4 creative ways SNFs can increase profitability & improve care
Skilled nursing facility (SNF) leaders are getting creative to accelerate margin recovery from ongoing challenges like low census numbers, labor and workforce shortages, and the impact both have on revenue cycle management.
Navigating SNF challenges in 2024
In 2024, challenges facing skilled nursing facilities include balancing facility operations, regulations, reimbursement rules, financial performance and SNF profitability. The increasing cost of care, occupancy rates, workforce shortages, and low Medicaid and Medicare reimbursement rates — coupled with inflation — strain care quality, leaving several organizations overbedded. Innovative leaders are turning to creative solutions to transform their business models to address margin recovery and return to profitability; these methods include:
- A more selective patient pre-screening. Untangle the mismatch between what managed care plans will reimburse and what care your patients need and improve Medicaid rates, upper payment limits, and Medicare Advantage penetration and payment rates.
- Better billing admissions communication. Stop losing money in the Medicaid pending process.
- Embracing nonclinical staff. Understand the advantages of ramping up your volunteer programs.
- Smaller physical footprint. Learn how Plante Moran guided Menorah Park to optimize their space arrangement and bolster their bottom line.
Access our white paper to identify the factors influencing your operating margins and discover the four methods to improve care quality while lowering costs.
