What does our merger mean for your agency? Here’s a look at 5 immediate benefits.
Six months into Medicare’s new Patient-Driven Groupings Model (PDGM), the post-acute health care market is still adapting to a complex payment system, relying on the intricacies of patient characteristics and precision coding to determine reimbursement.
The Covid-19 public health emergency has complicated the transition process, creating a year unlike any the post-acute health care industry has ever seen.
Effective business decisions, including the creation of strategic new partnerships, can keep organizations moving forward under current market challenges, according to two long-time industry experts whose work in the field stretches back decades.
Industry leaders William J. Simione III, Managing Principal for Simione Healthcare Consultants, and J’non Griffin, founder and President of Home Health Solutions, say the strongest growth opportunities during a precarious market often emerge from new strategic alliances, and in some cases, consolidation through mergers or acquisitions.
They’ve taken their own advice, announcing that their two companies merged, with Simione as majority owner. HHS brings to Simione top-flight coding and OASIS expertise, allowing the Connecticut-based company to add another component to its impressive array of nationwide services. Simione expands Alabama-based Home Health Solutions resources with the industry’s leading financial analysis, benchmarking and reporting processes, data analytics, talent recruitment and more.
Together, their shared expertise in compliance, regulatory, and survey readiness creates a new industry authority with formidable depth and experience.
“With this merger, we more confidently poised to guide home-based and community-based organizations through a very turbulent market, addressing their full coding, consulting, recruiting, integration, and financial needs with a broad scope of solutions, ” J’non said.
“All of us at Home Health Solutions are so excited to join the fold of a company with similar goals and values. We feel that our synergy with Simione is going to radiate into the market with a beneficial impact on agencies and facilities who are really struggling right now.”
5 ways this merger can benefit your agency
Here are five of the top ways the Simione -HHS merger can help you with your organization’s immediate needs.
1. Are you struggling under PDGM? We can help.
If your revenue cycle is bogged down and your reimbursement is bottoming under the new payment model, your agency is certainly not alone. At the beginning of 2020, Simione industry analysts developed a tool to assess what was then estimated to be as many as 44 percent of home health agencies expecting a decrease in reimbursement under PDGM – and that was before the COVID-19 public health emergency gridlocked agencies.
Honing in on an agency's specific problems can be as complex as the new payment model itself. Each agency has its own workflow and processes, from intake and admission forward, its own staffing and scheduling issues, and its own unique patient mix which directly impacts reimbursement under the patient-specific PDGM.
The merger of Simione and HHS offers a powerhouse solution for identifying and correcting all the unique reasons for your agency’s PDGM struggles.
Simione is the industry leader in tracking Key Performance Indicators, with its own benchmarking tool to assess margins, profitability, productivity and numerous other performance results, while HHS understands the complexities of coding and OASIS under PDGM. Together, they have all the resources needed to turn around your agency’s performance.
2. Does your bottom line need an infusion? With the acquisition of Home Health Solutions, Simione broadens its professional services scope to include industry leading coding and OASIS specialists, all certified and experienced, who fully understand how to maximize reimbursement under the complex and confusing new payment model. Outsourced coding and OASIS services can have a direct impact on reimbursement and boost your bottom line by reducing fixed overhead costs such as salaries, payroll taxes and benefits. Outsourcing may also improve overall efficiency and productivity by freeing your own staff to perform other tasks. Simione’s expert staff will help you decide whether outsourcing is the best option, or whether it might be more beneficial to invest in additional coding and OASIS training for your team. Home Health Solutions offers training to increase your staff’s coding and OASIS performance under PDGM.
3. Too short on time to focus on long-term profitability? When agency leadership is mired in day-to-day operations, worrying about immediate staffing needs, regulatory issues and payroll, there never seems to be enough time to develop long-term objectives. We understand. Both Simione and Home Health Solutions are adept at helping struggling agencies develop strategic key initiatives, address compliance risks, and streamline productivity. We’ll help you put into place the right measures to facilitate organizational stability – so that you can work on those important long-term profitability goals. When you’re ready, our strategists can help you research industry trends, identify potential opportunities, and develop both short-term and long-term business plans.
4. Do you need to recruit talent? One of the keys to stability and profitability is having the right people in place, quickly, and retaining top talent. Exact Recruiting, a Simione Talent Solution, fills positions 20 percent faster than the industry average, relying on a pool of tens of thousands of applicants available for executive, management and interim leadership roles.
5. Are you considering a strategic partnership of your own? Whether you’re looking for a targeted acquisition search, a formal partnership with another business or trusted advice to guide you through a transition of ownership, you’ll want Simione’s M&A experts to help you identify sound integration opportunities. The certified public accountants and certified business valuation analysts at Simione provide complete market assessment, valuation and post-integration support with the most advanced industry knowledge and professional standards to ensure you make the best business decision. “These are just a few of the exciting ways in which our merger can immediately bring a much wider scope of collaborative solutions to agencies and facilities,” J’non said. “There are scores of other new opportunities now available to organizations from our blended teams of certified specialists, and we can’t wait to see the positive impact on our field.” Let us help! To learn more about how we can help your agency, call or email us today.