With the financial stress imposed by Covid, and with occupancy rates still not at normal levels, budget compliance and cost control have become even more important to ensure that your Assisted Living Facility or Group Home thrives in these trying times.
Typically, properties have operated with different pieces of the operating data in different tracking systems, resulting in information silos. Perhaps you use Excel for occupancy tracking, accounting software for budget and spend tracking and a paper system for reconciling the spend to the budget. All of this results in a significant amount of work for the management team on a daily, weekly and monthly basis to assemble this information and draw meaningful conclusions from the unified data. As a manager or leader, you spend a valuable part of your work time in mechanical work to reconcile these different data sources to make financial decisions, based on outcomes from days or weeks ago. So not only are you wasting time you could devote to something more productive, but the quality of your decision making is also sub-par as it is based on dated information. Accurate tracking of your spend versus plan is an essential component of calculating your PRD (Per Resident Day) costs that also impacts your strategic decision making, and out dated information makes this difficult.
So what can be done to overcome this bottleneck and delay in information gathering and analysis? Sushoo/ACC has worked to develop Assisted Living Budgeting Software, that updates key metrics on real-time or on a daily basis, as part of our package. Using this integrated and unified approach to your budget and operations, you are able to see where you stand on a tactical basis while considering day to day spending decisions, and on a strategic basis, while considering investment and returns decisions.
Please feel free to reach out to us to learn more on how you can make better decisions based on integrated data and analytics from a unified view of your data.
- Naveen Venkatachalam, posted 05/07/2021