Marcum LLP Issues Benchmark Study for Nursing Homes
New York City, NY – Marcum LLP today issued a 5-year statistical analysis of nursing home trends to assist long-term care providers in their strategic planning. The report was compiled by Marcum’s Healthcare Services Group.
The benchmark study analyzed the state and federal cost reports filed annually by the nation’s 15,000 nursing homes from 2013-2017. The goal of the report is to provide a practical tool that illustrates industry trends, establishes baselines, and creates pathways for operational improvements in the highly regulated and rapidly changing healthcare environment.
“During the period of focus for this study, the long-term care industry saw a decline in overall census, faced shrinking reimbursement, and struggled to maintain a par level of service despite the ever-increasing cost of labor and operation. These challenges – compounded by the external pressures of ‘the money following the patient,’ healthcare reform, the Centers for Medicare & Medicaid Significant Changes of Participation, and the future implementation of a Patient Driver Payment Model (PDPM)—leave providers scrambling for opportunities to control spending without reducing patient care,” said Matthew Bavolack, national leader of Marcum’s Healthcare Services practice.
“Based on current population trends, the current lull in nursing home census is only temporary. When it lifts, the industry will be faced with new challenges in the form of types and delivery of services, outcomes, labor force, and reimbursement. In addition, the nursing homes of tomorrow will not operate, look, or feel anything like the nursing homes of today. Operators will be required to change their business models and adopt a patient-forward approach. Preparing is essential not only in order to compete but to survive in the future,” Mr. Bavolack said.
The Marcum report covers Departmental, Revenue, and Balance Sheet analytics, and provides various data reference tables.
Marcum LLP’s Healthcare Services Group covers the full continuum of care, with a special focus on post-acute care geriatric services, hospitals, and physician practices. The group’s professionals are dedicated to meeting the specialized needs of healthcare companies and non-profit organizations, and providing resources to help them succeed in their businesses. Services include regulatory, operational/financial, clinical, advisory/expert testimony, assurance, and tax.
About Marcum LLP
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as select international locations. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting, and assurance services; advisory, valuation, and litigation support; managed accounting services; and an extensive portfolio of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as nonprofit and social sector entities, high net worth individuals, private equity funds, and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services.