Blue Ridge CEO falls on sword, fires self to cut assisted living facility’s costs
Blue Ridge Village CEO Chris Oswald cut his own position in an effort to reduce costs, the Martinsville Bulletin was first to report. The community—which has 300 beds licensed for rehab and 60 beds licensed for assisted living— was facing declining revenues due to the increasing penetration of privately-run Medicare Advantage (MA) plans, which generally offer lower reimbursement rates for skilled nursing services than traditional Medicare.
“Medicare Advantage was formed not to improve patient care, but to cut costs, and they are doing an excellent job of it,” Oswald told Senior Housing News. “They are reducing average length of stay by sometimes double-digit numbers.”
While some residents used to stay between 40 and 70 days for rehab services, the facility’s average length of stay is now just shy of 21 days.
You can read the full story at Senior Housing News.
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Topics: Finance , Leadership , Medicare/Medicaid , Uncategorized