I’d like to begin by thanking all of the participants of our 2016 Study survey. Thank you for taking the time to review your annual performance and for sharing that information with us. The survey for the 2016 Home Care Benchmarking Study is closed, and our analysts are currently compiling the data for publication this spring. The Home Care Benchmarking Study is the only comprehensive analysis of home care industry data in the nation, and it has become an increasingly valuable tool as we move further and further into the age of data-driven business. Industry data offers insights into current threats and trends as well as useful knowledge on popular business practices. Providers who regularly review this data gain a wealth of valuable information for growing their company.
This industry data means very little, however, if you don’t know where your own business stands in relation to it. That’s why personal business data is so important for home care providers. Not only can you compare your performance against your competitors, but you can also compare it to your own past performance and pinpoint areas for improvement. Data makes it easier to identify strengths and weaknesses, and it allows you to back up your decisions as you determine where to invest your time and resources.
A study conducted by MIT of 179 companies showed that organizations who collect and use personal business data perform better than their competitors. According to the study, those who relied on “data-driven decision making” achieved 5 to 6 percent higher productivity than the companies who did not. That 5 to 6 percent can easily separate those who thrive and those who fail when it comes to a small business.
As part of the home care industry, you have a significant need for specialized data. Since the success of your business relies almost exclusively on your clients’ and caregivers’ opinion of your business, it’s important that you know, rather than guess, how well you are meeting their needs. Home Care Pulse is the only company that specializes in home care satisfaction data. Through the Satisfaction Management Program at Home Care Pulse, you receive monthly reports on the friendliness of your staff, the professionalism of your caregivers, and the overall approval of your clients, which you can then use to make data-driven decisions for improving your quality of care.
These reports can be game changing for a growing company. As Greg Hartwell from Homecare California wrote in a recent email, “We got our first report and simply put, it was fascinating. We have a lot of work to do but wow. …So glad we are doing this.” It’s an eye-opening experience to see your client ratings, and it ultimately gives you a powerful advantage over your competition. According to the data collected for the 2015 Benchmarking Study, providers who use the Home Care Pulse Satisfaction Management program receive 12.9% more inquiry calls than non-users. That’s an advantage that can quickly set your business apart.
Businesses are moving more and more toward data-driven decision making, and home care providers who keep up with this growing trend will have a clear advantage during the coming years. Providers who invest in measuring satisfaction will not only have the information they need to better satisfy their clients and caregivers, but they’ll also demonstrate to their clients and caregivers that they’re committed to improving their quality of care. If you’re not currently using the Home Care Pulse Satisfaction Management Program, request a free demo here: www.homecarepulse.com/free-consultation.
Aaron Marcum, Founder & CEO