The finances of running a long-term care facility long have seemed like Monopoly. With each patient, you pass “Go,” you collect $200.
The game, however, is fast becoming as complicated as contract bridge, and too many long-term care facilities leaders are saying “pass” on proactive measures to establish participation in burgeoning regional networks.
For medium-sized and smaller facilities not part of well-known larger national provider chains, such as Kindred or Genesis Health, this approach could result in a significant loss of patients and threaten the financial viability of your organization.
Sure, dealing with the increasingly dominant Accountable Care Organizations or health plan in your region might seem like an insurmountable task. But with the right mix of data, marketing and negotiation, it might become the financial lifeblood of your organization.