2015 saw many hospice organizations experience stagnant, organic growth with ever-increasing competition and CMS regulatory pressures being sighted as the two external contributing factors. But for many organizations the lack of growth performance comes from internal controllable factors. So in order to not repeat the sins of 2015 in 2016, it is time to “look in the mirror” as you lead your organization into the New Year. Following are 3 key growth success factors and metrics that need to be assessed and corrective action taken if needed.
90-Day Rolling Conversion Rate
If your 90-day rolling conversion rate is below 85% there is immediate opportunity to improve your census without making the phone ring more than it already is. This is one of the most misunderstood and correctly managed success factors. In the 100s of organizations I have worked with, there is a wide variation and interpretation of what is even considered a referral, the value of the pending list, etc. It is very difficult to improve your conversion rate if you cannot operationalize what your organization considers a referral. A review of the conversion rates I have encountered in organizations I have started to work with ranged from 58 to 78%. The NHPCO Gold Standard is 85% for a 90-day rolling conversion rate. This link provides further detail.
Medical Director Involvement
Is your Medical Director one of your top 5 referral sources? Your Medical Director, in addition to providing your organization excellent hospice and palliative care leadership, should be a champion in helping your organization serve more people and grow. This can be accomplished by your Medical Director making direct referrals to your organization and/or your Medical Director helping you expand your physician circle of referral influence. By being able to introduce your organization to physicians who start to refer is a wonderful thing. Read more on how to maximize your Medical Staff investment.
50 Quality Account Visits Per Week
To make a fire you need to rub two sticks together! To generate a predictable stream of referrals, you need to have your Sales Representatives be disciplined to make at least 50 account visits per week. Not just “milk runs” but quality well thought-out visits that deliver value to a referral source. Here is an overview of “The Happy Feet On The Street” strategy.
I hope your 2016 is filled with your ability to serve more patients and grow!