Gross Mendelsohn Blog
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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.
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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.
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The results of our 2016 Maryland Skilled Nursing Facility Outlook Survey are in! We recently polled owners, administrators and chief financial offers of skilled nursing facilities (SNF) in Maryland to learn more about their top concerns. The results of the survey confirmed what our clients in the industry have been telling us. What is certain is that there are no shortage of concerns. Let's take a look at the top three.
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One of the most common questions we get from our nursing home clients is, “How does my facility’s bad debt expense as a percentage of revenue compare to industry averages?” When we put together our recent “Benchmark Report for Skilled Nursing Facilities in Maryland,” we gathered statistics concerning accounts receivable and bad debt. A deep analysis of data from more than 200 Maryland skilled nursing facilities revealed the bad debt expense as a percentage of revenue as a statewide average, as well as by region.
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