Insights - Summer 2010 - (Page 6)

Is it T Time to Diversify? Some Helpful Guidance By Richard Chesney rying to grow your business in a competitive market, where new hospices seem to pop up weekly, is tough work. Add to that the growing fear of lower reimbursement in the future and you are now worried about the viability of your organization. Given this scenario, it is tempting to look for something different— something exciting. Your mind begins to think, “diversify— possibly into a new business.” Don’t jump on that bandwagon with wild abandon too quickly. Home care organizations can learn much by examining the experiences of other industries which have attempted to diversify or merge their product lines. A study of 1,935 product introductions by market research firm, Linton, Matysiak & Wilkes, showed that smaller food companies distributing through retail grocers had an 11.6 percent success rate, while the 20 largest firms had a 76 percent success rate. The difference was that these larger firms had strategic marketing skills and resources which the smaller companies lacked— something that most home care organizations can identify with. Further, a study by the world-renown consulting firm, McKinsey & Co., showed that 65 to 70 percent of all mergers fail to increase shareholder value. Given these findings, the risks of diversification are significant. So, how does one determine whether diversification is the 6 Insights 

Table of Contents for the Digital Edition of Insights - Summer 2010

Insights - Summer 2010
Table of Contents
Is it Time to Diversify?
Expanding Care in Your Community
Gaining Community Physician Support
A Collaboration that's Helping ALS Patients
Physical Therapy - Premise, Present, Promise
Complementary Therapy in the Care Continuum
The Evolution of Hospice & Palliative CareCenter's CT Program
Integrating Touch Therapies into the CNA's Practice
The Circle of Care
Taking Your Volunteer Program to the Next Level
Making a Case for Complex Care Management
Helping Non-terminal Cancer Patients Cope
Advance Care Planning Education
Spanish Oaks Hospice: Doing Its Part to Improve Access
Caring for Our Loved Ones - and for Our Caregivers
My.NHPCO - Care, Share, Connect
Why Hospice?
NHPCO's Educational Offerings

Insights - Summer 2010

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