibility of these insights has been very difficult to attain.

There is a wealth of data available to senior living organizations, both internal and public, begging to tell a story. The problem is, it’s not organized in a way that allows for consumption. Data must be organized and delivered in a manner that allows leaders to effectively utilize it, improve processes and drive organizational growth.

Business intelligence, which leverages technology for better presentation of information, has significantly improved the way organizations can evaluate and compare themselves against select peers or the broader industry as a whole. As the industry becomes more and more data-driven, the ability of organizations to embrace and mobilize data will become increasingly important for improved competitive positioning.

Consider the following questions:

  • How is my organization doing right now?

  • How are we doing compared to the industry?

  • If our numbers seem out of line, what opportunities does that present?

  • If our numbers are favorable compared to those of our peers, how do we ensure we don’t lose that positioning?

How confident would you be answering those? Without a firm grasp of your organization’s data and that of the industry, these can be challenging questions.

Business intelligence with publicly available data and benchmarking can provide facilities with more powerful, timely and relevant data to improve operational and financial performance. It can also eliminate the need for hours of analysis and filtering through massive databases, in hopes of arriving at meaningful conclusions.

For example, the Centers for Medicare and Medicaid Services (CMS) collect a vast amount of data from over 15,000 skilled nursing homes nationwide. When analyzed appropriately, this can be truly valuable information. At Eide Bailly, we have developed a benchmarking tool that leverages this data and can equip facilities with the data you need to make crucial decisions and drive growth and improvement in your organization.

Business intelligence truly allows leaders to work smarter. A quote from Suhail Doshi, CEO of Mixpanel,is very appropriate in this day and age: “Most of the world will make decisions by either guessing or using their gut. They will be either lucky or wrong.” Let’s move away from guessing and toward knowing.

Latest Insights

March 25, 2019
Article
The IRS Section 7520 rate will decrease to 3.0% for April. Near Zero Out Grantor Retained Annuity Trusts, Sales to Intentionally Defective Grantor Trusts and Charitable Lead Annuity Trusts are attractive since interest rates are near historical…
March 25, 2019
Article
New rules designed to make it easier for the IRS to audit partnerships have also created new considerations for tax-exempt organizations entering into partnerships.
March 25, 2019
Article
Nonprofits are often a target for duplicated websites. Make sure your donors are giving to you and not an imposter.
March 25, 2019
Article
When it comes to compliance requirements, period of performance may seem simple, but there are a few pitfalls that must be avoided along the way.
March 22, 2019
Article
The advent of better technologies has created a huge opportunity for critical access hospitals to access information that can help them make informed decisions and improve efficiency.
March 21, 2019
Article
Arizona has filed a lawsuit against California over its “doing business” tax.