Author: Vivek Mathew Posted: November 27, 2019
Our co-founder and CEO recently contributed a guest blog on strategic planning to Trella Health. It provides helpful tips to home health, hospice and skilled nursing facilities to create an actionable strategic plan for 2020.
Here's an excerpt below. Take in the full article on Trella's site.
I’m about to put you on the spot.
Does your home health agency, hospice or skilled nursing facility have a strategic plan?
No, not the plastic bound 20-page document with a flowery mission statement collecting dust on your desk or being used as a doorstop.
I’m talking about a mutually agreed-upon, actionable and measurable plan to take your business and care quality to the next level.
I know it’s hard to find time to get out from in your business to work on it, especially with ever-changing regulations and reimbursement structures, but it’s the only way to improve your bottom line and patient care quality.
Look at it this way. There are 2,080 work hours in a year. Use just 40 of those to reflect and create a plan to ensure the remaining 2,040 are aligned and successful.
1. Assess and determine your position. Look at your data to determine where you currently stand. If you don’t already have a reliable and robust analytics technology provider, you need one. Your competitors know their data, and if you want to compete, you need to know yours better. In my opinion, Trella’s solutions are a necessity if you want to compete in the post-acute industry. Analyze your processes. What’s working? What do you need to improve? Based on these findings, where do you want to set the next goal post? Write that down.
To do this discovery portion well, I always suggest creating a committee and (shameless plug) hiring a consultant. The committee is important, because you need various internal perspectives to gather the appropriate information and create a vision for the future. By bringing in varying voices and incorporating their suggestions into your action plans, you’ll earn multi-level and multi-department buy-in, which is essential if you want your action plans to succeed.
I suggest hiring outside help for a few reasons. 1. It’s often hard to see your own blind spots. Get a third party involved who can be objective. 2. You only have the experience from your organization. Third parties have seen the inside of various organizations and know, based on repeated trials, what works best and how to accomplish it with the least disruption to your organization.
2. Strategize. Now that you know, based on data and team member vantage points, where you’ve been and where you are, think about where you want to go. Create an image of what financial, organizational, and clinical success looks like in five, three and one year(s). Solidify your competitive advantages that will get you there. Then, establish what tools you’ll use to succeed.
Again, these exercises cannot be accomplished in a vacuum. Work with your committee members. Have your committee heads discuss these elements of strategy with their teams and relay the consensus back to the strategic planning committee. As cliché as it may sound, teamwork makes the dream work. We see so many organizations leave their field members’ viewpoints out of the equation. They’re the ones working side by side with your patients, and your patients are the reason you are in business. Make sure you incorporate your clinicians’ and patients’ perspectives into your strategy.
For steps three and four, check out the full post here.