How Special Needs Trusts Help Care Facilities
Alabama Family Trust recently posted a blog entitled “SNT 101 from Alabama Family Trust
” to remind families about the basics of Special Needs Trusts. For you, let’s talk more specifically about the importance of Special Needs Trusts for care facilities.
Better Patient and Family Satisfaction
Many industries have formal customer satisfaction programs (called CSAT) with industry-specific metrics because keeping current customers happy is less costly than finding new customers. Skilled care facilities need to gain new patients constantly because current patients transition to more complex care or die. Referrals from your patients' families are key, so helping the families handle the costs of skilled care makes a big difference.
A Special Needs Trust can increase the level of care a patient or the patient's family can afford which translates into more revenue for your facility. In some cases, patients may start as private pay until a Special Needs Trust can be put in place. Once the trust is in place, the patient can use the trust funds for additional services that Medicaid will not pay. That greater quality-of-life for the patient makes both the patient and their family more satisfied with your services. The result can be positive referrals for your facility.
A Special Needs Trust can also extend the length of time
that the patient’s assets can support skilled care so your facility will have patients who can afford your services longer.
Seamless Support Through Declining Patient Health
Even if your facility is for independent or assisted living which Medicaid does not fund, this info about Special Needs Trusts is important for your patients/residents. Many patients often have to transition to a skilled nursing care or memory care environment suddenly, so your staff can serve your patients and their families better by explaining how Special Needs Trusts can help with the financial part of a more costly environment.