If you have ever felt like your Maryland skilled nursing facility cannot catch a break when it comes to the state’s Medicaid rates, you are not alone. Many facilities struggle to control costs and remain profitable, even at the current rates, especially as costs in areas like nursing and salary and benefits continue to rise. And even with the most recent 2% Medicaid rate increase, the big news facilities should be keeping their eye on is the upcoming rebasing of Maryland’s Medicaid rates.
Collection of receivables is one of the toughest financial challenges that a long term care facility faces. Delinquent receivables can create short-term and long-term cash flow issues – and the financial viability of your facility. Better management of your receivables starts with an understanding of what causes collection issues in the first place.
