2021 is poised to be a year of regrowth and redesign. As we forge ahead through COVID recovery, leaders are charged with being focused on the evolving demands of today, while maintaining a mindset of innovation and growth. Effective leaders must have the awareness and discipline to toggle between a Zoomed In and Zoomed Out perspective to draw important conclusions to drive current and future results.
Zoom In – Zoom Out – A leadership framework for today’s focus and tomorrow’s innovation
The Zoom In – Zoom Out approach comes from Rosabeth Kanter and the Harvard Business Review. Research demonstrates that most leaders are pre-wired to be either zoomed in or out. These tendencies can cause for ineffective organizational change management. Striking the right balance of a Zoomed In and Zoomed Out focus is a skilled discipline. Both perspectives should be vantage points, not fixed positions. A honed zooming skill creates a lens for leaders to view the world to help their ability to promote good strategic decision making, especially during crises.
Financial implications - What lenders value now and in the future
With today’s challenging financial reality, providers have the opportunity to seek bank lending with interest rates at a 10 year low of .6%. Taking advantage of low interest rates could be a bridge to future growth as COVID positivity rates decrease. Lenders want to know the specifics of current COVID cases, vaccination rates and means to withstand the demands of the pandemic, such as infection control and COVID mitigation strategies.
As COVID cases decrease and consumer confidence starts to improve, increased census and operating margins will follow. As we start to see this improvement, do not lose sight of other financial levers that you can Zoom In on today. This includes having PPP loan applications in place for loan forgiveness and being poised for PPP2 loans and employee retention tax credits.
Optimizing accurate reimbursement to promote margin management
The MDS intersects with many key SNF operations that impact revenue, census, quality, and compliance. Savvy SNF leaders will take an active role and Zoom In on their team’s accuracy thereby increasing optimal reimbursement. Zoom Out to look long range and be sure your MDS team has the resources and necessary time to code accurately and timely. Missed or inaccurate coding can bite into your margin.
With extended isolation and quarantines, residents are showing more signs of confusion, depression and physical declines. Leveraging therapy can decrease your risk of lower Quality Measures while increasing patient outcomes, satisfaction, and case mix. Therapy and MDS working collaboratively to set ARDs and capture utilization optimizes accurate reimbursement.
Rebuilding consumer confidence and census
With community positivity rates edging down, now is the time to Zoom In on rebuilding consumer confidence and securing admissions. Administrators should communicate honestly to the community on how the facility tackled mitigation and upgraded infection control measures. Use all channels of media including website, social, print, and digital to tell your story and move consumers through a journey of choosing your facility.
Zoom Out as you consider innovations that might be implemented next year to fill gaps in current service offerings. Assess your competition and look for specialty niche areas to build in order to attract consumer’s unmet needs. Engender trust by becoming a resource for your community.
The way leaders address these critical drivers with a balanced Zoomed perspective will influence success today and future long-term viability. For other industry resources and tools for PDPM optimization, visit us at www.conceptrehab.com/learn or contact Caryn Enderle, Director of Business Development at caryne@conceptrehab.com or 614-570-2404.