Long term care facilities provide nursing and daily living assistance to our vulnerable populations. Geriatric patients, especially those over 85, represent a high proportion of this care. Patients with additional trauma or disability often make up the remaining population, as well as some hospice patients. One commonality across this patient population is a limited income, requiring the use of third-party payment through Medicare or Medicaid.
While these government-driven programs provide necessary care to many US residents, there are many different rules and procedures involved. Medicaid reimbursement rates can vary from state to state and even have different reporting requirements. For example, the Medi-Cal law has different reimbursement inclusions, such as the second certification addendum for free-standing nursing or adult subacute care. Beyond filing this critical paperwork on time and correctly, facility reimbursement is often slow.
So how can your facility survive while waiting for long term care reimbursement? Below are some ideas to help.
1. Identify advantageous services you may have overlooked.
Are there non-care services that can be provided and separately billed, like medical aesthetics? Are there specialty care services that can be provided on site and qualify for an additional facility charge, like podiatry or optometry?
2. Seek to bring additional patient care services in-house.
Don't limit your savings and reimbursement opportunity to nursing care and equipment, but consider bringing additional services on site. Consider adding an in-house pharmacy or phlebotomy lab, allowing you to provide faster patient care while increasing your reimbursement opportunity.
3. Ensure you have the right supply chain partner.
Medicare has set allowances and per diems for care, equipment and supplies. Ensure you have the right supply chain partner who can ensure short-notice changes are reflected in your order and provide accurate tracking and inventory management. Better supply chain management will ease your reimbursement claims process.
4. Request a business review with your account manager to identify areas for cost saving.
It's the job of your account manager to be the expert at identifying savings and expenditures. Request a review of your account to identify areas of opportunity including delivery schedules, bulk ordering and predictive planning to save on costs.
Long term care provides essential services to our aging and ailing populations. Ensuring your care facility runs smoothly and cost-effectively helps ensure that this care can be provided for many years to come.
Concordance Healthcare Solutions has developed a Long Term Care program to meet the specific needs of LTC facilities. We have experts who understand the needs of long term care providers and can help you survive delays in reimbursement. As a trusted supply chain provider, we offer specific long term care provider solutions to help manage and contain supply chain costs. Contact us here for more information on how we can help you meet your financial goals.
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