If your company is involved in senior living, there’s no doubt you’ll encounter multiple requests to track information and data that can be used to improve your short- and long-term results. Solver’s solutions for senior living can help.
Why spend valuable time and energy entering data into spreadsheets, double-checking entries for typos, then manually analyzing and consolidating all of those figures when the whole process could be automated?
Modern reporting tools, such as those included in extended financial planning and analysis (xFP&A) solutions, help ensure the information previously in spreadsheets is much more dynamic. Technology has advanced the spreadsheet into a whole new realm. Given the complexities of senior living reporting, which typically involves analyzing financial and operational data, often spanning multiple entities, CFOs, CEOs, internal staff, and others in this sector can’t afford to stay stuck in the past.
Spreadsheets are very useful, but they are static documents. They need to be manually updated to reflect business developments and manually consolidated to produce meaningful organization-wide reports.
In the ever-changing senior living industry, where occupancy rates and revenue can fluctuate depending on economic conditions, regional healthcare trends, and changes in the competitive landscape, spreadsheets make it difficult to quickly adjust to changing variables, resulting in reports that are outdated almost as soon as they’re finalized.
Plus, errors are almost bound to happen when data is entered by hand across numerous, often different spreadsheets. That means senior living executives can never be fully confident in the accuracy of their data. Finance teams are forced to waste valuable time reconciling data and ensuring accuracy, when they could be focused on high-level tasks such as strategic planning.
Even assuming all of the data in a spreadsheet is accurate, there’s only so much a senior living executive can learn from glancing at one. Many spreadsheets contain so many cells that they’ll make your eyes glaze over. They often take time and effort to decipher and then translate into digestible and informative reports—to say nothing of using them to perform more complex functions, like predictive analysis and modeling.
Modern reporting tools, such as the Solver for Senior Living, flip all of those problems on their heads. With this xFP&A solution for senior living reporting, the entire process changes for the better. When they’re equipped with a modern solution, senior living executives can:
In this day and age, access to on-demand data is what sets a market leader apart from its competition. Senior living executives need to stay on top of even the subtlest changes in business performance and market conditions to ensure they can maintain high-quality operations without overspending. With modern financial reporting software, stakeholders can integrate financial and operational data to gain a 360-degree understanding of their business’ health.
Better reporting makes for a better business, since increased visibility enables better decision-making and future-planning.
For senior living executives, ignorance definitely isn’t bliss. They have a responsibility to not only run a thriving business, but also provide best-in-class care to their residents. Both goals can only be achieved when problems are clearly identified so they can be fixed quickly.
When senior living organizations rely on outdated reporting tools such as spreadsheets, the chances of missing problems are far too high. Issues can hide in plain sight, because executives simply don’t have the cohesive information they need to keep an eye on all aspects of the business.
Modern reporting tools make it far easier to spot complications before they turn into catastrophes. For example, when CFOs can regularly take advantage of Solver’s advanced reporting capabilities, and monitor data in real-time through the solution’s user-friendly dashboards, they can immediately spot shortcomings or trends moving in the wrong direction. If one location isn’t meeting organizational standards, or if progress on certain operational KPIs has slowed, Solver makes that information clear and apparent, allowing senior living leaders to respond immediately. Similarly, if a location stands out for its exemplary resident satisfaction scores, for example, leaders can identify best practices and implement them across the organization.
Residents benefit when senior living executives take a proactive approach to finding and fixing gaps in their communities’ care. And when those residents express their gratitude through rising satisfaction scores, organizations share in those benefits, too.
Organizations that stay beholden to the past will never be well-positioned for the future. Modern reporting tools put the information that senior living executives need right at their fingertips—promising payoff not only for their businesses, but also for their residents. Those are results everyone can get behind.
Ready to revolutionize your senior living community’s reporting processes? Speak with a Solver expert today.