Five Ways to Increase Revenue
86% of senior living executives say that operating margins have been hurt and profits are squeezed.1
Increasing revenue in senior living communities under normal circumstances can be difficult. The last two years have introduced an environment making increased revenue nearly impossible.
Here are five tips to boost revenue while being more operationally effective.
1. Ensure Staff Documents All Services
It's no secret that the employees in the senior living industry are great people with kind souls.
However, this generosity may lead to lost revenue. For example, a few un-billed items can result in thousands of dollars in lost revenue over the course of a year.
Train employees to be kind, while accounting for every transaction possible.
2. Add Services
Seniors want to live places where they feel heard and are accommodated for.
Hosting a forum is a great way for residents to share what they would like to see in their community.
Yoga classes, arts and crafts, and live music are some activities that cover a wide range of interests that also allow for increased revenue.
Additionally, residents who are engaged, active, and happy tend to lead healthier lives.2
Moreover, adding services, amenities, and events makes your community more attractive to prospective residents.
3. Engage in Social Media and Online Marketing
Seniors continue to expand their knowledge and use of technology.
Arguably the most groundbreaking revolution in senior living over the next ten years will be the dramatic increase in digitally enabled seniors, what we call “Digital Seniors”.3
Senior living communities with an online presence can market towards Digital Seniors and their families. A quality online presence positions communities as knowledgeable and trustworthy.
4. No More Paper!
Every step in a paper management system is operated by humans. Humans are prone to error and procrastination when it comes to tedious tasks necessary in paper systems.
Much of what is purchased on a paper system never gets accounted for due to a high error rate, poor record keeping, and mishandling.
A powerful tool for tracking all transactions at your community is a senior living Point of Sale system.
Additionally, you will increase food and alcohol sales, while decreasing the cost of labor.
Try our custom Cost-Benefit Analysis tool to see how much you could gain with a senior living Point of Sale system.
5. Hire a Professional Medical Billing Partner
A professional medical billing partner can improve revenue at your senior living community.
While it might seem easier and more effective to handle this in-house, working with private insurers and Medicaid can get complicated.
Partnering with a trusted professional to handle medical billing, you can rest easy knowing your practices are streamlined and that every dollar is being received for the services you provide. And you can spend your time elsewhere increasing revenue further.
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