Skilled Nursing Facilities

Creating Market Rates

You can use New Date Range to create a Market Rate template without importing a rate file. This is a convenient alternative to importing a Market Rate file.

An existing Market Rate Template is not required to create a template using New Date Range. If no template exists, a template is created with no values in daily and monthly rates. You can type your rates. If you use New Date Range and there is an existing Market Rate Template, you can change the rates by a percent of the existing rates or by specifying a flat dollar amount.

If the new date range is the same as an existing, accepted date range, a message appears and affected facilities appear in red. If the new date range is the same as an existing, unapplied date range, another date range is not created. In the existing date range, the rates are replaced with the new rates. A new date range can have dates falling within an existing date range. The new date range adds an effective through date to the existing date range for the day before the new date range is effective.

  1. Do one of the following:

    • Single facility: Admin > Setup > Market Rates Management.

    • Multi-facility: Management Console > Standards > Financial Management > Market Rates Management.

  2. Click New Date Range.

  3. Select Facility  or All, if at the Management Console. 

  4. Select Effective Date.

  5. Select a Change Rates by option and type the amount.

  6. Select a Round rates to option.

  7. Click Save.

  • After you save the new date range, you can view and edit and accept the rates. To use the rate template, in Payer Rules and Rates Schedules, you must accept the rate template.

  • You can apply the rates in Market Rate Templates to residents accounts, from the facility or Management Console. At the facility, you apply rates in Payer Rules and Rate Schedules. 

    For more information, see Using Market Rates in Payer Rules and Rate Schedules and Applying Rates.

    When at the Management Console, the rate update can be scheduled to apply overnight. For immediate use, you can manually apply at each facility.

    For more information, see Accepting All Market Rates.