Please enter your contact details

An associate will respond to you shortly.


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
Profitability Assumption $266,000 $250,000
Med Related Fines $0 $2,000
Lawsuit Avoidance $0 $7,000
Insurance $22,500 $25,000
Staff costs $127,750 $155,125
ChartMeds Cost $4,500 $0
Bottom Line Profitability $111,250 $60,875

Here's How;

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.

Lawsuit avoidance:

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