I recently spoke with Skilled Nursing News about some of the things long-term care operators can do to improve their bottom lines.
Many of those ideas tied to things like lowering costs, maximizing pharmacy rebates, and streamlining purchasing and operations. All of which are critically important as operators struggle with the new realities brought on by the current COVID-19 pandemic. As I have reflected back on that interview, however, one of the things I have thought a lot about isn’t just the ‘how’ and ‘what’ the industry should be doing, but rather the way in which we deliver services and carry out business in this industry.
I love working in the long-term care industry. I think we, collectively, do incredible work and serve a crucial need in the communities that our operators serve. But I also think that we collectively agree on the importance of the way in which we do things. Caring for the elderly in our society puts us in a position of trust and responsibility—both to the residents we serve, as well as to their families. Providing excellent care, and creating compassionate environments for our customers and the many employees that serve this industry isn’t just about sustainable business models, it is also an opportunity for us to do the right thing.
There are many benefits of actively engaging in ethical business practices, particularly in healthcare. Because of the very personal nature of health services, our relationships with customers and their families are central to not only health outcomes, but also our business outcomes which are inextricably linked. An article in Healthcare Finance discussing the importance of ethics in healthcare states, “Patients and family members desire high quality care, patient safety and the latest medical technology. But, ultimately, trust in the integrity of the caregiver is the foundation for their peace of mind.” While B2B services within healthcare may bypass direct interaction with the customers, cultures of transparency and trust typically extend throughout organizational operations.
Acts of Service
I have been humbled by the many acts of service and selfless dedication of time and resources during the COVID-19 pandemic. This is a community of people who get up in the morning with a sense of purpose much greater than simply bringing home a paycheck. For this reason, I am encouraged by the many operators and vendors that take the trust their customers have seriously.
Something that often gets buried when we talk about the solutions we provide, are the underlying values that drive those innovations. Our technology was built to support transparency —customers should know what they are paying for. It also automates processes in order to ensure that we deliver our rebates on time. We mindfully built these checks and balances into our solutions not just because they made good business sense but because it is the right thing to do.
Making the Right Business Decisions
The way we conduct business, treat our customers, and hold ourselves accountable is a reflection of our values. Writing bad behaviour off as good business practice doesn’t make good life sense. We can use the time we spend working to add value not only to the businesses we serve but to the relationships we form, the industry we serve and the communities we are part of. In healthcare, there are endless opportunities to touch lives. I am proud to be part of organizations that take their responsibilities and obligations seriously and are striving to do the right thing. Together we can be more, and we can make real change.
If your SNF is looking for transparency in partners and wants to improve your bottom line, message me.
– Yosef Daskal, Founding Principal, COO
SRX is a technology and advisory company that helps LTC operators realize the lowest net cost on pharmacy spend. We help our customers improve drug utilization, manage pharmacy relationships, reduce costs and waste, and maximize rebates. We are committed to transparency and accountability and guarantee our quarterly rebates are paid on time, every time. Contact us at 833 633 6833.