New Year Reflection from Chandler & Co.
There is no doubt that the next few months will be challenging from staffing to business operations, which is why business governance and forward thinking business strategy has taken on a new steely focus.
On an ever increasing demand projectory care services will need to withstand the growing needs of an ageing population, whether care in a care home, assisted and supported living, retirement living and care at home. Thus the demands upon the health and social care sector continue to grow and greater investment will come alongside.
Whether a care business is just starting out, is established and growing, the start of a year tends to be the time that the business strategists plan for the year ahead. It may be that a business owner decides to start outsourcing parts of the finance function, requires additional finance to meet demand to refurbish, extend a service or review an existing loan facility, including CBILS and BB loans (Government backed coronavirus loans).
The care sector has had to adapt and evolve during the pandemic period and will continue to do so, with the knowledge that their service is here for the long term as individuals and families need a helping hand to navigate support for the vulnerable in our society.
Thus looking at the year ahead it may be the time to reflect on the past and build for the future. Where is the business headed? Perhaps a single care home entity wishes to expand the service, examples being diversifying a residential offering into nursing, or a separate residential service. Perhaps reviewing the need for assisted living alongside a residential service as people plan for the future. Perhaps the business owner wishes to retire or pass on the business to the next generation. All scenarios take careful planning.
The Care Quality Commission (CQC) continues to evolve, with a focus on re-rating on risk areas as well as new registrations to increase capacity in the sector. A service action plan looking at continuous improvement includes many areas, including enhancing the person centred care from the environment. It may be time to revisit financing for additional en-suites, a separate salon area or a break out room for the staff encompassing space for social distancing. It may be that a business is seeking new and enhanced ventilation processes and equipment. All need financing and the means to action this include having reliable and up to date management information as well as reliable forecast and scenario planning information.
The pandemic has accelerated innovation, including the digitisation movement. Perhaps the care business requires funding to move to electronic care planning, to upgrade the nurse call systems, or look at pain check innovation, especially in support of service users unable to verbally communicate. The next decade will see innovation continue unabated.
In conclusion, care service will continue to evolve, increase in agility and open its arms to a well trained, skilled workforce. Funding, whether from investors, lenders, local government commissioning and the public will continue to evolve, with a growing care sector needed to service the growing demand.