Posted on: June 4, 2019 by Manchester Specialty
Strategic planning is fundamental to the continued success of an organization and its future growth. This goes for the home health care industry and its providers, particularly in light of recent developments such as reimbursement model shifts and overall changes in the care delivery system.
Strategic planning focuses on a business’s mid- to long-term goals and outlines the basic strategies for achieving them. It involves stepping back from the day-to-day operation and asking where the business is headed and what its priorities should be. For example, for a home health care agency it could mean expanding its services geographically to meet the increased demand of individuals looking to be cared for at home in lieu of an assisted living facility or nursing home.
In making the decision to actively grow the business, it also means embracing the risks that come with growth. Spending time on identifying exactly where one wants to take the business – and how it will get there – should help mitigate and manage those risks, including which insurance products should be included to address and transfer specific exposures.
The basic elements of the strategic planning process involve the following:
In establishing a roadmap for the future, home health care agencies should contemplate how industry changes will impact their goals and anticipate any new risks that may arise with their plans. With a sound insurance program in place, they can help mitigate these risks.
Manchester Specialty provides a total business insurance solution for home health care providers. We can help you provide the following insurance lines to your clients: General Liability, Professional Liability, Workers’ Compensation, Management Liability, Cyber Liability and Non-Owned & Hired Auto insurance, among other key coverages. For more information about how we can help you protect your insureds, please contact us at 855.972.9399.
Posted in: Home Healthcare Providers