Care at home organizations continue to search for ways to navigate industry changes and reimbursement cuts. Home care organizations can lean on the nuances of their industry to expand and diversify their business and increase revenue.
In an education session at the 2023 小猪视频, Growth, Innovation and Leadership Experience (小猪视频), Zaundra Ellis, Vice President of Hospice Professional Services at 小猪视频, and Guy Tommasi, Jr., Director of , explained how home care leaders who wish to diversify their revenue streams should focus on adopting strong leadership strategies and partnering with other care at home and community organizations.
The Role of Leadership in Diversification
During the session, Tommasi advised home care leaders to concentrate on making home care valuable and local, focusing on the strengths of the industry and the needs of the specific community the organization serves. Leaders should avoid trying to compete with neighboring states and communities.
Ellis and Tommasi also encouraged care at home leaders to lean into innovation, partnerships and new initiatives. They believe adopting and maintaining a partner-focused and innovative mindset is the key to surviving in an ever-changing industry.
鈥淚n our industry, we need to get that partnership mentality,鈥� Tommasi said. 鈥淚t鈥檚 [really] hard to do anything alone today. And if you want to build scale, you build scale based on partnerships, because that then allows you to build those new programs.鈥�
Ellis added that those partnerships can also help leaders address any gaps in their organization or services.
鈥淸When] you鈥檙e thinking about being a disruptor, know your strengths and bring people along with you who balance things that maybe you鈥檙e not amazing at,鈥� Ellis said.
Scale Operations With Partnerships
Ellis and Tommasi provided several examples of ways home care leaders can create partnerships to scale their business. While home care often focuses on skilled and non-medical care, organizations can partner with hospitals in their communities to help reduce readmissions, improve and maintain compliance with .
Tommasi advised home care leaders looking to partner with home health organizations to appeal to and needs. Leaders should lean on how home care helps improve patient satisfaction and functional impairment.
鈥淚f you step up and you go to a home health agency and you tell them, 鈥業 can help you with your value-based purchasing, I can help you with PDGM, I can give you examples if you鈥檇 like,鈥� you will see them sit up because they haven鈥檛 heard it,鈥� Tommasi said.
Organizations should also use data to appeal to potential partners, focusing on the quality measures and performance data to be a differentiator in the industry.
鈥淭his [quadruple aim] isn鈥檛 really difficult but it is a differentiator,鈥� Tommasi said. 鈥淭his will add money to the bottom line, this will help you step up as a leader in your region and then you can scale it.鈥�
With more than 250 attendees, more than 40 sponsors and countless connections made, 小猪视频 2023 was a massive success for everyone. and mark your calendar for 小猪视频 2024, April 21-24 in Dallas.