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How Long-term Care Facilities Can Maintain Strong Profits During Growth

Current senior and long-term care facilities are experiencing growth which is as exciting as it is challenging. Adding multiple locations, hiring more employees and serving new residents will contribute to profits; however, it also introduces new risks. Disconnected business management systems will make data collection and reporting even more difficult which can lead to employee burn out and threaten regulatory compliance obligations.

Business growth, either slow or fast, is an ideal outcome; however, it puts added pressure on your business processes, people and management systems. Outdated, disparate business management systems frustrate employees, who then rely on workarounds to avoid the system. Spreadsheets and manual tasks isolate data, putting it further out of reach. Without quick access to reliable data, managers may miss important warning signs and are unable to make strategic business decisions that protect profits.

Take a Proactive Approach to Growth With Microsoft Dynamics GP

As discussed in “6 Proven Ways Long Term Care Organizations Maintain Profits During Times of High Growth,” growing senior and long-term care organizations can take a more proactive approach whether experiencing growth or planning for it. A modern, integrated business management solution, such as Microsoft Dynamics GP, offers many strategic benefits that support a growing business.

Here are six tips for avoiding common pitfalls of growth:

  1. Streamline multi-entity financial management: Adding multiple locations and entities makes financial management much more complex and time-consuming. Reduce the time spent on closing the books and gain real-time visibility into financial and operational performance with a comprehensive management solution, like Microsoft Dynamics GP.
  2. Integrate systems and data: Most entry-level accounting systems can only support one entity and offer limited functionality. An integrated business management system provides a stronger platform for managing operations across multiple entities.
  3. Automate processes and reporting: Spreadsheets and manual processes are time-wasters and risky. Microsoft Dynamics GP provides efficient automations for common business and operational processes. Streamline data entry, analysis and reporting to strengthen financial processes, inventory management, regulatory obligations and other business-critical tasks.
  4. Centralize member management: Residents of senior and long-term care facilities get upset with incorrect billings or crossed communications. Errors on contracts can also get costly. Manage contractual details, member and resident information in a centralized solution to ensure timely, accurate processing.
  5. Simplify materials management: Inventory can be difficult and expensive to manage across multiple locations using spreadsheets or manual processes. Centralizing information within Microsoft Dynamics GP and strengthening purchasing and forecasting decisions ensures you’ll have the supplies needed, when and where they are needed.
  6. Strengthen collaborative care and programs: Employees need current, reliable information about each resident when offering care and services. Manage all of these important details within Microsoft Dynamics GP to maintain a 360-degree view of each resident to coordinate appropriate care, programs and services.

 

Long-term care organizations relying on entry-level, disconnected systems experience unnecessary and costly challenges during periods of growth. Avoid these common pitfalls by taking a more proactive approach. Download the eBook and contact Socius for more information about using Microsoft Dynamics GP to maintain strong profits during times of growth.


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