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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|
|Med Related Fines||$0||$2,000|
|Bottom Line Profitability||$111,250||$60,875|
Higher occupancy rates:
75% 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.
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.
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.
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.
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