Sometimes, issues come up in your agency that affect profitability and it is easy to see why. Other times, it isn’t as easy. You may understand where costs are too high, but not have a legitimate way to decrease them and still provide quality care while paying the employees a fair wage. Then, you start wondering how you are going to stay in business. PDGM hit and many agencies are still struggling to understand, comply, and thrive with the changes. Let’s look at how to evaluate your agency and move towards change that can really make a difference.
It’s Time To Think Like A Shark Tank Entrepreneur:
I love the show Shark Tank. I love to see the innovations of the entrepreneurs and how the Sharks in the show analyze the businesses. Over the course of the current season, one thing heard over and over again is how the pandemic required the business owners to make a pivot in how products or services were sold. Businesses who sold mainly in retail had to figure a way to have a bigger digital footprint without making customer acquisition costs so high that they end up running themselves out of business. Ultimately, the overwhelming mantra is figuring out what their pivot was and how to make it happen successfully. When you think about our industry in general, aren’t we basically in a constant state of pivot?
Whether it’s what clinicians face in the field or how regulations change how operations, we constantly pivot to make it work for the patients, our employees, and the business. If you haven’t made the functional pivot in PDGM, then it is time to figure out what is missing. We see agencies cutting back on the number of therapy visits, but not changing the overall care planning process. In many cases, the patients aren’t a part of what is supposed to be patient-centered care. We see agencies penalized for not submitting what is necessary for billing in a timely manner. Some agencies just decided to quit doing Medicare services altogether just to make it easier. Ultimately, many agencies forgot to pivot and now they are stuck.
Let Us Help You:
Kenyon Homecare Consulting completes organizational assessments for agencies and helps business administrators put the information into practice. Consider letting us take some time to analyze the clinical, financial, organizational, and operational make up of your agency to see what works well and help you with what doesn’t. In the day-to-day grind, it’s difficult to see what can functionally change. Sometimes, identifying what is missing isn’t easy. Call us today at 206-721-5091 or contact us online to see how we can help you become a more efficient and profitable version of yourself while improving patient care in the process.