02 Aug Financial management may be critical for nursing homes challenged by Medicare cuts
With the Supreme Court upholding the Obama Administration’s landmark healthcare legislation known as the Patient Protection and Affordable Care Act, many changes are sure to work their way into the healthcare industry. The most recent began on August 1 with the introduction of a new provision that allows women to access birth control and other reproductive screenings and treatments for free – something that has been a hot topic between political parties.
But, another market sector that is expecting major changes due to the new bill is the nursing homes industry – technically referred to as skilled nursing facilities (SNF) – which, according to the Alliance for Quality Nursing Home Care, will expect to see a $4 billion budget reduction between 2009 and 2014.
“The staggering level of SNF Medicare cuts resulting from budgetary actions and regulatory changes since 2009 has brought one of America’s most important health sectors to the brink of operational viability, and is at a tipping point,” said Alan Rosenbloom, president of the alliance.
As the Affordable Care Act’s productivity adjustment is projected to cut $34 billion from SNFs over 10 years, it becomes clear that these important aspects of the healthcare industry may need to make some large changes in the near future.
While making these changes, facilities may benefit the most from using custom database software to manage crucial information. Keeping a sharp eye on expenses such as payroll, overtime and operational costs can be key in times of change and something that can be fulfilled with custom software.
In addition, consulting a FileMaker developer to create this database software can allow companies to implement a program that can grow and contract with the business, maintaining necessary information as the industry changes and adapts.