Join us for Prime Care Technologies' August 2-3 Virtual Tradeshow. This show features seven strategic sessions with top post-acute providers and vendors who will discuss highly-efficient solutions for meeting your operational demands in purchasing, regulatory, staffing, revenue, claims and more.
Wednesday, August 2
10:30-11:30 a.m. ET
Executive Decision-Making: Leveraging Facility Data as Business Intelligence
Speaker: Kim Sonderegger, Pinnacle Quality Insight
Panel: Samantha Broussard, Plantation Management; Eric Rivard, Plum Healthcare Group, Cheryl Field, Prime Care Technologies
12:30-1:30 p.m. ET
E-Procurement: Innovative Management of Healthcare Spend
Speaker: Jessica Spencer, Medline Industries
Panel: Pam Mink, Foundation Health Services and Rusty Zosel, Procurement Partners
2-3 p.m. ET
CMS Requirements for Participation: Need-to-Know Compliance Tips for Long-Term Care
Speakers: Clifton Porter, AHCA; Clint Maun, Maun-Lemke, LLC
Panel: Cheryl Field, Prime Care Technologies
Thursday, August 4
10:30-11:30 a.m. ET
Revenue Cycle Management; Cash is King
Speaker: Clint Maun, Maun-Lemke, LLC
Panel: Becky Yocum, American Healthcare, Patti Bolen, Southern HealthCare Management and Kimberly Sturm, Prime Care Technologies
Cybersecurity: Protecting Your Critical Points of Access
Speaker: Fred Layfield, Prime Care Technologies
Panel: Jim Hoey, Prime Care Technologies
2-3 p.m ET
Attracting and Retaining Staff in a Competitive Market
Speaker: Lisa Thomson, Pathway Health
Panel: Diane Harrison, Magnolia Manor; Barbara Wilkins, Kindred Care/Rehab-Greenbriar; Joe Stone, Prime Care Technologies
3-4 p.m. ET
Healthcare Risk Management: Employee Safety Practices to Prevent Liability
Speaker: David Mathog, USI Insurance Services
Panel: Joe Stone, Prime Care Technologies
2 min read
Topics: KPI automated revenue cycle management system revenue cycle management applicant tracking BI dashboard dashboard, data data warehouse resident liability Using Business Intelligence patient liability business analytics LTC Claims staff reporting managed services CLAIMS AUTOMATION LTC recruitment CMS compliance for LTC LTC insurance solutions LTC risk management healthcare risk management employee safety cybersecurity e-procurement healthcare spend management LTC facility data CMS requirements
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It’s a challenge for skilled nursing operators to benchmark their performance against others in order to reinforce lender confidence and obtain capital at competitive rates. Similarly, investors need access to current performance data on SNFs across the country to set attractive rates for those with track records of sustainable success. NIC’s Skilled Nursing Data Initiative can be the answer to those needs.
It’s timely – 2016 investment opportunities
Given 2016 first-quarter opportunities, NIC’s Skilled Nursing Data Initiative is positioned to help operators and investors conduct financing transactions confidently. Senior Housing News recently reported that, “A stronger housing market overall also contributed to investors’ interests in assisted living and independent living, and has had a ‘significant impact on seniors housing occupancy levels,’ according to the survey.” It further goes on to report that “Skilled nursing…saw its daily rates rise 2.8% with increased net operating income…from 2014 to 2015 as a result of higher quality services and more efficient operators.”
The Skilled Nursing Data Initiative offers critical up-to-date information
New payment models across the skilled sector continue to evolve and operators need to be responsive. Therefore, investors, who have relied on 12-18 month old historical government data, need current data reflecting today’s operating reality to lend capital with the most advantageous terms.
Partnered with Prime Care Technologies, Inc. (PCT), NIC is creating a data warehouse of current skilled data available to operators and investors. NIC turns to PCT to help operators submit current Key Performance Indicator data securely, confidentially, and automatically.
What kind of data does the Skilled Nursing Data Initiative deliver? Participating SNF operators submit monthly data in the following categories:
- ADR by Payer Class
- Overall Revenue Trends
- Total Operating Expenses
- Skilled Mix
- Quality Mix
- Patient Day Mix
- Profit Margin/EBITDAR/EBITDARM (profit margin data is sensitive so it is not a requirement)
In return, initiative subscribers get a monthly summary of aggregate and de-identified contributor-submitted information, comparing their performance with national benchmarks. As the database grows over time, subscribers will also be able to compare themselves against regional benchmarks. For the sake of confidentiality, operators will not be able to see the specific data of peer operators.
For investors, this innovation will boost their confidence as they set rates for capital which are more closely aligned with current performance. For operators, this innovation will enable them to secure competitive rates, so that they can be responsive to the evolving LTPAC landscape
 NIC clients do not have to be PCT clients in order to participate. For these operators, PCT will set up and automate data delivery directly to NIC. For PCT clients using PCT’s primeVIEW business intelligence solution, automated data feeds are already in place to securely send data to NIC.
Discover 11 ways Business Intelligence can
strengthen your bottom line,
boost investor confidence.
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Rest assured. LTPAC Clinical executives can know rather easily.
What keeps you up at night? When I ran SNFs, many things would intrusively leap onto the stage of my dreams, stealing the limelight. Their discordant presence would dash the quiet and restful performance currently playing, causing me to start into a sudden and unwelcome wakefulness. It was one thing to steal the limelight, it was another to completely take over the show and lock the stage door to my more sedate and slumber-inducing dreams. Stifling a cry, I would sit bolt upright in bed, beads of sweat on my furrowed brow. One of those frequent limelight-stealing imps was a nagging doubt about my facility’s compliance.
Compliant to what? Federal and State regulations? Fire and safety? The Fair Labor Standards Act? Safe Harbor? HIPAA? Corporate standards and objectives? The list goes on and on, each list member competing animatedly for my attention. “No sleep tonight,” I’d groan. But times have changed and so has technology potentially barring the stage doors to unsolicited dream disturbers.
In the days before automated data mining and business intelligence (BI)-generated dashboards and reporting, I would have to make a mental note to investigate if and how compliant we were, recognizing that the research alone would take quite a lot of time, assuming no interruptions (silly me), sorting through charts, files, and printouts. But today WITH BI at a manager’s fingertips, those with compliance concerns, including clinical managers, have ready access to critical Key Performance Indicators (KPIs). With Business Intelligence, clinical managers can conveniently view a variety of KPIs which they can make their own. (I’ll get to that shortly.)
Let’s take a look at some of the KPIs clinicians can view to discover in measurable terms if their areas of concern are compliant. With regular input either directly from the data which resides within their clinical application automatically “pumped” into the data warehouse or keyed in directly, clinicians have access to frequently refreshed information. This information can include such KPIs as in-house-acquired or community-acquired pressure ulcers with the number of residents with pressure ulcers at what stages and at what percent of the average daily census over a month’s period of time or trended over a 12-month period.
Restraints? Weight loss? Anti-psychotic use? Infections? Readmissions? Falls/Accidents? Sentinel events, such as dehydration or fecal impaction? Indwelling catheters? Pain management? Hour per patient/resident day compared to state standards and to budget? Overtime usage? And more. If the data exists, the information can be viewed in the BI dashboard.
Now, I referred earlier to managers making KPIs their own. How about comparing the KPIs against benchmarks the clinical team has created based on regulations and company/facility-established standards, usually set to exceed the regulatory requirements? It’s all in one dashboard. No longer do clinicians have to wait for reports to be researched, compiled, published, and distributed. Log in and find out. No more uncertainty. Just discover. Take action. Get results.
With BI, this potentially sleep-disruptive concern can be put to rest. It’s called peace of mind. Take a dose of BI every day and sleep well.