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In an effort to diversify their operations and attain the complete continuum of care, some residence care suppliers are selecting to broaden their service choices. Florida-based Empath Well being is an instance of an organization taking these steps.

Jonathan Fleece, CEO of Empath Well being, calls increasing entry to care the spine of the corporate.

“It was all about increasing entry to assist folks throughout that superior, extreme, terminal, post-acute occasion in an even bigger and deeper method,” he stated final week on the CONTINUUM convention within the Washington, DC space.

Clearwater, Florida-based Empath Well being affords hospice, residence care, palliative care, bereavement providers, a All-Inclusive Look after the Aged (PACE) program, grownup day providers, main care and extra. It’s the mother or father firm of 17 branches and two philanthropic foundations.

Earlier this yr, the corporate accomplished a partnership course of with Trustbridge, which fashioned the most important nonprofit group for post-acute care suppliers within the state of Florida. West Palm Seashore-based Trustbridge affords palliative care, hospice care, supportive providers and extra.

“We've launched that enlargement into the place we really feel we’ve our deepest core competencies, which is residence care,” Fleece stated. “Finally that led us to the house care division, after which to our whole healthcare division. We’ll quickly be the most important PACE supplier within the state of Florida, possible with roughly 1,000 contributors.”

In some methods, diversification is a technique to make sure the general longevity of Empath Well being as an organization.

Moreover, Fleece believes that diversification might be important to the corporate's skill to thrive and develop sooner or later.

“One ingredient that we're additionally dancing round a little bit bit is the economics of one of these technique by means of economies of scale, greatest practices and standardization,” he stated. “I don't suppose anybody within the room finally predicts that we'll get far more reimbursement within the subsequent 5 to 10 years. So what are the 2 methods to mitigate this? Economies of scale, attempt to restrict your administrative prices and again workplace prices and, actually, attempt to leap into the danger enterprise. There’s a shared financial savings alternative and we wish to attempt to seize among the value-based facet of the income as nicely.”

Fleece famous that if Empath Well being is efficient of their efforts on this space, it will likely be an actual financial alternative for the corporate.

Construct or purchase – that’s the query

When increasing into new service strains, suppliers should resolve whether or not it’s best for his or her enterprise to realize this by means of acquisition or by constructing from the bottom up.

Empath Well being is the reply to the entire above.

“The totally different avenues of progress, whether or not it's M&A, de novo, joint ventures or collaboration, we've actually finished all of it,” Fleece stated. “We've had success in all classes, and we've additionally had challenges in all classes. I'm unsure I might select one over the opposite.”

Every time the corporate launches a brand new service line by means of de novos, it conducts in depth analysis into the wants of the group. This implies we work with focus teams to establish the place gaps in care exist.

“As we enter the brand new market, we attempt to not overlap or duplicate from a aggressive perspective,” Fleece stated. “We attempt to be very clear about addressing and shutting gaps.”

In instances the place Empath Well being takes the M&A route, it's all concerning the folks of the group.

“It's actually essential from the start to be sure that everybody believes in that widespread aim and a standard imaginative and prescient of the place we're going,” Fleece stated.

When deciding whether or not or to not additional diversify a enterprise, Fleece urges suppliers to ask themselves these key questions.

“The important thing query: what’s your group greatest at at present, and how are you going to construct on that?” Fleece stated. “It's tremendous essential so as to add to what you might be greatest at at present. Ask your self that and make it a journey, since you may get shocking solutions.”

In the end, Empath Well being learns from the previous whereas embracing progressive options.

“Legacies are great, and each group has them, however legacies can even breed legacy pondering and may maintain organizations again from transformational change, innovation and progress,” Fleece stated. “I feel a few of our learnings have been the place are we going, why, and the way do the organizations match into that?”