Senior Living Communities

Overview of Market Rates Management 

Market Rates Management helps you to manage complex living unit rate structures using Market Rate Templates. Market Rate Templates allow you to set living unit rates for each Payer by living unit rather than Care Level. Using Market Rate Templates in Payer Rules and Rate Schedules, you can customize rates per living unit or living unit rate type before applying rates to all residents across a community.

Market Rates Management is particularly useful in Senior Living environments where market living unit rates commonly fluctuate on an ongoing basis, while residents may have customized rates that can only be increased on an annual basis. Increases may take place at the same time for all residents in the community, or they may be based on the resident’s anniversary date. Additionally, rate increases may vary in method, such as a percentage increase to all residents, or customized increases per resident.

Market Rate Templates can be used in any Senior Living or Skilled Nursing environment, in both single and multi-community, and they function in a similar manner to Care Level templates. There is no need to make any changes to living unit rate types already configured in your database.

You can configure Market Rate Templates by effective date. You must create Market Rate templates for each community, but you can create and update these at the Management Console.

Benefits of these features are the flexibility to set living unit rates using any rate type or a percentage of any rate type configured in your database and mapped at Management Console > Standards in Living Unit/Rate Types Relationship.

Market Rates Management offers:

  • Import your market rates from an external rate file that you maintain.

  • Associate multiple rate types and rates for a living unit in the Market Rate Template

  • The rate types and the rates associated with each living unit are available to select in census for that living unit, based on the rate line effective date in Payer Rules and Rate Schedules.

  • Import both daily rates and/or monthly market rates by living unit number for each rate type.

  • Import is available for single-community and multi-community databases.

  • Import can include multiple communities.

  • Update an existing imported date range by re-importing a new rate file for the same date range and community.

  • Create a new Market Rate Template using New Date Range.

  • Edit rates in Market Rate Templates created using Import or New Date Range.

  • Edit rates before or after accepting rates.

  • After rates are applied in Payer Rules and Rate Schedules, retroactive changes to rates in the template reflect in census and billing.

  • You can import rates by living unit number well in advance of an increase, send advance notifications as required, using Rate Increase Letters, and apply the rates to a later date range when they become effective.