New State-by-State Metrics Available to Supplement Annual SNF Cost Comparison Report
CLA recently announced the availability of state-by-state financial and operational key performance indicators, which allow skilled nursing facility (SNF) operators and investors to benchmark their facility against the median metrics of the state in which they operate. The metrics, accessible through an online dashboard, serve as a complement to CLA’s annual SNF Cost Comparison and Industry Trends Report, a document the firm has published for the past 35 years.
"At CLA, we understand that skilled nursing is a local business, and no market is identical to another,” said Cory Rutledge, CLA principal and senior living practice leader. “So as we analyzed data and observed that performance varied significantly from state to state, we saw an opportunity to provide this type of valuable information to our clients, in addition to our annual report.”
The metrics, along with the report, have the potential to give SNFs greater clarity about state and national trends and the fundamentals of SNF finance and operations. “There are a variety of benefits to having this data in hand,” said Rutledge. “SNFs are able to gain a better understanding of benchmarks that are helpful in creating performance expectations, a stronger handle on their competitive landscape, and relevant knowledge about their local market conditions.” In a year where SNFs have faced challenges due to COVID-19, fresh insights and ideas may create distinct advantages.
The report and online dashboard are driven by CLA’s data platform, CLA Clarity, which allows operators to dive even deeper into their financial and operational indicators. By offering a hyper-local view of their own market, CLA Clarity provides CLA clients a view of how their facility stacks up against competitors across a wide range of categories, including:
- Payor mix
- Nursing hours
- Departmental PPD costs
“2020 has been a trying year for SNFs and other health care organizations,” said Rutledge. “With our report and state-specific metrics, as well as CLA Clarity, our goal is simply to arm our clients with data that can help them weather the storm and identify opportunities.”
Review the online state dashboards and the 35th Cost Comparison and Industry Trends Report today to learn more.
CLA exists to create opportunities for our clients, our people, and our communities through industry-focused wealth advisory, outsourcing, audit, tax, and consulting services. With 7,400 people, more than 120 U.S. locations, and a global affiliation, we promise to know you and help you. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.