We get it. As an administrator, you’re overloaded. You’re wrestling with staffing shortages, complex reimbursement issues, and keeping up on regulatory requirements – all while giving top notch care to your residents. When polled for our 2018 Maryland Skilled Nursing Facility Survey, skilled nursing facility administrators, owners and senior financial staff said their top three concerns are finding and retaining qualified employees; changes in payment/reimbursement systems; and the level of outside regulatory requirements. These three issues consistently top our list of top concerns in our annual skilled nursing facility survey. Coming in at fourth in 2018 is maintaining census. Maintaining census is an excellent thing for administrators to be concerned about. Here's why.
With the minimal amount of outlook data available, getting a pulse on what is happening in the Maryland skilled nursing industry can be difficult. To help, we surveyed Maryland skilled nursing facility owners, executive directors and administrators as part of our 2017 Maryland Skilled Nursing Facility Outlook Survey to get their feedback on topics like their optimism for the future, top concerns and more. Here is what we learned:
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When we polled skilled nursing facility (SNF) executives for our 2016 Maryland Skilled Nursing Facility Outlook Survey, more than two out of three of them ranked changes to the payment and reimbursement system as their number one concern. Concerns about the new payment and reimbursement system are significant among both for-profit and nonprofit SNF executives. Likewise, it is of nearly equal concern to owners, administrators and chief financial offers of Maryland’s facilities.
Our 2016 Maryland Skilled Nursing Facility Outlook Survey looks closely at several key areas that present challenges for nursing home owners, administrators and CFOs. It is no surprise that controlling costs is a huge concern among skilled nursing facility (SNF) leaders. When we dug a little deeper into cost control concerns, owners, administrators and CFOs overwhelmingly named nursing costs as the top area where they struggle to control costs, followed by salary and benefits. The following graph is based on data from our recent study and shows just how significant these two areas of concern are.
According to our 2016 Maryland Skilled Nursing Facility Outlook Survey, more than 40% of skilled nursing facility (SNF) owners, administrators and chief financial officers said that controlling costs is one of their top three concerns. The concern is nearly as great among for-profit SNFs as it is among nonprofit SNFs. The survey revealed that owners, administrators and CFOs of single-location facilities worry a little more about controlling costs than their counterparts at facilities with multiple locations.
Nearly half of owners, administrators and chief financial officers of Maryland skilled nursing facilities reported that the Five-Star Quality Rating System is one of their top concerns, according to our 2016 Maryland Skilled Nursing Facility Outlook Survey. And rightfully so, as the rating system is highly influential when it comes to consumers researching and selecting a nursing facility for their loved ones. It is every administrator’s dream to achieve a five-star rating. On the flip side, it can be disastrous to have a one-star rating.