Worcester Business Journal

18 Worcester Business Journal | December 11, 2017 | wbjournal.com 10 T H I NG S I know about . . . Owning a home healthcare business By Milka Njoroge Njoroge is CEO and administrator of Worcester home healthcare agency Century Homecare. K N O W H O W Money myth-busting T hough the recent turmoil with sexual harassment seems to be in the entertainment world, it's not an issue exclusive to any one workplace or industry. Employers have legal, ethical and employee-relations responsibilities to deal with such issues. Lawyer contact: always and often. There is no stupid legal question when it comes to harassment issues in the workplace. It's always better to ask your company's legal team as opposed to acting independently or making assumptions. If you receive a com- plaint from an employee who is alleg- edly being harassed, get on the phone with legal counsel, says Suzanne Lucas at Inc.com. "You want to make sure all your i's are dotted and t's are crossed, and that you're in compliance with both federal and local laws … Document the heck out of everything." Ensure complainants know they are protected. TheBalance.com's Susan M. Heathfield advises managers to take a deep breath after receiving a com- plaint of sexual harassment from one employee about another. Before initi- ating an investigation, let them know that their coming forward was the right thing to do, no matter the out- come. "Guarantee that he or she is safe from retaliation," said Heathfield. "Inform the employee that you need to know immediately about any retalia- tion, purported retaliation, or ongoing harassment the employee experiences." Make sure directors are notified. The board of directors should be noti- fied immediately – usually by the CEO with general counsel or outside counsel – about a sexual harassment claim. Lee Hermle of Forbes.com notes a board may be able to offer insight based on members' experience with other com- panies. "Additionally, board members hate to be surprised with bad news, especially if that news shows up in the media before they have heard about the claim," he said. BY SUSAN SHALHOUB Special to the Worcester Business Journal 10 1: H a r a s s m e n t c o m p l a i n t s 10) What is home health care? A wide range of skilled health care services provided by healthcare professionals in one's home to treat an illness or an injury through Medicare-certified agencies. 9) Who are home health care workers? Nurses, physical therapists, occupational therapists, speech-language pathologists, medical social workers and home aides 8) Who pays for services? Most medical insurances cover home health services. Medicare covers intermittent skilled nursing and therapy services for homebound patients while Medicaid (MassHealth) covers management of chronic medical conditions. 7) Who regulates home health care? Home health care is highly regulated by multiple entities including Centers for Medicare & Medicaid Services, the Department of Public Health, and payers. 6) Who receives home health care? People of all ages with acute and chronic care needs. 5) What is the future of home health care? There is an increased need to provide low-cost, effective and efficient patient-centered care in a more familiar and intimate setting. 4) What challenges face home health care? Need to adapt to evolving Medicare and Medicaid payment models, keeping abreast of regulatory requirements and maintaining a skilled workforce. 3) What investments are needed in home health industry? A need to invest in technologies to increase efficiency and in training homecare workers who can provide specialized services at home. 2) What do clinicians say about home health care? It fills a void, and the care provided is very personal. You see patients at their best and their worst. 1) Why work in home health care? It is the joy of seeing families together, the satisfaction of seeing patients back on their feet, the courage patients have to open their doors to strangers and accept care from them. Those are some things that keep me focused on the mission despite some day-to-day challenges. BY RYAN A. WAGNER Special to the Worcester Business Journal W W F inancial literacy should be taught in school, but is rarely spoken about in the home. As a result, most people get their education in bits and pieces from a combination of family, friends, co-workers, HR, TV, radio, the internet and professionals they have dealt with throughout the course of their lives. This leads to lots of financial myths repeated so often, they can seem to be fact. Rethinking retirement savings Take for example the beloved 401(k). It seems as though everyone has one. You might even get a match from your employer, which your friend said was free money. The internet and TV seem to think having one is a good idea. So, you think, "Let's do it." Well, maybe not so fast. If you don't have a sufficient emer- gency fund, then a 401(k) is probably a bad idea, at least right now. Or if your goal is to buy a house soon, putting money into a retirement plan won't help you there. See, once you put money into a retirement plan, you typi- cally can't access it until you are 59 ½. But, HR said you can take out a loan? Stop! When you repay that loan, you have to repay it after taxes are taken out of your check, even though you originally put money in before you paid taxes (contributions are tax deductible). So, if you borrow $10,000 of your own money, and you are in a Ryan A. Wagner is a financial representative with Robert Fine & Associates in Framingham. Reach him at rwagner@ robertfineassociates.com. 25-percent tax bracket, it will actually cost you $2,500 in taxes to repay the loan, nevermind the interest you have to pay. Plus, when you take the money back out when you hit retirement, you have to pay taxes again. Not good! This is not to say retirement plans are bad, but it may or may not be a good fit depending on your individual situation. Maximizing your money Financial planning is exactly like the order of operations from math class in school (remember PEMDAS?). If you do things in the wrong order, you will get an answer, but it will be the wrong answer. The same applies to financial planning. If you start to plan for retire- ment before you take care of what can happen tomorrow, you will get an answer (your amount of retirement savings) that will be far from what your potential could have been had things just been done in a different order. Savings should be a priority Don't be afraid of debt. It has been drilled into our collective minds that debt and the interest from debt is the boogeyman and should be avoided at all costs, saying all debts should be paid back as quickly as possible to pay as lit- tle interest as possible. This is simply not correct. While interest from debt is certainly a factor in building wealth, it is not the only factor. It isn't even in the top three. Do yourself a favor by rear- ranging your debt to accommodate your savings first. If you can save 15-20 percent of your gross income first – and then pay your debts – you will be far ahead of the game when it comes to all of your other financial goals. Lastly, know not every financial advisor is going to have an account minimum. Many advisors are willing to work with clients just starting out or are in debt and need advice. Always make sure you work with a properly qualified advisor and will do what is in your best interest. Find an advisor not only fitting your needs, but your personality, and one to help edu- cate you on the truths and myths of financial planning. W

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