Tips for Making Your Assisted Living Facility More Profitable
Owning an assisted living facility takes a whole lot of work and money to ensure residents are happy with the level of care they’re receiving. Things like room and board, social activities, assistance with daily activities, supervision, medical services, and transportation can eat costs quickly and cut into profit margins.
So how do you maintain the high standards your residents expect and deserve at your ALF while also increasing revenue? Here are a few tips to keep you going strong.
Document all services and bill appropriately
Nurses and other care providers aren’t in the money-making business, they’re in the care business, and they often won’t document every single service their residents receive. While you don’t want to nickel and dime your residents, care services aren’t free and they should always be documented, otherwise, your ALF profitability will suffer.
Services, no matter how big or small, add up, so residents should be billed appropriately. If you’re still using a paper system, this may also be happening because care providers are busy and don’t have the time to hand-document everything. One solution to this is to think about implementing electronic-based assessments, which offer flexibility in adding and removing details.
Ensure your staff is following the protocols when it comes to documentation and billing so money is never left on the table.
Offer more services
There are services your residents need and then there are services they want, even if they don’t know they want them, like sprucing things up with a formal dinner once a week, for example.
Instead of focusing only on the type of services your residents need, begin considering their wants and desires too. You can improve their quality of life and increase your revenue by providing a new service or even modifying an existing one. Gauge these wants better by conducting more frequent evaluations.
Expanding your services takes little effort in both creation and delivery, and can increase your ALF’s profit margins. The idea is to keep it simple and cost-effective.
Use retail techniques
Retailers know how to package and push their merchandise and you can benefit from adopting their strategies. After all, it’s not what you sell but how you sell it. In the retail industry, things like product design, packaging, pricing, and displaying are practices that are well-understood in driving sales. They know which products to present to which customers as well as when to present them.
Offering services to your residents shouldn’t be any different. Start thinking about the ways in which you can price and package your services to find the best approach.
Check out the competition
Who is your competition in the area and what’s the value of services they provide? Always strive to be better than them and even find ways in which your ALF can offer more. If your ALF offers something your competitors don’t, advertise it! Bring it out into the open for prospective leads to see.
At the end of the day, providing top-tier level service to your residents is the key to driving revenue. Word-of-mouth and reputation are truly how your eMAR For Assisted Living will thrive, but you can begin implementing these tips to further your goals.