Business growth strategy is defined as the means by which you set out to achieve your desired goals and objectives. In addition, it offers a framework for how you sustain your financial and competitive positioning. Profitable home health and hospice agencies have clearly defined business strategies and know how to utilize available tools to ensure success.
Here are five steps that every home health and hospice agency should take to develop a successful growth strategy:
- Figure out where you are. The first step in developing a successful growth strategy is taking a good hard look at where you are. Get a clear and accurate understanding of your agency, the marketplace, your competitors, and the industry as a whole. Do you have a good agency reputation? Are you losing money due to bad coding/billing practices? How are regulatory and compliance requirements impacting your agency? Do you have the right systems and services in place to effectively overcome your challenges? Now is the time to evaluate your agency and put together a realistic picture of your business. Data analytics can be your biggest ally in putting together this picture and evaluating overall performance.
- Identify where you want to be. Where do you want to take your agency over the next three, six, or twelve months? Create a mission, a vision, and set of company values. This clearly states why you are doing what you are doing (mission), what you are trying to accomplish (vision), and what key principles will guide you there (values). Because they are at the core of your business strategy, and nearly all business decisions will be made with them in mind, it is important that you take the time to really outline your mission, vision, and values.
- Recognize what you need to do to succeed. Clearly define your objectives and what you must do to achieve them. Objectives should be prioritized and the means to success clearly laid out. Plans may change along the way, but identifying a plan in advance ensures that you stay on the right path. Objectives may include growing referrals, improving the quality of patient care, reducing your risk of audit, or maximizing reimbursement.
- Identify partners that can help you succeed. Smart agency owners know that they can’t do it alone. Look for business partners that are well-aligned with your strategy and that can provide real strategic value to your business – not just quick fixes. They should help you focus on your objectives while protecting your business and core values.
- Review your plan (and revise if you need to!) As home health and hospice continues to change and evolve, regular review of your strategy is necessary. Ensure that your plan is performing as designed in the current environment and don’t be afraid to tweak what’s not working.
HEALTHCAREfirst’s Solution Suites are perfect foundations for solid home health and hospice growth strategies. We strive to bring our customers real strategic value, guiding you towards real results. For more information, contact us today!