Big Data’s Impact On Your Bottom Line

Big Data’s Impact On Your Bottom Line

by | Oct 28, 2022 | Business Intelligence, Financial Dashboards, P&L Strategy

When senior care facilities leverage big data, overcoming resource shortages and streamlining everyday operations becomes possible. Big data is essentially large and diverse sets of data that have analytical value. Senior living providers use several software sources to operate their businesses – tying these together yields insight to a wealth of opportunities to improve upon overall financial performance. According to a Statista report, the market for health-related analytics services using big data will increase to $13 billion by 2025.

Prone 2 Dream delivers big data analytics by integrating the various critical software programs you rely on for your business operations. With accurate, dynamic, real time reports, analytical insights promote more informed decisions that will benefit your company with improved financial performance.

This article highlights the benefits of big data analytics for enriching operations in senior care facilities today.

 

Circumvents staffing challenges

It’s no secret that the pandemic placed additional pressure on an already tenuous staffing situation in senior living. In fact a New York Times feature explains that staffing shortages account for an estimate of 342,000 job losses since 2020. This reality impeded daily operations at almost all senior care facilities. With big data, however, providers can analyze their timeclock, payroll, and agency labor to deploy strategies for improvement. Using big data analytics, administrators can identify inefficiencies and subsequently manage them.

 

Prevents compliance gaps

Big data enables applications that help providers comply with federal and state regulations, especially those related to their facility’s staffing levels. Administrators can enlist our DreamCore Intelligence Center to reveal compliance gaps such as RN shortages. This technology also makes recommendations on how to address and fulfill reporting requirements. Ultimately, senior care services can avoid incurring penalties or sanctions when they don’t meet staffing standards.

DreamCORE Intelligence Center

Offers accurate and customized daily reports

When senior care providers’ processes are optimized by data, normal human errors that come from misrepresented information can be avoided. Our DreamCORE Intelligence Center integrates your data sources and delivers accurate reports through robotic automated processes. As such, information displayed on the dashboards provides both historical and prospective pictures enriching financial strategies. For instance, our declining budgets feature calculates daily adjustments to SpendDown based on current client base (census). In our post ‘Changing Minds Changes Habits’, we mentioned how DreamCORE Intelligence connects all your frontline managers to daily adjusted budgets. This means overspending becomes an active choice, instead of human error. Your frontline leaders want to succeed in their roles – provide them the tool, DreamCORE, to do so.

 

Promotes faster, evidence-based decisions

Comprehensive financial strategies are crucial in achieving a profitable bottom line in senior care facilities. With the right financial data, managers at every level are empowered to allocate appropriate funds for all their department’s needs. Utilizing DreamCORE bolsters faster, evidence-based decision-making. Do all your leaders have the right data to improve their financial performance and accountability?

As seen in Maryville University’s post on assisted living, America’s population of seniors is large and growing. According to the U.S. Census, there are 47 million seniors age 65 and older in the United States; the Population Reference Bureau expects this number to double to more than 100 million by 2060.

The value of big data to the senior living industry covers a broad scope, from the financial benefits outlined in this article to clinical advances which we’ll address in a future post. For more insights on how big data can positively impact your company, stay tuned to our latest articles on Prone 2 Dream.

If you’d like to learn more about leveraging big data to enhance operations for your senior living centers, contact us for a consultation or a demo.

Changing Minds Changes Habits

Changing Minds Changes Habits

by | Mar 11, 2022 | Business Intelligence, P&L Strategy

What did we do before GPS? Often, we took an inefficient route to our destination, losing time to accidents, construction, and lane closures on the road ahead. Once we discovered GPS, our minds changed and we threw away our paper maps.

DreamCORE Intelligence is changing the minds of frontline leaders in the senior living industry. Imagine your culinary department managers having a daily adjusted budget (GPS) so each one knew exactly what was available to spend based on true census.

Changing minds changes habits.

Culinary managers are changing their minds to use the tool that will take them to the desired outcome – meeting their budget … and in many companies … their bonus.

Multiply this example times every frontline leader in your organization, and you have an army capturing your dissipating dollars.

These individuals want to succeed at their jobs. When you empower them with tools like DreamCORE Intelligence, and invest in their financial acumen, you increase their loyalty.

Worth exploring? Schedule a 30-minute demo here.

Heading to the NIC Spring Conference? Say Hello to our CIO, Leona Fink, at Meetup Point 7!

3 Ways to Manage Staffing Data in Today’s Challenging Climate

3 Ways to Manage Staffing Data in Today’s Challenging Climate

by | Oct 4, 2021 | Business Intelligence, Financial Dashboards, P&L Strategy

3 Ways to Manage Staffing Data in Today’s Challenging Climate

 

We understand. Thanks to 18 months of a pandemic, there’s a widespread industry shortage of staff. Compound that with an impending federal vaccine mandate. Looming in the background, a federal minimum wage hike.

 

Yet the need for senior care services is higher than ever. Stringent infection control protocols and new procedures add to the operational complexity you’re navigating every day.

 

You’re trying to hold on to those who are the foundation of your operation by incentivizing loyal staff with overtime, bonuses, and wage increases. You’re adding agency staff to fill the gaps. These strategies are necessary to stay in PBJ compliance.

So how do you manage all this when the goal post is constantly moving?

 

One way is to laser focus on your data – and ensure consistency with your data collection, data representation, and data interpretation. Though you currently have tons of data, is it accessible in a relevant, actionable format? If you find yourself shuffling paper reports or clicking through multiple browser windows to find the information you seek, we can offer you a much better way.

 

By integrating your legacy software platforms into a user-friendly, drillable dashboard, Prone 2 Dream customizes how you view your payroll expense, timeclock data, agency expense, and even PBJ star status. You have actionable insight, all in one place, that you can decipher in moments. You can know what you need to know, and make decisions that positively impact your company’s profitability.

Labor Distribution Report

Here are 3 ways we can help you manage staffing data:

 

DreamCORE Dashboards are a prospective approach to managing profitability. We integrate your data silos to present green views of actionable KPIs. DreamCORE customizes reporting solutions by bringing the relevant data from the various sources together. Watch your P&L building throughout the month – Earnings Reports, Wage Analysis, Labor Distribution, Census, Reimbursement rates, Spend Down (Checkbooking) and Industry KPI’s such as HPPD, DollarsPPD, Overtime expenses…and much more.

 

The results? Data you can use – to zero in on your daily activities, find issues, course-correct, and meet your projected outcomes. (DreamCORE Dashboards are a comprehensive solution that include the 2 solutions below – Agency Time Tracker and DreamPBJ Dashboards.)

 

Not ready for the entire financial package? Start with one of these staffing-specific solutions:

 

Agency TimeTracker is a user-friendly app that enables the contractor to clock in and out at the facility. The data integrates with your in-house timekeeping system to provide an accurate daily staffing review. You have a true picture of your staffing hours for PBJ reporting and invoice management. At the end of the quarter, simply export your Agency XML file for easy CMS – PBJ reporting.

 

DreamPBJ Dashboards is a business intelligence solution that provides 92 day rolling tracking of your regulatory compliance data with visibility into your PBJ daily star rating. Continuity brings stability, and ultimately enables you to know what each quarter’s stars will be when you cross the last day of the quarter. Dream PBJ takes the mystery out of PBJ reporting.

 

We welcome the opportunity to discuss your unique challenges. We’ll help you wrangle all your data so it makes sense … while you’re running the race.

Choose a convenient time on our calendar by clicking here.

Or simply call: (469) 294-5233 or email: contact@prone2dream.com.

Senior Living Operators – Will You Meet Your Budget This Month?

Senior Living Operators – Will You Meet Your Budget This Month?

by | Oct 2, 2021 | Financial Dashboards, P&L Strategy, Skilled Nursing Facility

There’s a nagging question in the minds of senior living administrators and department managers everywhere: “Will I meet my budget this month?”

 

DreamCORE Dashboards and the Dream Expenses App are the practical solution to this notorious problem – How to manage expenses with a census that fluctuates daily and a labyrinth of operational issues.

 

Dream Expenses is a simple, mobile app that inputs each invoice directly into your general ledger – “one-touch invoicing”. Easily select the GL code, and easily split the invoice if necessary, even between departments.

 

This practical checkbooking system updates your DreamCORE Dashboards with every entry. You have near real time access to department budgets that are auto-adjusting by SpendDown and fluctuating census.

 

The result: DreamCORE Dashboards take the guesswork out of meeting the budget. Each department leader has a departmental dashboard and knows exactly how much is available to spend.

 

DreamCORE Dashboards solve the problem of managing expenses against a fluctuating census, saving time and enabling confident, evidence-based decisions.

 

Book a live demo – Grab a spot on our calendar here.

 

Contact us today to see how easily you can manage your expenses and make data-driven decisions, when all your critical data is in one place.

 

Infographic SNF Expenses

Integrate Agency Nurse Staffing For Positive Impact

Integrate Agency Nurse Staffing For Positive Impact

by | Sep 23, 2021 | Business Intelligence, P&L Strategy

Integrate Agency Nurse Staffing For Positive Impact

 

The new realities of managing skilled nursing facilities have brought the need for operational efficiencies front and center. The challenge of maintaining appropriate staffing continues as a number one priority – SNF clinical teams and supplemental agency nurses and CNAs are the conduit to the safety and well-being of patients and residents. 

 

How do we find the balance between the existing, available workforce and third-party relief?

 

Many operators feel they are currently running with a bare minimum nursing team, and not by choice. The pandemic has exemplified just how tough it is to maintain a staff in a healthcare environment. For many SNF operators, it’s a feasible option to enlist outside “agency” nurse assistance.

 

Yet, the catch-22 of agency staffing is the need for the hours on the floor… but that relief comes at a premium. Compounding the challenge is reconciling the timekeeping, invoice management, and compliance in PBJ reporting.

 

The key is innovation, and an ability to manage the use of agency with clear strategic intent and financial responsibility. A proactive approach to managing agency nurse staffing provides resiliency and balance.

 

SNF leaders are looking for ways to have higher visibility into key performance indicators, the ability to act quickly based on evidential data, and to be more connected to operational performance in the facilities. Automation of routine tasks and integrating that data with overall company metrics achieves this flexibility.

 

Automation and Integration 

 

Prone 2 Dream Technologies specializes in providing healthcare leaders with time-saving efficiencies and automations. Our DreamAgency is a user-friendly app designed to track agency hours – with a simple clockin/clockout right at the facility. When integrated with your timekeeping and payroll metrics, DreamAgency contributes to your daily data story and allows you visibility of the impact every day. 

 

Agency Nurse Staffing Analytic

 

The data collected by the app integrates with the current staff analytics each day to calculate and display hours, rate, HPPD, and total expense – by pay period, by nursing role, by facility. You can quickly identify how much you are spending on agency staffing and the impact on your operation. 

 

The analytic also displays timeclock data for your in-house staff – hours worked, overtime hours, and individual time card data by pay period. Having this intelligence all in one place enables evidence-based decisions and the opportunity for improvement. Plus, having agency nurses’ time integrated with overall daily data enables accurate PBJ reporting, and submission with confidence. 

 

When integrated with your timekeeping and payroll metrics, agency data enables clear insight to your choices – whether it’s more advantageous to use agency staffing or whether these dollars could be redistributed to your own team. You can determine if paying overtime and giving pay increases to existing staff would be a better allocation of resources.

 

Lastly, DreamAgency tracking creates facility documentation to verify the invoice provided by the vendor.

 

The integration of DreamAgency data with your company timekeeping system provides daily visibility and insight into goals and performance. To learn more schedule a demo, email contact@prone2dream.com or call (469) 294-5233.

SNF Operators – Reduce Time Chasing Receivables

SNF Operators – Reduce Time Chasing Receivables

by | Apr 1, 2021 | Business Intelligence, Financial Dashboards, P&L Strategy, Skilled Nursing Facility

How much of your human capital is being expensed to chasing receivables?

 

With DreamCORE Dashboards, you have a daily data story showing cash trending and charges trending, shortfall by payer and much more. It’s an at-a-glance daily view of your cash flow status.

 

When a new patient is admitted, critical data enters the EHR. DreamCORE Dashboards integrate the EHR with your book of record to deliver a logical view of real time receivables.

 

Having a daily view helps you identify roadblocks that cause receivables to enter the aging status … where they are less likely to be realized. Dream CORE displays historical data to measure trends and provide insight for improvement.

 

Check out the benefits on the infographic below.

Book a live demo – Grab a spot on our calendar here.

 

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