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Strictly by the Numbers

Homes with few errors and excellent risk management are, on average, 41 percent more profitable than the average facility*.

Using ChartMeds Traditional Paper MAR
Profitability Assumption1 $266,000 $250,000
Med Related Fines2 $0 $2,000
Lawsuit Avoidance3 $0 $7,000
Insurance4 $22,500 $25,000
Staff costs5 $127,750 $155,125
ChartMeds Cost $4,500 $0
Bottom Line Profitability $111,250 $60,875

Here's How;

1
Higher occupancy rates:

175% of families spend over 30 hours of research before deciding on a facility.

If a 100 bed home has an occupancy rate of 75%, this could easily improve by 10% or more if the home has excellent safety and few audit discrepancies. If the average annual revenue per resident is $40,000 and the average profitability is 5%, then that would be an annual boost of $16,000.


2
Medication Related Fines:



Legislators at all levels are talking about raising the maximum fine—now usually $10,000—to $25,000 for a “serious deficiency” and to $100,000 for one that resulted in a patient’s death.


3
Lawsuit avoidance:

Defending just one lawsuit can cause your insurance premiums to skyrocket. The most common of medical errors are the most preventable using our system;


    * a medication due to improper information such as allergies, etc.
    * Lack of up to date warning or miscommunication due to poor handwriting.
    * Confusion among drugs with similar names or dosage.
    * Dispensing medication to the wrong resident.

4
Insurance Premium Reduction:

Homes that have special processes for avoiding risk can easily enjoy savings of 10% or more.
A 100 bed home that pays $250 per bed in insurance could save $2,500/year.


5
Less Staff Time:

Technicians will no longer have to dig through binders of paperwork to find information, or wade through illegible documents to try and figure out if a resident has had all their medications.

For example, a 100 bed facility has the following pass times:

    *8:00am (1,000 meds to pass) – 5 man-hours
    *12:00pm (100 meds to pass) - 1 man-hours
    *4:00pm (100 meds to pass) - 1 man-hours
    *8:00pm (800 meds to pass) - 4 man-hours

Using ChartMeds, the pass can be reduced by about 30%, which would reduce the man hours from 11 to about 9 (730 hours per year reduction). If each technician has a total burden of $25/hr, that would be a savings of about $18,250/year.

If your facility averages 2 hours per day of phone time with the pharmacy that can be reduced to less than 1 hour per day (365 hours per year), or $9,125/year.

*New York Times, Sept 23, 2007