Success strategies for home care agencies and hospices read only

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Success strategies for home care agencies and hospices read only

  1. 1. Success Strategies for Home Care Agencies and Hospices by: Bernie Lorenz, CPA Lorenz Consulting LLC.
  2. 2. GREAT Time To Be in Home Care <ul><li>Despite Reimbursement Cuts </li></ul><ul><li>Budget and Deficit Problems </li></ul><ul><li>Best for Home Care </li></ul><ul><li>Congress and CMS Always Cutting </li></ul><ul><li>Cuts are Very Significant </li></ul><ul><li>Need to Work Smart and Review All Aspects </li></ul>
  3. 3. Re-Hospitalization Helps Sell Other Services <ul><li>Prepare Charts </li></ul><ul><ul><li>Showing Re-Hospitalizations in Your Area </li></ul></ul>
  4. 4. Go to The Biggest Need: <ul><li>Emphasize Chronically ILL Patients </li></ul><ul><li>Many Nurses want Short Term and Acute Patients </li></ul><ul><li>Chronically ILL Underserved </li></ul>
  5. 5. Go to The Biggest Need continued… <ul><li>Teach Patients All Medications, </li></ul><ul><ul><li>As an Example… </li></ul></ul><ul><li>Studies - Johns Hopkins, CBO, Veterans Administration </li></ul><ul><li>Can Your Agency Show Better, Lower Costing Care Without ER visits? </li></ul>
  6. 6. Participate in IAH Act - Have you Looked?
  7. 7. Prioritize and Knowledge of Self <ul><li>Accounts Receivable – Time Well Spent </li></ul><ul><li>Weekly Meetings Very Helpful </li></ul><ul><li>Billing Department Is Limited </li></ul>
  8. 8. Billing and Collections <ul><li>Billing Department Should Have Regular Meetings </li></ul><ul><li>Billing Department Receives Info Timely? </li></ul><ul><li>Review Each Process and Paper Flow- Efficiency and Effectiveness. </li></ul>
  9. 9. Billing and Collections continued… <ul><li>Information System Have Appropriate Edits? </li></ul><ul><li>Who Can Override Edits? </li></ul><ul><li>Who Authorizes Write-Offs and How Given to Management? </li></ul>
  10. 10. Overall Case Mix <ul><li>How do you Compare With Your Competitors? </li></ul><ul><li>Nurses Doing Assessments or Interviews? </li></ul><ul><li>Therapists Talk to Nurses About Best Outcomes? </li></ul>
  11. 11. Other Emphasis Items <ul><li>Episodes per Admission - Each Caregiver </li></ul><ul><li>Training for Episodes and Therapy </li></ul><ul><li>In Groups or One on One </li></ul>
  12. 12. Other Emphasis Items continued… <ul><li>LUPAs - Therapy and Non-Therapy </li></ul><ul><li>Accurate Assessments - Without Issues </li></ul><ul><li>High Quality Essential for Success </li></ul>
  13. 13. Review ALL Costs <ul><li>Negotiate and Ask for Discounts, Just like Government </li></ul><ul><li>Insurance - Broker, Competitive Proposals, Workers Comp Costs </li></ul><ul><li>Rent- Lease, Floor Plan, Location, Etc. </li></ul><ul><li>Bank Relationship - Fees, Interest Rates, Services, etc. </li></ul><ul><li>Print Your Checks and Banks Automate Reconciliations </li></ul>
  14. 14. Technology Costs <ul><li>Telephone, Internet, Software Support </li></ul><ul><li>Detailed Analysis of Contracts and Bills </li></ul>
  15. 15. Supplies
  16. 16. Benchmarking <ul><li>Many Sources </li></ul>
  17. 17. Productivity Measurement <ul><li>… is Essential </li></ul><ul><li>Many HHAs Pay per Visit and Incentive Plans Used </li></ul>
  18. 18. Data Indicators <ul><li>By </li></ul><ul><ul><li>Discipline </li></ul></ul><ul><ul><li>Team </li></ul></ul><ul><ul><li>Clinician </li></ul></ul><ul><ul><li>Location </li></ul></ul><ul><ul><li>Referral Source </li></ul></ul><ul><li>Trends Up or Down? </li></ul>
  19. 19. Budget <ul><li>Full Top Management Participation From the Beginning </li></ul><ul><li>Very Detailed and Closely Monitored </li></ul>
  20. 20. Referral Sources <ul><li>Electronically Linked </li></ul><ul><ul><li>Saves Time and Money </li></ul></ul><ul><li>Promotes Patient Care </li></ul>
  21. 21. Investments <ul><li>Many People Got Out of the Stock Market </li></ul><ul><li>Be the Black Jack Dealer Without Emotion </li></ul><ul><li>Players Filled With Emotion </li></ul><ul><li>Limit Losses and Expand Profits </li></ul>
  22. 22. Investments continued… <ul><li>Always use Stop Loss and Keep Raising it </li></ul><ul><li>Make Much More Money in Down Market </li></ul><ul><li>Biggest Enemies – Emotions, Expenses, Arrogance </li></ul><ul><li>Mutual Funds and Bonds - Safe or Risky? </li></ul><ul><li>ETFs for Most Mutual Funds </li></ul>
  23. 23. <ul><li>Please contact me for questions or comments. </li></ul><ul><li>Thank you </li></ul><ul><li>Bernard R. Lorenz, CPA Lorenz Consulting, LLC Phone: 410 456 9099 [email_address] www.lorenzconsultingllc.com </li></ul>

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