5 Reasons Why Hospitalization Risk is Bad for Your Business
The one thing you can say about senior care is that it’s never boring. It’s a constantly shifting array of important variables, challenges, and concerns. Senior care providers have to find a way to navigate the obstacles of managing seniors’ families, providing excellent care for aging patients, and also running a business. It’s tough, but it’s important work.
One of your challenges is not just bringing in new clients, but it’s also keeping those clients. Maintaining your seniors’ health isn’t just good for them and their families. It’s also good for your business, so you must be watchful for risks that could hurt your company.
What’s one of the chief threats to keeping your current clients? Hospitalization. Why is it such a threat to your company? Let’s examine some of the reasons.
1. Loss of revenue
To put it simply, when one of your clients is hospitalized, you’re no longer billing for his or her care. Your revenue drops when a patient leaves your care. Replacing the hospitalized senior with another client requires an investment of time (and, of course, money) that you may or may not be able to afford. It’s clearly to your benefit to keep your clients healthy enough that they don’t need to be removed from your care. In addition to the loss of income during a senior’s temporary hospital stay, it’s common for seniors to be released to a different facility or to pass away while hospitalized. Your best practices should be focused on keeping your clients from being hospitalized.
2. Increased expenses
Should your clients be released from the hospital back into your care, it’s likely that their needs may be more acute, requiring additional resources, both in terms of equipment and medicine, as well as personnel. It’s uncommon for a patient to leave the hospital in excellent health, and it can cost quite a lot to return seniors to the same quality of life they enjoyed prior to hospitalization. Keeping your seniors out of the hospital keeps costs down, both short and long-term.
3. Unhappy families
The families of seniors are typically busy juggling the demands of work, raising children, and caring for aging relatives. Adding hospitalization to that mix throws lives into disarray, and the additional stress of worrying about a hospitalized family member can impact the caregiver relationship. Since you’re charged with the responsibility for your seniors’ health, family members may even blame you for the hospitalization of their loved one. Since communication is so vital to effective senior care, keeping families happy is critical. When families know you’re committed to keeping seniors healthy and out of the hospital, they’re far more likely to be pleased with your care.
4. Bad reviews
A caregiver’s reputation is everything. You work hard to provide quality care, and even isolated negative reviews can undo all the time and energy you’ve invested in growing your reputable business. Even if you’re blameless for a senior’s hospitalization, families may still hold you accountable and share their displeasure with the world. You know how powerful reviews and referrals are, and it’s to your great benefit to guard against any unwarranted negative reviews. Keeping your seniors healthy yields the reviews you deserve.
5. Decreased quality of life
Hospitalization isn’t a vacation in a ritzy hotel. Seniors who are hospitalized typically don’t sleep well. They’re at greater risk for acquiring infections, and the toll that hospitalization takes on their emotional outlook is enormous. You know how important an optimistic mindset is for your seniors’ health, and hospitalization can utterly demoralize your elderly clients. Keeping your seniors healthy enough – both physically and emotionally – to remain in your care benefits everyone.
Everything for your business comes down to quality of life for your seniors. If your clients aren’t safe, healthy, and well cared for, then you’re putting your business at risk. It makes sense – both in terms of providing excellent care and in terms of running a profitable business – to prevent hospitalizations whenever possible.
Fortunately, SeniorGrowth gives you powerful tools to use in your struggle to improve your standards of care and simultaneously benefit your bottom line. When you visit our site, you can sign up for a free hospitalization risk assessment and begin learning how SeniorGrowth can help you manage not only the health and wellbeing of your clients, but also the health of your business.
Using our data analytics and technical know-how, you can take the first step toward more profitable, dynamic, and effective senior care. Invest a few minutes in your company’s future. For a limited time, we are offering a 30-day free trial, reserve your spot today by clicking the button below: