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"Most investors learn their lessons the hard way." - Howard Marks


Blog Post 1: Mistakes were made...

The following is a true story, showing just how easily one can lose tens of thousands of dollars while attempting to open a PPEC. Exact names and dates have been withheld to protect the identity of the owner of this facility.


In 2019 a potential PPEC owner was looking to open a facility in the City of Lakeland. After working with a realtor to scout the perfect location, they settled on a two-story building near Lakeland Regional Hospital. Before committing to signing a lease, the potential owner checked with the zoning divisions of the City of Lakeland and Polk County, both of which approved the building for a Prescribed Pediatric Extended Care center (PPEC).


The potential owner requested a courtesy inspection from the City of Lakeland Fire Marshal. Both the potential PPEC owner and the realtor were present during this inspection, which revealed the need for specific improvements before the building was to be deemed fit for final inspection. With this information in hand, the potential owner negotiated a 7-year lease and paid several months of rent up-front to secure a better price per square foot.

 

What followed was an investment of approximately $170,000 dollars by the potential PPEC owner to bring improvements including a new fire alarm system, interior and exterior security cameras, brand new flooring, paint, and landscaping among various other refurbishments. After approximately 6 months of remodeling and improvements to the building the potential owner applied for and passed inspections from the city and county tax collectors, Department of Health, and all other local inspections... except for the Fire Marshall.

 

When the fire inspection application was sent in, it was immediately rejected on the grounds that “the building did not meet code”. A weeks-long back and forth ensued with the original fire marshal that did the courtesy inspection, culminating in the Fire Chief tacking on the additional requirement of a full-coverage fire sprinkler system, in addition to the other improvements already made. After consulting with several fire sprinkler companies, it was discovered that the only way to route water to the building was to build a major pipeline, crossing beneath an adjacent major highway.


This not only resulted in the price of the overall project skyrocketing, but it also created the need for permitting from the DOT, which would have taken up to a year. After almost $200,000 dollars invested and over 8 months of time lost, the potential PPEC owner had no choice but to negotiate a lease buyout and take a total loss on his investment.


This case is just one of the many similar incidents that have occurred over the past decade in the PPEC industry. We will be writing about many more cases soon, showcasing examples of losses that could have been mitigated by taking advantage of industry experts available to help you navigate your PPEC journey. 

 

"It's not about ideas. It's about making ideas happen." -Scott Belsky

Blog Post 2: Stop wasting time and make it happen!


In almost any business venture, you're going to have to rely on others to get things done. If we had 8 arms and 3-track minds it would be a different story, but we don't; Such is the human condition!


The best companies in the world are comprised of massive teams of dedicated and attentive staff members. United under a common goal and purpose, groups of people have been able to positively impact the world around them. Such should be the case for your business, too. With a group of like-minded healthcare professionals at your back, there's no reason your healthcare company can't provide top-notch service that goes above and beyond for every patient.


In the PPEC industry specifically, there are several facets to the patient experience. These facets - patient care, therapy, transportation - all contribute to the overall experience your patient has with your business. If one of these aspects are of lower quality than the rest, the overall quality of your patient experience suffers.


All PPEC owners and administrators have a direct hand in selecting the healthcare professionals that will be caring for their patients. We go to great lengths to find the most compassionate, hardworking, and skilled nurses in the sector to staff our facilities - we only want the best for our patients! Now how about the other aspects of the business? Transportation? Therapy? When first starting out, most companies elect to use a 3rd party contractor to provide these services to their patients.


Let's take a moment to think about that. Of the 3 main components of the PPEC experience, 2 of them are at the mercy of a 3rd party. Employees you did not directly select, providing a service/product you do not manage, and interacting with the patients you are charged with caring for on a daily basis. In this situation, no matter how hard you work to make the patient experience perfect, 66% of it is still out of your hands.


At Forward Consulting we are all about quality, and the only way to guarantee quality is to ensure you have the capability to mold each aspect of your healthcare business to fit your vision, and to meet the standards patients and their families deserve. We know it takes time and plenty of effort, but we are here to help you on your journey of bringing every aspect of your business in-house.


Becoming both a therapy provider and transportation provider gives you the control you need to ensure the highest quality service for your PPEC patients. Contact us to discuss how we can help your PPEC bring your services in-house, and ultimately improve the quality of your patient experience.

"Be strong enough to stand alone, smart enough to know when you need help, and brave enough to ask for it." -Ziad Abdelnour


Blog Post 3: How healthcare consultants fit into the framework of your business


Healthcare providers of all disciplines face challenges at every turn. These range from regulatory compliance to the adoption of new technologies and managing ever-increasing patient expectations. This is where healthcare consulting comes into play. In this blog post we'll explain the crucial role of healthcare consultants and how we can make a substantial difference in your business.


Healthcare consultants, like our team here at Forward, are industry professionals  that assists healthcare organizations in addressing their most pressing issues. Let's explore some of the most important challenges that can hinder your business from achieving important growth milestones.


Regulatory Complexity:

The healthcare sector is notorious for complex and constantly evolving regulations. We have the expertise to help your organization stay compliant with laws like the Health Insurance Portability and Accountability Act (HIPAA) . Staying up-to-date on these regulations is crucial to avoid costly penalties and ensure the highest standards of patient care.


Optimizing Operations and Efficiency:

In a highly competitive healthcare environment, optimizing operational efficiency can be the difference between success and stagnation. Our team can evaluate your existing processes, identify any inefficiencies, and recommend solutions that can improve patient flow, reduce your costs, and enhance your overall operational performance.


Strategic Planning and Decision-Making:

Smart long-term strategy is vital for the success of any healthcare organization. Our team here at Forward Consulting works directly with your team to develop growth strategies that align with your goals and overall mission. We can provide you with data-driven insights, market analyses, and financial planning to ensure decisions are well-informed and sustainable into the future.


Technology Adoption and Integration:

Embracing cutting-edge technologies is a fundamental part of modern healthcare. We're prepared to help you choose, implement, and integrate technologies such as Electronic Health Records (EHR) systems and data analytics tools to improve patient care and operational efficiency.


Improving Patient Experience:

Patient satisfaction is paramount in healthcare. It directly impacts your reputation and thus greatly affects your potential for generating revenue. Our team of consultants can provide firsthand insight into healthcare operations to help you enhance the patient experience. From optimizing employee scheduling and responsibilities to streamlining daily patient care processes, we can create an environment that makes patients and their families happy, translating into higher retention rates.


Cost Management:

Controlling costs while maintaining quality care is a challenge every healthcare provider has to tackle. Our team has years of experience in assisting organizations to identifying cost-saving opportunities without compromising patient care. Working to better optimize your supply chain, workforce planning, and financial planning, we are certain to help your business save more money while staying on top of quality control.


Training and Development:

Your direct care staff members are the backbone of your healthcare organization. Our team can help in designing training programs that enhance the skills and knowledge of your staff, ensuring they stay current with industry best practices.



To sum it all up, our consultants are not just providing a simple service; we are here to act as a lifeline for healthcare organizations striving to thrive in a constantly evolving landscape. As things continue to change we make it our priority to bring you the expertise, insights, and strategies that can make a difference in terms of compliance, efficiency, patient satisfaction, and financial success. Whether you're a small medical clinic or a large provider, our team can help you navigate the complex healthcare maze and emerge as a leader in the field. Don't just survive; Thrive with the support of our expert consultants!



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