When I ask this question, most care providers tell me their number one priority is to make sure their residents receive the best of care. Or something to that effect.

A perfectly understandable answer – but wrong.

Make any of this your top priority and you are setting up your care home or home care business to fail.

This statement, and others like them, is an aim. An aspiration. And is probably the best aim you can have. Why else would you do this?

Maybe the question needs to be re-phrased.

What is the one thing you must do (top priority) to ensure you achieve your top aim?

Of course, there are many things you need to do to ensure you achieve this aim.

    •  More staff.

    •  Well trained staff.

    •  Better paid staff.

    A well looked after home, etc.

What do these, and many other things you need in place, have in common?

They all cost money.

Therefore, your top priority must be to generate enough income to pay for all the things you need to do, or have in place, in order to deliver that quality care.

Your income comes from your fees and hence your Number 1 priority must be to set and receive the right bed fees.

And it’s not like there’s a choice here or room for error – it’s simple maths.

Generate enough income that returns a healthy profit, and you can pay for all you need in place in order to provide a great service.

Don’t generate enough income and you will either be paying for some of the service you need to provide out of profit you’re making, or you will have to compromise on your service to the detriment of your clients and which will bring CQC to your door.

Both paths eventually lead to closure of your care service.

Nothing you do is more important than to set and receive the right fees so you can deliver a quality service and keep your care home or home care service financially sustainable.

If you want to know how to set and receive the right fees download my new report 5 Steps to Make Your Care Business Financially Secure in 2023 and Beyond.

In this report I’ll show you exactly what steps to take to set, defend and receive the fees you need. It covers how to set accurately calculated fees, how to use that information to defend your costs and how to counter the challenges you’re likely to face.

Click this link to download the report.

 

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