Patient Costs Eating Away At Profits?
Updated: Nov 23, 2020
Are you a skilled nursing facility that’s concerned that Medicaid-covered services you’re providing to residents are at rates that are inadequate to cover costs? It would be great if you could expect higher reimbursements as a percentage of spending in the future, but that is not likely. If you want to improve profitability by $100,000, a typical facility would need to increase it's size by 63 beds and that doesn’t even factor in required capital expenditures. And doing nothing isn’t a great option either.
Sometimes cutting costs can be painful, particularly when you’re looking at staffing. The disruption to the operation can be costly, undermining the ultimate goals. Reducing vendor spending comes with its own challenges and when done right, can take a lot of time.
With a little bit of guidance and planning up front, Expense Consulting works behind the scenes to analyze your spend and associated services, negotiate lower costs and improved service and, and assist through any transition. We even stay engaged auditing invoices and validating savings. While our efforts might not completely negate lower reimbursement rates, they help lessen the sting.
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Every business consumes energy. We hope you find this chart useful when benchmarking your energy costs. Please note, Expense Consulting is a licensed utility aggregator, so be sure to contact us for the best possible energy pricing.
About Expense Consulting Expense Consulting is a full-service accounts payable auditing and cost reduction consultancy, helping organizations significantly reduce operating expenses. Since 2009, we've helped hundreds of organizations recover millions of dollars of over-billings and have secured millions of dollars in future cost savings. To learn more about reducing your organization's expenses, contact us at (860) 761-3500.