Ensuring your senior living facility is profitable can sometimes be a bit of a challenge. You have to make sure your current residents are happy consistently and also always to be looking towards working with families to bring in new seniors as space opens up.
Thankfully, there are many small things you can do to help make the process just a bit easier. Here are ten ways to grow revenue for your senior living facility.
#1: Ensure Staff Documents All Services
Working with seniors takes a special kind of person. Unfortunately, these kind souls can sometimes take their generosity towards residents a little too far. For example, an extra few minutes of unbilled services can easily translate into thousands of dollars of lost revenue over the course of a year. Instead of taking a hit to your bottom line, make sure staff members document all services accordingly so that they can be billed properly.
#2: Add More Services That Residents Want
Another way to grow revenue is to add services that residents want. Host a forum and talk to the seniors to determine what they would like to see. Then make a plan to incorporate these classes or items accordingly—whether that’s yoga classes, craft retreats, musical performances, or whatever else they enjoy. Residents who are engaged, active, and happy tend to lead healthier lives and that’s really the end goal. Plus, it makes marketing your center to new residents much easier if they have something to look forward to.
#3: Maintain Partnerships with Effective Referral Points
If you’re looking to increase revenue for your senior living facility, it makes good sense to maintain partnerships with effective referral points. This can be doctors, healthcare clinics, insurance brokers, or even the local senior center. The more familiar that families are with the name of your facility, the more likely they are to choose you when the time comes to find a safe place for their loved one.
#4: Switch to a Paperless System
Some living facilities still believe in good old-fashioned paperwork and that’s okay. The only problem is that this creates an increased need for administration staff and takes up floor space that can easily be used for other reasons. Instead, consider switching to a paperless system to help decrease the number of front office staff members and help reduce costs. Today’s scanning systems cost only a few hundred bucks, which is far less than having to pay a person to handle printing, data entry, and filing.
#5: Engage in Social Media and Online Marketing
Some seniors are tech-savvy, but the importance of engaging in social media and online marketing really comes down to families and referrals. When it comes time to choose a living care facility for a loved one, most caregivers have tons of questions. For many people, a robust online presence positions your center as a knowledgeable and trustworthy place. Thus, it is important to ensure you’re posting photos of your facility as often as possible. (Hint: Those enjoyable events we mentioned above always make a good photo opportunity!)
#6: Make Family Participation a Focal Point for Residents
Many families really want to be a part of their senior’s daily life once they’ve transitioned to a care facility. By making it clear from the beginning that you not only allow this but encourage it, you can easily help them through the decision process and increase your number of residents. Host events designed to include children, grandchildren, or even school or church groups in your community.
#7: Host On-Site Events and Open Houses
If you haven’t noticed, a lot of what goes into marketing a senior living facility includes making families feel comfortable in choosing your center. Another way to do this is to host on-site events and open houses on a monthly basis. Give the community a chance to see what you’re about and welcome a few new faces. Consider things like holiday dances, special dinners, classes, events, and more.
#8: Have a Good Website
We live in an age where not having a website can completely make your facility irrelevant. That’s why it is important to not just ensure you have an online presence, but make sure it is as complete as it can be. Include articles with frequently asked questions, answers, and other pertinent information. Provide plenty of videos and photos of residents enjoying life at your center. And give caregivers and families the ability to send emails with questions, schedule consultation appointments, and other similar convenience methods right from your page.
#9: Utilize a CRM System to Track Potential Residents
Of course, there is a slight aspect to sales when it comes to working with potential residents. This is why it is important to have a quality CRM software program in place. This allows you to not only keep information together in one organized place, but it offers your team the ability to follow up later with prospective resident families to answer any questions they might have. Think of it as your way of keeping track of who might want to become a new resident in the near future.
#10: Hire a Professional Medical Billing Partner
Finally, another easy way to improve revenue for your senior living care facility is to hire a professional medical billing partner. While it can be tempting to handle this process in-house, working with private insurers and even Medicaid can sometimes get a little complicated. By trusting a professional company with this task, you can rest assured that your practices are streamlined and that every possible dollar is being received from patient insurance companies for what you are owed.
Ready to learn more? Please contact our team at M-Scribe Medical Billing Services. We offer a full range of medical billing and coding guidance to help ensure your senior living care facility is getting what you’re owed. Please call us today for more information at 770-666-0470 or contact us for a no-obligation review appointment.