Improving Your Payer Mix, Continued...
most long-term care sales
people are uncomfortable talking about finances with their customers. A typical
private pay skilled nursing resident will likely have a total expense of $100,000
or more for the entire length of their stay. How many purchases of $100,000
or more are you aware of that a customer doesn't have to substantiate an ability
to pay. This is an extremely large purchase. For the financial well-being
of your organization, find out your prospective customers' means of payment.
If they are using private pay dollars, how much do they have available for
payment? The best place to control your payer-mix is at the admission process.
Create and memorize some questions that help you determine if your prospective customer is a viable customer. The question could include: "In this skilled nursing facility we accept private payment, Medicare, Medicaid, and some insurances. How will your Mother be paying for her care services?" If they say Medicare, you could respond, "After your Medicare days are used, what will her payer source be?" If they say, "Private Pay", you could respond: "In order to qualify for a private pay admission we require assets available for payment of $70,000 or more. Would your mother be able to qualify for private pay status?" If they say that's no problem, you might respond with, "Great! If you decide to work with us we'll get a copy of a bank statement or other statement verifying Her assets." Create an application form that substantiates funds available for payment. Also, conduct a patient payer source revenue analysis. Gather information that tells you the average length of stays for each payer source, and the average net income or loss gained for each payer source. This information can be used to help you identify your payer mix goals and strategy.
The length of time before
a person becomes a Medicaid payer source will tell you the true assets they
have available for private pay payment. Your accounts receivable staff person
will also be able to share with you any difficulty they are having collecting
funds. I suggest that you work very closely with your accounts receivable
staff. This idea requires financial oversight, and planning. Your organizations
financial department may be able to help you learn more about finances. Planning
skills can be obtained through reading and practice. Look into the planning
books on this web site. Additionally, the sales staff will need to develop
the courage needed to ask tough financial questions.
This idea is from the book
“Easy Ideas on How to Improve Sales & the Payer Mix”. It has 35 effective
ideas on how to make your sales efforts more 
profitable.
Click here to learn more about the book, "Easy & Inexpensive Ideas For Increasing Census Revenue"
click here to order "Easy Ideas on How to Improve Sales & the Payer
Mix"
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