The Impact of Two Degrees: Is Your Home Care Business On Course?

value of benchmarking

In 1979 a commercial airplane departed New Zealand for a sightseeing flight to Antarctica. Unbeknownst to the pilots, their coordinates were off by two degrees. When the pilots descended to a lower altitude to provide a better view of the landscape to the passengers, it unknowingly put them on a collision course with Mount Erebus. When the instruments sounded the warning that the ground was rising quickly, it was too late for the pilots to correct their course and the result was a tragic crash.

Just as a pilot is reliant on accurate coordinates to reach a destination safely, home care businesses across the nation rely on industry insights and benchmarks to guide critical business decisions. Later this month, Home Care Pulse will be publishing the 2017 Home Care Benchmarking Study which contains the latest industry data and analysis. The purpose of the Study is to help home care businesses understand how they compare to the industry standard and learn what they can do to grow.

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We have collected data from 1,047 home care agencies to provide you with the most informative study yet. From engaging articles, written by industry leaders, to metrics on caregiver retention and recruitment, this year’s study is a must-have for all home care industry professionals. What is the value of the Benchmarking Study? If you are curious about what this year’s Study holds, below are some highlights:

Finance

The 2017 Study includes detailed financial information on the industry. Learn how the industry is performing in areas like revenue, profit, Medicaid revenue, billing rates and more. According to what we have gathered for the 2017 Study, we have discovered that providers who use our Satisfaction Management services bring in an additional $345 K in annual revenue.

home care satisfaction management

Sales & Marketing

The Sales and Marketing section helps you to know where to focus your marketing efforts. Discover top consumer marketing sources, referral sources, threats facing providers, growth opportunities, acquisition costs, what sets providers apart and more. This section is full of great information to help you market your home care business. Based on the 2017 Study, home care agencies that track every inquiry have a median revenue of $1.7M while those agencies that don’t have a median revenue of $1.2M.

home care marketing strategy

Operations

This section focuses on vital operations of your agency. It includes findings on average sales per full-time employee, client turnover rates, client average length of service, impacts of caregiver shortages, staffing summaries, and more. Below is a client turnover chart from the 2017 Study : 

Home Care Client Turnover Rates

Recruitment and Retention

The data in this section reveals top methods for recruiting caregivers, top recruitment sources, caregiver turnover rates, pay ranges and wage comparisons, top reasons why caregivers work for providers, and more. If you’re struggling with caregiver shortages, this section will help you understand what you can do to improve. According to the 2017 Study, those caregivers who pay in or above the 75th percentile (pay higher wages than 75%+ of their competitors) have a caregiver turnover rate of 63.8%, while those providers who pay below have a turnover rate of 68.4%.

home care benchmarking study

The Home Care Benchmarking Study is a great opportunity for you to learn what industry leaders are doing and incorporate new ideas and strategies into your agency. Just as airplane pilots use instruments to guide them safely to their destination, the Home Care Benchmarking Study is an instrument you should use to guide your home care agency to great success in 2017. Pre-order the 2017 Home Care Benchmarking Study and set your business on the right course.

All the Best,

Aaron Marcum,
Founder & CEO
Home Care Pulse

Discover strategies to grow your home care business, reduce turnover, and rise above your competition.

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2017-05-26T02:25:24+00:00 Apr 5, 2017|Articles|0 Comments

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