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 potential is vast, SNFs are likely to have difficulty with:



  • Information overload: CMS Medicare cost report datasets are often challenging to comprehend without technical or accounting expertise.

  • Shortage of comparable: You have to compare apples to apples—city to city, big to big, etc.

  • Data obsolescence: CMS data is published with a delay, and hence, history must be taken into consideration in benchmarking.


This is where one needs professional assistance.


Why Choose Professional Services?


Professional Services not only helps SNFs with preparing and submitting their CMS Medicare cost report, but also with extracting meaning that equates to enhanced performance. Their experienced consultants and financial analysts will help you:


Provide precise and CMS-approved cost reports.

  • Securely access the peer cost report data and sift through the data selectively.

  • Identify essential milestones that are important to your facility.

  • Gather the data carefully and transform it into a comprehensive strategy.

  • Track performance year to year


They decipher complex information, so you can make informed decisions, not buried in spreadsheets.


Let Your Data Work for You


Benchmarking against the cost report information reported by CMS does not have to be time-consuming or a laborious procedure. Done correctly and with care, this procedure provides you with a valuable strategic advantage that can make all the difference in an increasingly competitive and highly regulated industry setting.


Read More: How Timely Cost Report Submission Saves You Big
Location: Miami, FL, USA

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