The LTC payment plan
There seems to be a common theme emerging at this year's batch of trade shows. Tips for future success are the rising stars.
The various remedies being promoted are helpful, if predictable: Position your organization for the coming world of bundled payments and accountable care organizations. Become the low-cost care option. Enhance your caregiving capabilities, and so on.
As good as these recommendations are, most are temporary. What if you want to build an organization that lasts for multiple generations? If I were to offer the most bulletproof advice possible, it would be this: Follow the three-payment plan.
1. Pay attention
First and foremost, you need to be aware of what's happening. That obviously involves staying informed about news and trends. But it extends to your operations as well. Are you on top of your financials? New rules and laws? Curiosity may have killed the cat, but it has helped keep thousands of senior living operators alive.
2. Pay the price
Do you now have the required intellectual insight to boldly move your organization forward? Are you getting the best possible talent you can afford at the top, in the middle and on the front lines? Make an investment in things worthy of investment, beginning with you.
3. Pay it forward
OK, so now you're now a success story. Congratulations. Did you get there all by your lonesome? Chances are pretty good that you received some help along the way. Now it's time to return the favor. Are you doing all you can to nurture and grow your people at every level? Are you helping them avoid some of the mistakes you made, or are you simply having a good internal laugh as they “screw up”? To be successful in any line of work, you have to catch a few lucky breaks along the way. Admit it: You've had your share. Now it's time to help others get a few of their own.
Does this “payment” plan guarantee success? Of course not. But if followed faithfully, this approach is very likely to put you and your organization on a solid foundation, no matter what the future brings. n