Skilled Nursing Facilities

Overview of Market Rates Management 

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

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

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

Benefits of these features are the flexibility to set room rates using any rate type or a percentage of any rate type configured in your database and mapped at Management Console > Standards in Room/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 room in the Market Rate Template

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

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

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

  • Import can include multiple facilities.

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

  • 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 room 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.