{"id":5491,"date":"2022-06-07T20:41:37","date_gmt":"2022-06-07T20:41:37","guid":{"rendered":"https:\/\/melodybenefits.com\/?p=5491"},"modified":"2022-06-07T20:41:37","modified_gmt":"2022-06-07T20:41:37","slug":"successful_home_healthcare_agency","status":"publish","type":"post","link":"https:\/\/melodybenefits.com\/successful_home_healthcare_agency\/","title":{"rendered":"Secrets of a Successful New York Home Healthcare Agency"},"content":{"rendered":"

Is New York home healthcare a viable industry in 2022?<\/span><\/p>\n

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Home healthcare has never been an easy business, but it’s gotten more challenging than ever in the past two years. COVID, staffing shortages, and new <\/span>government regulations<\/span><\/a> are only some of the issues that agencies face.\u00a0<\/span><\/p>\n

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It’s getting harder and harder to retain aides, stay compliant, and turn a profit.<\/span><\/p>\n

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So, is New York home healthcare viable? How do you run and grow a successful agency?<\/b><\/p>\n

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We posed the question to Pinny Faska, CEO of <\/span>Rockaway Home Care<\/span><\/a> (RHC). If anyone would know the answer, it\u2019s Pinny.\u00a0<\/span><\/p>\n

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He started working in RHC\u2019s billing department twelve years ago. Now, he runs the company and has overseen tremendous growth in the past five years.<\/span><\/p>\n

The challenges<\/span><\/h2>\n

Pinny acknowledges the challenges that NY agencies face:\u00a0<\/span><\/p>\n

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  1. Profit margins are slimmer<\/b> – <\/span>Expenses are going up, and payor reimbursements aren’t keeping pace. For example, beginning October 2022, the minimum wage for home healthcare workers is rising. But the state legislature passed the law without explaining how your organization would would fund that raise.<\/span><\/li>\n<\/ol>\n

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    1. Government oversight<\/b> – Keeping up with the paperwork and changing regulations is a full-time job in and of itself. In the past year alone, the <\/span>LHCSA RFO<\/span><\/a> and the new <\/span>Annual Compliance Statements<\/span><\/a> have made huge waves in the industry. And the threat of <\/span>audits<\/span><\/a>, penalties, and criminal charges hangs over agencies\u2019 heads.<\/span><\/li>\n<\/ol>\n

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      1. Recruitment and retention <\/b>– <\/span>Recruitment and retention<\/span><\/a> isn\u2019t a new challenge, but the Great Resignation has only made it worse. According to the <\/span>2022 HCP Benchmarking Report<\/span><\/a>, 85% of home care providers surveyed had to turn down client cases due to a lack of staff.\u00a0<\/span><\/li>\n<\/ol>\n

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        Finding solutions<\/span><\/h2>\n

        Even with all the problems, the home healthcare business isn’t going away. Aging baby boomers now make up almost a quarter of the U.S. population. And post-COVID, seniors and their families want to stay out of nursing homes as long as possible.<\/span><\/p>\n

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        Successful agencies learn to run leanly and efficiently. They monitor their spending, their billing, and the gaps between the two. They look for ways to cut costs.\u00a0\u00a0<\/span><\/p>\n

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        Top agencies aren\u2019t satisfied with the status quo. They grow by investing in online and print marketing. They create a social media presence. And they know the importance of cultivating positive reviews and neutralizing negative ones.<\/span><\/p>\n

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        Profitable agencies fight employee churn with thoughtful onboarding, training, and engagement. They treat their talent as a resource, not a commodity.<\/span><\/p>\n

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        Above all, the best agencies think creatively. <\/span>\u201cYou need to be innovative,\u201d says Pinny. \u201cThe old solutions and processes won\u2019t necessarily work anymore.<\/b>\u201d<\/span><\/p>\n

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        Pinny shared three practices he sees as secrets to RHC\u2019s success.\u00a0<\/span><\/p>\n

        1. Hire smart<\/span><\/h2>\n

        Be smart about how and when you hire. Overstaffed offices used to be standard. Now, agencies realize they can be equally productive with less staff and more efficient, automated systems.\u00a0<\/span><\/p>\n

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        At RHC, they started outsourcing some administrative work in 2018. It took time to find a reliable company, but now there’s a considerable cost saving for RHC.<\/span><\/p>\n

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        “When we first started, people were skeptical, but now everyone is more open to the concept of working out of the office,” says Pinny. “We found that the system was as successful as we made it.<\/span> We treat the off-site team as regular staff, not as vendors. We’re in constant communication, calling each other if any problem comes up<\/b>.”<\/span><\/p>\n

        2. Same-day pay<\/span><\/h2>\n

        It’s no secret that many home healthcare aides live at or below the poverty line, barely making it from paycheck to paycheck. If a sudden expense comes due mid-month, they don’t have money put away to cover it. Aides may turn to family for loans, overdraw their accounts, or take out expensive payday loans.<\/span><\/p>\n

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        “Two years ago, we started working with a ‘same day pay’ company,” Pinny says. “Our aides love it.”<\/b><\/p>\n

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        Same-day pay is a relatively new idea that’s gaining traction, especially in industries with shift workers. <\/span>Walmart, Dollar Tree, and Taco Bell, for example, are megacompanies that offer this benefit to their employees.<\/span><\/p>\n

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        Employees download the same-day pay app to immediately access any money they’ve earned but not yet been paid. It allows them to cover bills without being bound to a bi-weekly payroll schedule.\u00a0<\/span><\/p>\n

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        From RHC\u2019s perspective, the system is automated and seamless.\u00a0<\/span><\/p>\n