How to Manage Rates & Renewals Without Spreadsheets

Revised September 19, 2022

One of the most important administrative (and financial) duties that any senior living community has to oversee is pricing. It’s a delicate balance of optimizing revenue, covering your cost of care, and meeting resident expectations. Rising labor costs, increased operating expenses, and inflation have made pricing even trickier. And of course, communicating those changes to residents and families in a timely and transparent manner is not only a requirement, it can dramatically affect your customer relationships and retention rates. With the majority of communities analyzing, adjusting and communicating new rates for all residents at once, senior housing software can make the process easier.

Glennis offers a solution to streamline the process, save time, reduce errors, and efficiently communicate changes to residents – all without spreadsheets. Whether its annual rate increases or adjusting individual resident rates based on growing care needs, Glennis offers the flexibility to manage different scenarios.

Embrace Auto-Rate
Auto-Rate, a cornerstone feature of Glennis Revenue, allows operators to set new rates based on percentages, fixed amounts, or rates you have negotiated –  and apply that new rate to select residents or to all residents in a community without having to adjust each resident’s record one at a time. Instead of entering the information manually, the change is set within the system and automatically applied, giving back significant time and preventing costly errors.

A Simpler Notification Process
Once the rates are set, Glennis manages the notifications. Glennis transform this important step by generating notification letters automatically. This takes the inefficiencies of paperwork off staff, speeds up the process and ensures that residents receive proper notice well in advance of any rate changes, per your state’s requirements. Glennis also includes notifications for residents who are not affected by an increase or change, because you want to keep them informed and pre-empt any questions they may have. Communicating rate increases and changes in a timely and professional manner can affect your occupancy and resident satisfaction. Glennis helps you be open and transparent about rate changes and ensures that your residents receive ample notice.

Managing Rate Variances                                                                                                                              Glennis Revenue also allows operators to set acceptable variance thresholds for rate increases, which saves time manually reviewing and approving every single variance. Instead, the system automatically triggers approval notifications for rates that are out of your acceptable variance range, following your approval processes. This makes it easy to review and approve variances, and to proactively manage your rates and occupancy.

Better Oversight                                                                                                                                           Glennis allows you to easily review and manage your asking rates, current rates, variance thresholds, and adjustments to approved rates. Community operators and executives alike have visibility into the rate management process and how rates are set, providing the data to manage for peak performance.

As we head into the time of year where rates are reviewed and determined, and residents are notified, Glennis offers a better alternative to managing the process for time savings, improved accuracy, smoother resident notifications, and optimal revenue. To learn more about how you can manage annual renewals and rate changes, and create value for your properties, schedule a demo and we’ll show you how easy it is.

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