1. Assisted Living Facility(ALF), Independent Living Facility(ILF), and Continuing Care Retirement Communities (CCRC)
These are great referral sources. They do the hard part of finding qualified private paying clients, so you know everyone who lives there can afford your services beforehand. But which ones should we target? The ones that are around 90 percent occupied! Why? By partnering with a private home care company, you slow down the number of residents that are asked to leave when they are “no longer assisted living appropriate,” meaning they need care beyond what’s offered in the community. This will allow them to bring in one to two new residents (or more) per month while keeping their residents safe and out of the hospital. They want to get to 100 percent occupancy, and you are the best way to help them do so. Leverage this!
2. Home Health and Hospice
I call these two referral source types “Power Partners” as they represent two legs of the 3-legged stool necessary to keep patients home safe. (We, as private providers, are the third). With so many out there, which ones should we target? The ones that maintain a census of around 100 clients. With patient turnover, due to either hospices reaching their goal or patients passing away, the home health or hospices that do so typically admit around 500 total patients per year. It’s very realistic with that volume of patients, that 5 percent can easily be identified as being able to both afford and benefit from having additional support in the home, resulting in around 25 new client admissions each year. One of each, and you have 50 new patients. This is over half a million dollars in private pay revenue, given the average financial lifetime value of a client.
3. Skilled Nursing Facility (SNF) and Long-Term Acute Care (LTAC)
These are my personal two favorite referral source types. They have patients with both great need and urgency to coordinate care, yet enough time so that you can properly staff the referral. The challenge? If you were to go on to www.skillednursingfacilities.org and look up all the SNFs in your area, I can assure you that you have at least 25 in your service area. However, they are all not created equal! The key is to find the ones that have Medicare discharges. Out of 25, you may find that only four or five have the volume of discharges necessary to refer you on a regular consistent basis. The sweet spot? 40 or more discharges a month. This will be close to 500 patients a year and result in 25 plus new clients per year. So qualify the SNFs in your area, and focus on the ones with the discharges. (Here’s another hint, the most difficult ones to get into are the ones that have the discharges.)