Real-World Benefits of Benchmarking with Cost Report Data
Benchmarking with cost report data such as the CMS Medicare cost report , offers real-world benefits like improved financial performance, optimized staffing, enhanced patient care, and informed decision-making by comparing facility metrics to industry benchmarks. Units that routinely benchmark against industry peers have the benefit of: Improved financial resilience: By eliminating wasteful spending and, at the same time, improving operational effectiveness. Improved quality scores: With more strategic and intelligent allocation of resources Increased transparency to stakeholders: Including investors, boards, and regulatory authorities Enhanced audit preparedness: Knowing where you stand today prevents surprises. Professional Services have helped numerous SNFs and providers working with hospice Medicare cost reports utilize cost report data to maximize margins, reallocate resources, and stay ahead of the trend. Common Challenges in Benchmarking and How to Overcome Them Though the...