By Derick Apt, CFO, PACS
Each day, a host of financial factors ranging from rapid expansion and rising inflation to changing interest rates create challenges – and opportunities – as I seek to protect PACS’ position of strength as we revolutionize the delivery, leadership, and quality of post-acute care nationally.
A foundational aspect of my role as Chief Financial Officer is to provide our national, regional, and local leaders – especially our facility administrators – with the tools they need to deliver excellent care while seeking economies of scale. While much has changed since PACS was founded in 2013, we’ve continued to achieve care excellence and steady growth through three key financial strategies:
Tactic #1: Promote Strong Resident Relationships Through Consistent Teams
Post-acute care is emotional. Knowing that resident connections with their facility’s employees often defines their overall care experience, leaders can enable the best service possible by investing in committed, consistent teams.
PACS places a premium on directly employing nurses within facilities to establish a stable, caring team. Today, around 98% of our workforce is employed directly within PACS facilities.
We continue to make progress through our facility-forward model that gives administrators flexibility to execute recruitment strategies aligned with local market factors. We also pursue other creative solutions, ranging from engaging international talent to setting up individual agencies within our facilities.
In addition to saving time and money, these approaches cultivate enduring relationships. When working in the same facility for longer periods of time, staff go beyond learning where their patients’ rooms are. They also get to know them and their families. They go beyond knowing what kind of care their patients need. They know how to best provide it.
Tactic #2: Improve Quality Through Top-Notch, Nimble Infrastructure
Patients and staff benefit when data is current and accessible, processes are streamlined, and technology is adaptable. To support care delivery, it’s critical to invest in consistent and dependable tools that can be molded to the changing needs of patients, residents, and staff.
Keeping healthcare local drives operational success, giving those on the frontlines of their facilities the agency they need to do what’s best for those they serve.
PACS has the data to prove that a facility’s back-end structure is directly tied to its quality. In fact, of the facilities we supported in Sept. of 2019, 69% had a QM Rating of 4 or 5. Of those same facilities, by April 2023, the share of 4- or 5-star ratings had increased to 83%.
Our model works because it provides facility leaders with enterprise-level back-end support while entrusting them to use it to make decisions based on their local needs. We enable them to quickly access relevant data and make informed decisions with real-time impact, creating environments where the right care is delivered in the right time in the right way.
Tactic #3: Invest in Facilities that Feel Life Changing
I’ve learned that “look good, feel good” rings true in the post-acute care space, and PACS prioritizes investing in a state-of-the-art experience for our residents and their families through capital expenditures and remodels.
From patient rooms to common spaces, every part of our facilities can embody the quality of care we provide. As such, one of the most important investments post-acute care leaders can make is transforming their facilities into physical extensions of their commitment to bettering the lives of others.
Moreover, our facilities can reflect our commitment to our most essential resource – our staff. We’ve invested heavily in creating spaces reflective of the immense value our teams provide, from upgrading showers during the COVID-19 pandemic to refurbishing employee breakrooms and lounges. This has strengthened our culture and has improved delivery and outcomes. When staff feel taken care of, they feel empowered to take care of others.
Looking Forward
The PACS model remains successful because of our continued focus on what matters most – our patients, staff, and communities. As our industry continues to expand, we must grow with it, and collectively invest in the people, the tools and the places that empower excellent, local care across the country.
I’m proud to be part of a growing organization that is pushing our industry forward one thoughtful investment at a time.