Todays post will speak to the scary things, (appropriate around this time of year with Halloween and all) that may be lurking in your market. We call them threats. Threats should be looked at in the external environment that you work in. We looked at weaknesses that we should think of as internal, threats are the external ghosts and goblins. (Sorry)
Lets look at 3 practical examples from experience, maybe you have had the same types of threats in your market?
1) New Competitor- The giant in your industry has just landed in your back yard. Gentiva or Amedisys if you are homecare or Home Instead or Right at Home if you are private duty. Or maybe worse, there is rumor that they are coming. Next year? The year after? When? New competitors large and small can pop up with or without notice. You need to be prepared, do your homework (competitive analysis) pick your spots and work your plan.
2) The Economy slides- Private duty has been hit hard the last few years with the economic downturn no doubt. Every geriatric care manager, homecare agency, long term care facility we have all felt the pinch. What to do? Do things better and more efficiently, dont miss ANY opportunities, and maybe add some new programs to meet new consumer demands and needs? You cant stop. Now is the time to be creative, and persistent.
3) Change of government regulations- Reimbursement changes, regulatory changes, licensing changes, the list is long and BOO can be scary. (Sorry again last one)
I have seen industries change, do a comple 360 in 2 years because of governmental changes. Example PPS change in the rehab setting changed long term care in the nursing home around quick. We need to be tapped into these changes, and proactively prepare vs getting blind sided when the change occurs.
Well there never is a simple solution too dealing with threats. Guess if there was, they wouldnt be threats! Anyway, if nothing else I hope this gets us thinking about these nasty stress producing things. If we stay on top of them, prepare for them, and take action appropriately, they will be greatly minimized.
Heres to increasing admissions.
Regards,
Steve
Senior Care Partnership Program
www.seniorcaremall.com
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