Argentum's Senior Living Executive Conference is happening live online September 22-24. While we are disappointed that we will not be together in person, you can stop by our virtual booth to chat about your IT needs and challenges, learn about new services like telehealth, vCIO and register to win a tech assessment valued at $2,500!
Prior to the COVID-19 pandemic the use of telehealth was a rising trend in LTPAC and Senior Living but had yet to reach widespread acceptance by both providers and patients. Even within early adopters the actual use was relatively low compared to the total resident population.
In a short time, vcpi helped LIFEPlan CCO NY implement the IT systems they needed to achieve their IDD (intellectual or developmental disability) Health Home and Care Coordination designation from New York State.
Growth is a common goal for businesses and in almost any situation, it is the correct mindset to be in. The first obstacle to tackle in this journey is developing a strategy that will effectively enable growth. Following the creation of a market growth strategy the main challenge moving forward with execution will be addressing the fact that teams staffed for normal operations don’t have the capacity to achieve their growth goals while maintaining quality base operations.
CapEx (Capital Expenditures) vs. OpEx (Operating Expenditures)
With the rise of cloud solutions several years ago, many Senior Living organizations have begun shifting IT expenses to an OpEx (Operating Costs) model. So many of these long term care facilities are well capitalized when they are built and pay up front for the hardware they need to get their facility operational. After being in business a few years, they face ongoing challenges with margins, billings and reimbursements that make it much more difficult to accommodate capital expenditures on an ongoing basis.
Finding ways to fit ongoing IT expenses into their operating expenditures is far more practical and accessible than relying on influxes or accumulated capital to make needed improvements to technical infrastructure.
