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