How are you using technology to lower expenses, increase revenue or otherwise improve profit margins?
Tracking equals success
By Bennett Porson, Chief Financial Officer, Fynn.io
While our clients’ rent levels are confined to tight windows of gradual upticks, proper care scheduling, delivery and billing have proven to significantly improve their NOIs. These communities’ bottom-line improvements have been driven by effectively managing resident care and recouping care charges that would have otherwise gone undocumented and unbilled.
The process begins with automated assessment-to-care plan workflows and extends to real-time actionable data. Our customers have succeeded by leveraging instant insights into how much care is scheduled, delivered and billed, ensuring maximum revenue capture.
A million-dollar idea
By Lindsey Hacker, CFO, Distinctive Living
We have created a technology subsection of our financial statements so we can clearly see what we are spending on technology and for what operational service line to properly evaluate the ROI on each technology platform and to ensure there is not crossover in platforms that provide the same functionalities.
Specifically, utilizing electronic lease signing that is seamlessly integrated with our CRM and financial platform has ensured that we are capturing 100 percent of our revenue and care charges. In conjunction with requiring electronic fund transfer sign-up to receive any concessions, this has been an extreme value play for us.
In one portfolio, we have seen 95 percent adoption rate for electronic transfers, which has dropped our bad-debt expenses by over 70 percent, thus resulting in almost $1 million to the bottom line.
Build a system
By Stephanie Boreale, National Director of Health Strategy, Watermark Retirement Communities
Watermark is currently focused on improving workflows, while laying groundwork for leveraging data to predict resident outcomes. At the core of our business operations is Watermark Connect, a proprietary system, where coordinated action comes to life with aggregated key performance indicators (KPIs) and project management to support Watermark initiatives and day-to-day operations in a very transparent nature.
Our health evaluation pushes resident care needs to generate a care plan and trigger billing in one streamlined workflow while providing immediate insight into care costs, acuity and staffing needs. We are currently piloting fall prevention, as well as remote patient monitoring technology.
Data empowers operators
By Erez Cohen, Co-Founder, August Health
Customers use our assessment tool to significantly speed up the time to perform assessments and chart care. Combined with a state-specific compliance engine that proactively surfaces pending and past-due assessment notifications, operators gain real-time access to consistent, comprehensive resident care needs across their entire portfolios.
Once this data is at their fingertips, operators can accurately compare acuity across communities, cross-referencing resident needs against staffing and incident levels to identify outliers. In the majority of cases, they rapidly identify significant increases in care revenue.
In one recent case this turned out to be an increase of $30,000 to $50,000 per community per month in previously untracked care.
Value on care and marketing
By Michael A. Stoller, CEO, LCB Senior Living
At LCB, we have always put a premium on leveraging new technologies to improve service delivery and efficiency. Most recently we have been focusing on an advanced fall prediction system that combines visual monitoring and predictive analytics to not only alert staff to falls when they occur, but to also inform residents, family members and staff when a person appears likely to have falls.
On the marketing side, we’re employing an AI-driven platform that crunches ad spends, success (i.e. qualified lead generation) and advertising look/content to predict successful campaigns and suggest spending adjustments.
Make residents’ lives easier
By Pilar Carvajal, Founder and CEO, Innovation Senior Living
As a middle-market operator, efficiencies are key to our operations to make them profitable. We are militant about our expenses, but in terms of expense reduction, we have implemented automation tools that streamlines tasks.
An example of this is our accounting software that allows our residents and/or families to pay online. In terms of revenue increases, we have implemented a new electronic health record (EHR) software that allows us to effectively assess a resident’s level of care so we can charge for the services we are delivering. This software is a cloud-based solution, which has reduced our IT infrastructure costs and provided scalable resources that align with our growth.