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Nursing Home owners with one or two facilities are facing huge data-driven hurdles in order to be reimbursed for the loving care they provide to their nursing home residents. Increased computerization by larger companies is encouraging Medicare & Medicaid, as well as other insurance providers, to request and demand additional data before sending the monies that are owed.
Actually, in a larger sense, the service payors may not consider that monies are owed until all of the accompanying data is received. For all nursing home operators, and especially owners with just one, two or three facilities, the data-driven reimbursement trend will continue to cause greater pressure and significant changes in how much and what data will be necessary to provide to payors. The goal of showing levels of care via data is something nearly everyone can agree on. The burden of accurately providing that data is on the nursing home operator and their staff – something nearly everyone also agrees with.
However, the business case ends up being similar to every other capital improvement decision. For those business owners looking at a 5 or 7+ year exit plan, it makes sense to make the investment in equipment, training, and software to stay current with reimbursement requirements.
For business owners in the 1-3 year exit time frame, the decision to make an additional capital investment in computerized systems may be easier to avoid rather than actually address the decision right away. Yet, major investments in property improvements or computer systems are often a good time for owners to evaluate all their options to either reinvest in the business or to transition to new owners.