1. Top
5
Reasons
Your
Home
Care
Agency
Could
Be
Going
Out
of
Business
Home
care
agencies
fail
for
numerous
reasons.
From
poor
planning
to
lack
of
funding
to
inadequate
staff,
the
success
rate
in
an
already
competitive
environment
isn’t
very
high.
But
the
mark
of
a
successful
small
business
owner
is
the
ability
to
quickly
overcome
those
challenges.
How
healthy
is
your
home
care
agency?
If
the
future
doesn’t
look
as
bright
as
you
think
it
should,
the
following
pitfalls
may
be
holding
you
back.
Here’s
how
to
avoid
becoming
another
statistic
of
well
intentioned
but
failed
home
care
agencies.
Reason
1:
The
ICD-­‐10
Transition
You’ve
known
about
the
ICD-­‐10
transition
for
some
time
now
(we
hope!),
but
if
you’re
still
ignoring
it,
you’re
in
for
a
rude
awakening.
Time
is
running
out
to
prepare
your
staff
and
billing
practices
for
the
ICD-­‐10
transition.
Home
care
agencies
that
have
not
already
trained
their
staff
and
acquired
the
right
software
for
the
change
will
wake
up
on
October
1,
2015,
to
find
they
can’t
receive
reimbursements,
quickly
see
revenues
drop
dramatically,
and
maybe
even
go
out
of
business
altogether.
Seemingly
small
changes
like
this
can
quickly
snowball
out
of
control
to
a
point
where
you
find
yourself
bankrupt
and
scratching
your
head
about
what
went
wrong.
So,
while
you
may
think
you
have
plenty
of
time
until
October
2015,
it
can
take
at
least
nine
months
to
adequately
prepare
your
staff,
set
up
a
new
accounting
system,
and
practice
coding.
There’s
no
more
time
to
waste.
Reason
2:
Cash
Flow
Money
is
almost
always
a
reason
home
care
agencies
fail.
When
you
created
your
agency,
you
(hopefully)
had
a
business
plan
that
focused
on
financials.
But
if
you
don’t
have
adequate
cash
flow
year-­‐round,
you
won’t
be
able
to
purchase
new
equipment,
train
your
staff,
make
payroll,

2. or
even
pay
daily
operating
costs.
It‘s
imperative
that
your
home
care
agency
finds
a
way
to
effectively
manage
cash
flow.
If
you
already
have
insufficient
funds,
there
are
things
you
can
do,
such
as:
• Find
out
where
your
cash
flow
stands
currently.
Then
forecast
where
your
financials
will
be
in
the
future.
Consider
creating
a
12-­‐month
rolling
forecast
to
map
out
your
financials.
• Evaluate
your
payment
terms
and
how
often
you
are
receiving
payments
from
insurance
agencies.
If
you
have
customers
paying
you
directly,
you
may
want
to
adjust
your
terms
or
change
payment
plans
to
ensure
you
keep
a
consistent
cash
flow.
• Enforce
your
payments.
Stay
on
top
of
past
due
invoices,
including
those
from
insurance
agencies.
Dedicate
someone
to
contact
insurers
to
discuss
overdue
payments.
Reason
3:
Policies
and
Procedures
Policies
and
procedures
detail
how
your
employees
should
operate,
what
is
expected
of
them,
and
how
to
handle
situations
within
their
positions.
If
you
don’t
have
a
policy
and
procedure
manual
in
place,
it’s
crucial
that
you
develop
one
as
soon
as
possible.
Your
manual
is
the
foundation
of
your
agency
and
guides
you
through
every
conceivable
area
of
your
business,
including
hiring,
client
acquisition,
training,
accounting,
disciplinary
actions,
Medicare
requirements,
and
much
more.
Start
drafting
your
policies
and
procedures
right
away
or
consider
choose
a
premade
template
to
expedite
the
process.
Reason
4:
Strategic
Planning
(or
Lack
Thereof)
A
strategic
plan
is
critical
for
your
home
care
agency’s
future.
You
take
a
close
look
at
the
past,
present,
and
future,
and
draft
a
plan
that
connects
everything
together
with
a
focus
on
steady
growth.
Every
home
care
agency
needs
a
strategic
plan.
You
should
set
goals
and
include
specific
dates
on
which
those
goals
should
be
accomplished.
It’s
never
too
late
to
create
a
strategic
plan—and
you
don’t
have
to
wait
until
the
first
of
the
year
to
make
one.
If
you’re
too
busy
or
you
don’t
have
the
resources
to
create
your
plan,
a
professional
home
care
consultant
can
help.
Reason
5:
Training
The
home
care
industry
is
constantly
changing.
The
demands
of
your
clients
and
future
clients
will
change
along
with
it.
Your
agency
needs
to
continually
train
your
staff,
including
specific
training
for
specialty
home
care
services
you
may
offer
(such
as
Alzheimer’s
care
or
diabetes
care).
Also,
remember
that
tighter
restrictions
for
the
home
care
industry
are
coming,
which
means
you
need
to
train
your
staff
and
be
prepared.

3. Kenyon
HomeCare
Consulting
can
help
you
avoid
these
five
pitfalls
and
create
a
unique
strategy
based
on
your
agency’s
unique
risks
and
challenges.
From
creating
a
policy
and
procedure
manual
to
establishing
an
aide
training
program,
Kenyon
HomeCare
Consulting
can
help
you
keep
your
doors
open
for
years
to
come.
Schedule
a
consultation
at
www.KenyonHCC.com
today
to
begin
planning
for
your
agency’s
future.