Long term care providers across the nation are facing the increasingly critical dilemma of watching costs begin to outpace revenues. Yet, in carefully analyzing those who are successfully navigating this challenge, a common characteristic is observed: nearly all have taken concrete steps to improve patient care.
Revenue Benefits of Stepping Into the Problem
It might seem logical that the issue of decreasing revenues would force long term care providers to reduce costs by trimming expensive outlays related to patient care. What seems less logical, though, is that by increasing measures to keep their patients healthier, they actually are, in-fact, cutting back on patient care expenses.
While this Language of Care article addresses medical practices and ambulatory care, the concepts it embodies as the key to returning to growing profitability can also apply to long term care. The reasons behind its effectiveness include:
The key takeaway is that long term care facilities can create a win-win dynamic by systematically working to improve patient care. To do so effectively and efficiently requires reliance on such things as proper information on supplies inventory costs and streamlined management practices.
At Concordance Healthcare Solutions, we are proud of our long history of supporting the needs of long term care providers with quality medical products along with specific supply chain solutions. Contact us here to learn more about how we can support the needs of your facility.
Although the U.S. can boast about its highly developed healthcare system, the truth is its costs are higher than anywhere else and its fragmented nature doesn't meet the needs of many who are chronically ill. According to the Commonwealth Fund, U.S. healthcare ranks poorly when ranked against the other top 10 wealthy countries.