The demand for service expansion and diversification in both human services and post-acute continues to grow, even more so in the wake of COVID-19. Communities across the continuum need more access to care, and the numbers are there to prove it:
There is a tremendous need for service diversification and expansion, and with that comes opportunities for providers throughout all sectors of care delivery.
In this Netsmart-sponsored OPEN MINDS webinar, Maria Warren, Senior Director of Clinical Consulting Services at McBee, and Fred Johnson, President and CEO of Team Select Home Care, join Netsmart General Manager of Integrated Care, Neal Tilghman, to take an inside look at service growth and diversification strategies, market and data insights, do’s and don’ts to expanding your services, and the technology to get you there.
We know we need to grow, but where do we start? Warren explores key strategies to diversifying services.
Leverage what you know (30:30)
Explore partnerships (35:00)
Geographic growth vs. service line expansion (38:40)
It’s important to note there are different approaches to diversifying and growing your service footprint. Historic trends for agency growth centered mostly around geographic expansion, especially in home health. But more recent trends include expanding service lines to create care continuums and deeper local penetration. To really grow in scale, Johnson said organizations need to do both (39:30).
"The key is to develop unique competitive advantages aligned with where the market is headed,” Johnson said. “You have to find a way to differentiate yourself. I believe it's very difficult to differentiate yourself based on geography alone.”
Johnson recommends merging the two approaches by piloting additional service lines in one market, working out the kinks, turning it into a scalable business model, then expanding with experience and purpose.
Capturing and analyzing data can also be helpful when your organization is ready to expand geographically. To hear more about Team Select Home Care’s predictive analytics growth model, listen in starting at 43:20, where Johnson explores how the organization went from a 60% to 95% success rate when standing up new offices and quickly gaining profitability.
Do’s and don’ts when expanding and diversifying your service lines (57:00)
Choosing the right technology (1:01:00)
If possible, your Electronic Health Record (EHR) software should scale to diverse communities and service lines across a continuum. But it's also important that your platform scales to various other extensions such as data analytics, consumer apps, mobile technology, virtual care and more.
“You'll be 75% of the way there with your technology platform if you have the right EHR in place,” Johnson said. “Especially if you have an EHR that can be leveraged across multiple service lines.”
When choosing a technology platform, what additional things should you consider?
Growing your services lines boosts revenue, creates efficiencies and drives outcomes across the care continuum – but not without the proper strategy, support and technology in place. Check out the full webinar here.
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Growing your services lines boosts revenue, creates efficiencies and drives outcomes across the care continuum – but not without the proper strategy, support and technology in place. Check out the webinar recap to learn key tactics and outcomes when diversifying your operation.More