Being the Star of Your Show...
How the CMS 5-Star Rating Can Increase Your Skilled Nursing Occupancy and Revenue unlocking the Potential for Quality and Excellence
The announcement that the looming staffing mandates in long-term care were blocked was a huge relief to Long Term Care providers that were worried about how they realistically would be able to financially support this initiative. However, this does highlight more than ever the importance of achieving a 5-star rating from the Centers for Medicare & Medicaid Services (CMS). This CMS rating is a prestigious accolade that signifies excellence in healthcare quality. This rating system evaluates various aspects of a facility's performance, including health inspections, staffing, and quality measures. Attaining the highest rating not only enhances the reputation of a healthcare facility but also has significant implications for its occupancy rates and revenue. The impact of the 5-star rating while not always perceived as “fair” or validating of the care experience does serve as a powerful endorsement of a facility's commitment to providing superior care. It signals to potential residents and their families that the facility meets the highest standards in healthcare, fostering trust and confidence. This enhanced reputation can attract more inquiries and increase the likelihood of selecting the facility for long-term care. Becoming a 5-star skilled nursing facility can create the environment that drives occupancy rates upwards and higher occupancy leads to greater utilization of the facility’s services which may contribute to increased revenue. Let’s not forget that in a competitive market, a 5-star CMS rating sets a facility apart from its peers. It provides a tangible differentiator that can be leveraged in marketing and promotional efforts. Facilities with top ratings can highlight their achievements in advertisements, websites, and social media, attracting more attention and interest from prospective residents. In these types of financial uncertainty for our senior care providers, higher occupancy rates directly correlate with improved financial performance. With more residents, the facility can achieve economies of scale, optimize resource utilization, and increase revenue from services provided. Additionally, a sterling reputation can lead to better contract terms with insurers and higher reimbursement rates, further boosting financial health. Who wouldn’t love to work within a 5-star rated facility. Top talent will likely seek out reputable institutions where they can practice their skills and contribute to high-quality care. This influx of skilled professionals enhances the facility's capabilities and reinforces its standing as a top-tier provider.
If you would like to learn more about how Adept Senior Living Services can help you execute achieving your 5-star rating at your skilled nursing facility, contact us today. The investment in achieving your 5-star rating can increase your occupancy and help secure your financial future.
