Category: Financial

Have you ever heard the advice to not put all your eggs in one basket? Well the advice is good, especially if you are a Home Health, Home Care or Hospice agency. Putting all your eggs in one basket in the Home Health, Home Care or Hospice industry means having only one line of business. In todays environment, one line of business is a dangerous path to walk. Already we have seen repeated cuts to the Home Health reimbursement formula, and Hospice is under scrutiny and will probably see some rather dramatic cuts in the future. Some Home Care (Private Pay) agencies are seeing a decline in both clients and hours, as well. Just as the chant location, location, location is cited for a business success, diversification is the same for agencies in the Home Health, Home Care and Hospice industry.

As a Home Health or Hospice agency, you may be asking how you can diversify. You already take private insurance, much of which doesnt even cover your expenses. Where can you diversify?

Years ago, many Home Health agencies invested in private duty services. Unfortunately, many of them tried to run these agencies the same way they ran the Medicare-Certified agencies. This turned out to be a less than a financial success for them and, as a result, most of the agencies closed their Private Pay agencies or sold them. I was one of those administrators running both types of agencies. Fortunately, the corporation that owned the agency I managed understood the differences required to successfully operate these two very distinct businesses. As a result, the internal structures and systems for Private Pay were run with entirely different staff and procedures. Fortunately, the Private Pay agency was a financial success and a great partner for the Medicare business.

In todays environment, it may be wise for Medicare agencies to look again at the Private Pay industry and invest in another line of business that will not be subject to the changes of CMS. This holds true for both Medicare Home Health and the Hospice agencies. The opportunities in a Private Pay agency are endless. The services offered are as open and vast as the community served will support. By using the lessons learned from the previous attempts to diversify into Private Pay, the new line of business makes the difference between surviving and thriving.

For Private Pay (Home Care) agencies, diversification is just as important. By having only one or two lines of business, you will very likely have some down times with loss of revenues. Diversification of services helps to diminish the effects of the decline on your personal care or live-in services. There are so many opportunities in the Private Pay arena, it really is a matter of finding out what your marketplace will support and then developing it in such a manner that your customers will see value and buy.

Over the years I have seen some very creative and innovative Private Pay agency owners create truly unique services that were well received by their communities. One agency had a very viable service line in cruise companions. They had a high end senior population that were used to cruises, but because of declines in health and abilities, many of the seniors could no longer travel. The agency developed a contract with a major cruise line where they provided the personal care workers or aides that accompanied the senior on the cruise. The client paid for all the related cruise expenses as well as the daily live-in rate for the aide. Reportedly a great time was had by all.

Another agency developed a Mom and Babe program that catered to the large number of young, educated families in their geographic area. The program retained the services of an OB-GYN RN, who made the first visit to the home the day after the mother was discharged from the hospital. The aide, who was a trained doula, also accompanied the RN on the first visit. The services were bundled into either 5- or 7-day, 12 hour/day packages that included the RN visit and the 5 or 7 days of the specialty aide. The aide not only cared for the mother and baby, but tended to the home and other children, allowing the new mother and baby to have bonding time. The aide planned and cooked the meals and did the laundry and light housekeeping so that the mother could rest. The program, as mentioned, was sold as a package and made great shower gifts. The aide was available on an hourly rate to continue services beyond the package if the family wished, or her services could be bought by the family directly for however long they were needed.

As you can see, there is no limit to what your agency can provide. With appropriate due diligence and an ability to listen to what your community is seeking and willing to pay for, you can do anything. If youre ready to plan a more secure financial future for your agency, contact us today to discuss the many diverse opportunities that are awaiting you.

Home Appliances – a indispensible part of our life When it comes to home appliances there are numerous types of them which are available in the market and there are many new which are being worked on. These appliances have made life very easy, thanks to the remarkable advancement in the field of technology. These appliances have made sure that our domestic life is stress free and there are minimum hazards when it comes to keeping things in order. Over the years various new appliances have been introduced to the market. Dish washer for an example, who would have thought that there can be a device which can clean all the dishes in your home. Al you need to do is to follow certain instructions and you are done! Washing machine is another example; previously it used to be a really hectic task to wash clothes. Imagine you have to wash three o four jeans trousers, and then rinse them. It used to take a lot of time and at the same time it was very laborious. With the advent of washing machine this part has been taken care of, now all you need to do is to dump all your dirty clothes inside the machine, add some detergent, open the water supply, and then turn on the machine; that’s it, all your clothes will be washed after a certain point of time. Having known what difference these home appliances have brought about to our daily life, it is very important to make sure that they are in proper shape and are up and running. One thing must be remembered that most of these appliances are mechanical and electronic devices and they are likely to get faulty after a certain point of time. When any of your appliances get out of order, life can be very troublesome indeed. I any of your appliances go out of order, then the only option you have is to go for appliance repairs. There are numerous repairing agencies and service centers available; however it is always advisable that you made the right choice when it comes to selection of vendors. If you are not sure on who to approach, then you can get in touch with the brand, they have their own servicing department and they will take care of your appliance repairs. Washer – a common home appliance Washers are indeed one of the most common home appliances to be found. When I say washers, I mean washing machines. These appliances have made life very simple for us. It is all about turning on the system and you are done. When your washer goes faulty, life can be really very difficult. In such a case the only option you have is to do a washer repairs. There are many agencies and service centers who take does washer repairs. They have the expert technicians and they will make sure that your system is up and running.

Working Capital is an area of business that requires solutions that revolve around timing. Timing is everything when it comes to the fundamental problem of managing and solving the cash flow conundrum!Let’s examine some of those solutions using the example of a company trying to grow… which is what it’s all about is it not?!

This is when what we could call your ‘ cash flow cycle ‘ needs to be both understood… and addressed. That’s because the concept of timing has just kicked in … your have produced your goods or provided your services and a specific amount of time has lapsed as you now generate revenues via invoicing… and wait for payment. It’s no secret that that whole cycle varies between each company and industry. But whether your cycle is 30 days or 120 days the effects of that timing require certain activities to be financed.

The timing around this cycle, as well as the solutions that your bring to bear makes or breaks your overall liquidity and solvency – aka ‘ Survival’!Example of the need to finance that cycle are should be quite clear – your firm must buy supplies or inventory, at the same time taking on payables. Wages and salaries must be covered and then you’re in the waiting game when it comes to delivery and acceptance of your goods and services, as well as final payment from your clients based on your credit terms. It’s therefore no secret to the business owner to see that using our example it can easily take those 30-120 days for a dollar to in effect flow through your company.

Again… it’s ‘ timing’!When you look at your balance sheet you see that the ratios of current assets and liabilities have also changed dramatically. You’re unfortunately less liquid and this can only be solved by financing the shortages you have carried. Of course your customer could pre pay you in advance for orders, or pay you ‘ cash on delivery ‘ but that’s not the perfect world we dream about.Financing business cash flow is all about monetizing and managing your assets.

Solutions in Canada include:

Receivable financing
Commercial bank lines of credit
Asset based lines of credit
Sale lease backs
Tax credit monetization
Purchase Order and Supply Chain financing

Utilize one or a combination of solutions to manage the ‘ patterns’ of financing that your business needs. Seek out and speak to a trusted, credible and experienced Canadian business financing advisor who can assist your with putting together a solution that addresses the timing of cash flows and capital in your business.

Car insurance is not merely an important part of protecting yourself financially on the road – its a legal necessity. However if youre trying to make a claim after being involved in an accident that wasnt your fault, you might come across something called uninsured losses. We take a look at exactly what that means for your cover

Uninsured losses can be described as potential financial losses, and they aren’t usually covered by a standard insurance policy. Uninsured losses generally include: injury to yourself or your passengers; loss of earnings; cost of alternative travel arrangements; or recovery of your policy excess from a third party. These are all very common costs incurred as a result of an accident, and you will understandably want to protect yourself against them.

According to the Department for Transport, around 3,500 people are killed and 40,000 are seriously injured on Britain’s roads each year. If youre involved in an accident, it could seriously affect your health or ability to work, and therefore have grave financial implications too. Standard insurance will always cover liabilities to third parties. However, if an accident isnt your fault, you will have to make a case to the other partys insurance provider in order to cover the damage incurred. If the other party does not take responsibility, this could potentially turn into a costly and lengthy legal procedure.

Some insurance providers may recommend that you take out optional additional cover, often from as little as 20, to boost your protection and cover uninsured losses. With Greenbee Legal Protection, for example, you would have up to 100,000 towards legal expenses to help recover these potential losses. Just make sure you contact your insurance provider immediately after an accident, as there may be time limits that apply.

The Government is currently investing in a road safety strategy, which is aiming for a 40% reduction in the number of people killed or seriously injured in road accidents by the end of 2010. We can all do our part to make Britains roads safer by driving carefully at all times. However, even if you are a safe and conscientious driver, you cannot always guarantee how other people may behave on the roads. By taking out comprehensive insurance you will give yourself great financial protection from accidents and as a result hopefully feel a little safer behind the wheel.

The Eurozone is also called the Euro area because of what it stands for. This union is made of 17 countries, members of the European Union which agreed to adopt the same currency and the same legal tender. This turns the Eurozone into a monetary and economic union. When the Eurozone was established back in 1999 it represented one of the first things that pointed out towards the tendency of globalization. Is this tendency no longer wanted? Do European leaders no longer want to be united under the same currency? Or is the Euro the cause of the current financial problems and maintaining this union can no longer be profitable or safe?

All these questions started to worry leaders from the Eurozone and not only. Even though the 17 countries that are part of this union are the ones directly involved and affected by a possible falling apart, the other European countries or states from other continents are very likely to suffer from the consequences of such a breakup too.

Most financial specialists say that the main cause of a possible Eurozone crash is the huge debts many of the 17 countries cannot pay back. The fact that Greece was threatened by a default and that only another loan was able to postpone what some consider the inevitable makes things even worse. Analysts say that this financial crisis resembles the incurable diseases called cancer. If it is ignored it doesnt go away. Instead it spreads until the patient dies. If the patient is the Eurozone, only an intense treatment can save the Euro and the economies of the states that adhered to it.

There are some investors who speculate that the end of the Eurozone is close and try to find ways of making money out of this crush. Some of the financial analysts say that it is because of these people who speculate for their own interest that the Euro is threatened and that the Eurozone can fall apart. In spite of that, there are obvious signs that things are not as they should be and that the common currency might cause more problems than help.

Investors get scared of all the negative news they hear and try to do their best to preserve their wealth. Many of them fear that keeping money in banks is not a good solution and choose to invest in assets that have high intrinsic value. Many of them choose to invest in gold or other precious metals that are the only hard assets that seemed to increase their value these days. They are making the right decisions since buying gold has, is and will always be a profitable investment.