On September 1, 2021, Experience Care (http://experience.care), a long-term care software vendor, modified its pricing system, giving struggling facilities an opportunity to stay in business by only paying for the services that they use.
Electronic health records (EHRs) in long-term care are not cheap. The average long-term care software system costs about $50,000 annually, and now many facilities are struggling to pay their EHR bills due to low census numbers during the COVID-19 pandemic. It is estimated that nursing homes will lose $94 billion over a two-year period. This struggle drove Experience Care to think outside the box.
Experience Care’s per patient day (PPD) system means that the software vendor lowers its charges when its product is being used less. Each quarter, the EHR vendor will look at census numbers and lower the charge for those facilities that have lost residents. “If your census numbers are down, our PPD pricing has the built-in cost containment to help you out,” said Charles Oliver, the director of customer success.
“Other companies present their prices in PPD, but they don’t actually change their fees when their customers’ census goes down. We become true partners with our customers when we take the same financial hits they do and this incentivizes us to make sure all of our customers are doing well all the time,” said Jason Long, CEO of Experience Care.
Facilities can save up to $25 per resident, per month. “With our value-based pricing system, even a 100-bed facility that drops by just ten residents could save thousands of dollars annually,” said Long.
Meanwhile, when resident populations rise, so will the amount that Experience Care charges for its software, as it will be utilized more. “When our customers win, we win,” Oliver said. “We’re partnering in your success and your hard times.”
This new development is just the first of a number of innovative financial solutions presented by Experience Care to help alleviate the pressure on nursing homes struggling to stay in business under exceptionally difficult COVID-19 related conditions.
About Experience Care LLC: Founded in 1969, Experience Care LLC provides electronic health records, revenue cycle management, and financial systems to skilled nursing facilities, assisted living, continuing care retirement communities, long-term acute care, and other long-term care organizations in the U.S. Experience Care’s mission is to make every long-term care organization a fulfilling place to live and work by helping maximize financial success and compliance to achieve the best teams, care, and outcomes.