Healthcare Advantage Consulting has developed a star-rating system designed for healthcare organizations that want to improve outcomes.

Challenging status quo, we invite groups to consider a relationship that crosses department lines to integrate and partner on long term strategies and initiatives.

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Enhancing internal training programs has become a vital area of concentration in recent years. Both internal and external influences are impacting the ability to simplify these tasks.

Internal

By analyzing information from a Risk Management Insurance System, Electronic Health Records, or Human Capital Management Systems you may discover the following:

• Increase in expressed safety concerns
• Increase in incidents, accidents, illness
• Increase in staff turnover
• Poor safety/quality evaluation ratings
• Harassment or violence in the workplace
• Decreasing morale and low levels of motivation

External

From time to time, government agencies promulgate rules and guidelines that affect the way work is conducted. Here are examples of external factors that require further training:

• New legislation
• Changes to legislation
• Professional body regulations and requirements
• Quality Assurance

Providers can vary greatly by the way they approach internal influences.  Healthcare Advantage Consulting can assist with technology solutions to strengthen analytics as well as provide support and resources for improving workplace culture.

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Home Healthcare Providers are faced with a challenging working capital environment caused by slow reimbursements from government and commercial payers. This difficult financial situation leads to agencies finding their company’s cash flow stretched thin. Typically, homecare and senior living providers look to managing accounts receivables, payables, inventory as well as financing options to maximize short-term cash availability.

Before we share more details on the method that we employ to improve working capital for senior living and homecare providers, you must better understand working capital.

Working capital is defined as a company’s current assets minus its current liabilities. Current assets include cash and cash equivalents, short-term investments, inventories and accounts receivable. For homecare providers, the largest current asset is typically the company’s accounts receivable of payments owed from Medicare, Medicaid, private insurers or patients. As for current liabilities, these include accounts payable, the current portion of long-term debt and unearned revenues. The net of the current assets and liabilities make up a business’s working capital.

Healthcare Advantage Consulting tends to focus on improving the liability side by maximizing the use of your accounts payable. In simplistic terms, delay paying your suppliers until the latest possible date. What we have found is that some insurance carriers supplying the workers compensation insurance to homecare and senior living providers on a 10 pay format may be willing to transition to 12 equal payments.

Larger homecare and senior living providers are also able to reduce the liability side by negotiating the financial terms with insurers. This is especially true as homecare and senior living providers are already investing in improving their communication infrastructure and analytics that will have a positive impact on caregivers and patients. The push for employee and patient safety by CMS and future payment models, exemplify that risks could be further controlled for improved profitability in risk sharing arrangements.

By negotiating the financial terms with insurance carriers, you may find that the upside potential is greater than the overall risk. We provide alternative risk sharing models that may be right for your risk tolerance.

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