The Covid-19 pandemic has touched every part of our society, from commerce to our personal lives. The Care Home industry is no exception – having dealt with some of the hardest of circumstances in terms of human loss, it must also balance the books. It’s estimated that, by September 2020, the care home industry faces £6.6bn in Covid-19 costs, with the PPE bill alone topping £4bn.
It’s clear to see that these extra costs are not going to disappear anytime soon, so it’s down to the care home businesses to make more of what they already have in order to grow and thrive. The answer, however, might be within easy reach… Utilising care home data to adapt and grow your care home.
using care home data to drive management.
To understand where to go in any given circumstance, it’s important to know where you already are. The Care Home industry is governed by a certain set of metrics- to have these at your fingertips can have a dramatic impact on decision-making.
Advanced care home software such as CoolCare, can give you the care home data you need in seconds so that you can confidently make decisions that have far-reaching consequences in minutes.
Care home data can definitely help out when it comes to occupancy rates. So much depends on understanding where every enquiry and admission are within your pipeline that getting an instant overview is a game-changer. As well as knowing exactly where you are in terms of occupancy for admissions, care home data from platforms such as CoolCare also ensures that you can match your staffing levels accurately every single day. This can help to slash extra staffing costs or even detect rising costs – such as agency usage, which in turn can fund expansion plans.
increased visibility through utilising care home data.
Care home management cash flow can be incredibly complex, with payments and invoices being raised for complex arrangements. Without the time that’s needed for in-depth analysis of the true picture, mistakes can easily occur. However, if you have access to a care home management platform for finance that can provide care home data to your fingertips, you can instantly deep dive your cash flow status to assess:
- Your incoming fees from residents, including the amount needed to be recouped from local authority fees.
- Your staffing costs, in terms of agency versus payroll staff, so that you can assess if the balance has shifted or if you are paying more of this ‘hidden cost’ than you can afford. It could be these costs that are impacting your growth opportunity.
- Timesheet accuracy with digitalised results that let you probe staff costs, preventing over payment for minutes missed which can quickly add up across your business.
The world has changed very quickly in 2020 and, when the UK first locked down, it was technology that filled many of the gaps – four out of five people in the care industry cite technology a vital support during lockdown. Care home data and the technology that provides it, can be the ‘extra’ propulsion that helps care homes to start looking at the horizon once again.
Savings costs isn’t optional. It’s essential in order to balance the books in a post-lockdown world and so that care homes can plant green shoots of growth and expansion. Making better and faster decisions is the way forward when it comes to slicing away at spending. Rather than a complex solution, care home management software is easily installed and gives you instant access to the information that you need to see in-the-moment. Remote access means exactly that, with care home data available on your dashboard and that is accessible on any of your devices, wherever you might be.
Controlling costs is tough and businesses need to be both nimble and agile – which is made possible by smart use of live, care home data. Not only can care home software let you better manage the now, it can support you in your future growth roadmap.