A recent conversation with a good friend, an executive of a large community-based provider organization, resulted in an argument about planning. His take—in times of crisis, there is no time for planning. My take—in times of crisis, planning should be the first action item on any executive’s list. A plan is the tool that keeps your entire team headed in the same direction – particularly when days are long and communication is sporadic.
But planning for a period of market disruption is very different than planning for more static times. Our team’s executive blueprint for addressing crisis has five key components:
- A crisis management plan
- A cash management plan
- A plan for short-term revenue maximization
- A plan for aggressive short-term business development
- A strategic plan for post-disruption sustainability
And, in the current COVID-19 pandemic disruption, I’m adding two more elements—a plan for virtual service delivery/operations and a plan for virtual revenue generation.
As you are building your plan for navigating the financial consequences of the current environment, I’ve pulled together some of the resources in our OPEN MINDS Industry Library that will give you a leg up on coping with trying times.
The leadership team at Monarch in North Carolina spent the weekend (March 14 and 15) refining their emergency operations plan, which continues to evolve, said Chief Executive Officer Peggy Terhune, Ph.D. From shortage of masks to planning for quick temperature checks in the parking lot to screen for coronavirus, the organization had to grapple with unprecedented situations.
This compilation of resources walks executives though a financial management plan—including the planning and budget process to cash-flow analysis, different aspects of a financial management plan financial reporting, staffing patterns, audits, and compliance—to guide strategy and decision making. It’s a resource that should be used as a guide and review tool during times of crisis to ensure teams are prepared for emergent situations.
A key aspect to decreasing expenses and increasing financial resources for program development and service delivery is improving the collection rate for services rendered. It is not uncommon for health and human service organizations to have collection rates of 80% (effectively a bad debt ratio of 20%). That means an organization with $1 million in annual revenues is losing $200,000 to bad debt expenses. Even a small improvement in collections will have a positive financial effect. This presentation from Joseph P. Naughton-Travers, Ed.M., OPEN MINDS senior associate, walks you through proven accounts receivable practices.
I’ve done a number of management presentations focused on increasing your organizational survival rates during turbulent market and while the situations sound different – changes in managed care penetration, new reimbursement policy, the economic crash, the Patient Protection And Affordable Care Act (which had its 10th anniversary this week) – the principles are the same. Why? Because the challenge is the same. Executives need to be prepared with ample cash reserves, access to real-time performance data for rapid-cycle decisionmaking, and a multi-scenario strategy that is in ready-to-launch mode. This newsletter article includes a compilation of resources to provide guidance during times of unrest and change.
Organizations need good process management to maximize productivity and good financial optimization processes to survive in the best of times let alone during times of unprecedented change. Credible Behavioral Health Chief Executive Officer Matthew Dorman, and Credible’s Director of Financial Services, Joanie Clement outline specialized processes tailored to specific payers and the rigor needed to ensure your organization gets paid for everything it does.
Get three recommended practices for revenue diagnostics, and key strategies to maximize revenue and increase profitability in difficult times from this presentation with John F. Talbot, Ph.D., OPEN MINDS senior associate, and Stephen Howe, MSW, OPEN MINDS senior consultant.
Learn more about the trends shaping the recession marketplace in health and human services in this presentation that outlines management musts for surviving harsh economic times. You’ll see a few of the market opportunities that I shared during a recent presentation as well as service models that I believe will emerge in the post-recession health and human service market.
A successful strategic planning process provides your organization with a roadmap for developing plans in uncertain times and for putting those plans into action and evaluating their success. This resource includes a curated selection of articles and resources from the OPEN MINDS Circle Library focused on our approach to strategy development.
In the current environment of changing consumer expectations and new financial models, it’s critical for organizations to have the ability to develop new services to meet market challenges and opportunities. This reading book includes a curated selection of articles and resources from the OPEN MINDS Circle Library covering everything you need to know about developing a new service line.
Organizations need to attract board members that are not only competent and strategic, but are familiar with the major environmental forces affecting the market and are aware of the resources needed to meet the organization’s mission while remaining competitive. This reading book includes a curated selection of articles and resources from the OPEN MINDS Circle Library on best practices in executive board management and governance to help organizations gain the competitive advantage and build a long-term strategy for sustainability.
When organizations face disruption, executives must respond quickly and map the path to recovery. This article outlines the experience of one organization—Daughters of Charity Services of New Orleans—in redefining strategy for recovery and resilience after Hurricane Katrina.
There are a number of strategic challenges when operating in a turbulent market but for leaders, the priority is to create a plan for sustainability and translate it to reality. This presentation provides an overview of some of those challenges, as well as a framework for navigating the changes ahead.
For health and human service organizations, OPEN MINDS outlined a three-stage process for strategy development—even in a time of disruption. Learn how to improve effectiveness and efficiency, prepare to withstand a period of market change, and develop a strategy and market positioning for the long term.
Two phases are key to the development and execution of a successful strategic plan: scenario-based strategy development and the modification of business plans to support implementation. This article takes a deep dive into those phases and offers a guide for provider organizations seeking to redefine their strategies in a turbulent market.
Leading in difficult times might be challenging but it’s not impossible. For executive teams ready to create a game plan, this article outlines six tried-and-true steps to help your organization navigate toward a better future in health and human services.
In the current environment of changing consumer expectations and new financial models, it’s critical for organizations to develop new services to meet market challenges and opportunities. This resource includes a curated selection of articles and resources from the OPEN MINDS Circle Library, covering everything you need to know about developing a new service line.
A successful strategic planning process will provide your organization with a road map – not only for developing plans in uncertain times, but also for putting those plans into action and evaluating success. This resource includes a curated selection of articles and resources from the OPEN MINDS Circle Library focused on OPEN MINDS’ approach to strategy development.
And look for more from me and our team at OPEN MINDS on building organizational resilience and planning for sustainability in this time of pandemic. We are launching a 32-week crisis management learning collaborative and technical assistance program available at no charge for elite-level OPEN MINDS Circle members. The learning collaboration – Building Resiliency In The Face Of Adversity: The OPEN MINDS Executive Blueprint For Organizational Sustainability & Success In A Disrupted Health & Human Service Market will be led by me and 15 of our key team members. I am launching the program on Thursday, April 9, with an initial web briefing that will focus on our executive blueprint for crisis management, decision making, and strategy during this trying time. We will be distributing more information on the crisis management learning collaborative next week. OPEN MINDS elite members can register here for the webinar.