There’s a Perfect Storm Brewing
COVID-19 has created the perfect storm for nursing homes. The combination of worker fatigue, increasing care costs due to inflation, staffing issues, forthcoming new regulations establishing minimum nursing facility staffing requirements, and growing demand have converged to create an unparalleled environment.
- Worker fatigue
- Long-term care costs are on the rise
- Workforce issues continue to escalate
- All nursing home staff must now be vaccinated
- Federal regulations establishing minimum nursing facility staffing requirements are on the horizon
- By 2030, 24 million Americans will need long-term care (LTC), nearly double the current need, but the supply of caregivers is shrinking rapidly relative to the demand
The shift away from fee-for-service towards bundled payments and pay-for-performance initiatives, as well as Medicare and Medicaid payment cuts, has incentivized providers to deliver the highest quality healthcare at the most efficient price.
President Biden announced that all nursing homes must require their staff get vaccinated against COVID-19 or risk losing Medicare and Medicaid funding. The Biden Administration has also proposed new regulations establishing a minimum nursing facility staffing requirement with the next year including:
- Improving care quality
- Nursing facility oversight
- Data transparency
- Career pathways
- Pandemic and emergency preparedness
A different model is needed to deliver value while reducing expenses to nursing homes.
Calming the Storm
To calm the storm, organizations must find a way to deliver value while reducing expenses:
- Improve the care experience
- Do more with less
- Reduce overhead
- Eliminate variability
- Improve quality
- Positively impact resident satisfaction.
Delivering the Highest Quality Healthcare at the Most Efficient Price
Most long-term care facilities are familiar with group purchasing organizations (GPOs). The key reason for being a member of a GPO is to save money.
- Higher priority on customer service – worry-free support
- Lower pricing: OneSource pools the purchase of our customers to obtain lower prices
- Negotiates DME pricing with multiple manufacturers, suppliers, and distributors for best pricing
- Centralized product value and competitive bidding to provide significant economies of scale reducing administrative costs
- Streamlined purchasing on top-quality DME
- Helps organizations save money – deliver the highest quality healthcare at the most efficient price
- Budget billing: Keeps monthly payments predictable –the same amount, every month, for the length of term
MasVida offers a comprehensive solution that drives improved outcomes with better products, all at a manageable recurring monthly payment. For more information, visit MasVidaHealth.com.