At Home Care Pulse, we love gathering data and feedback to help home care businesses grow. In addition to collecting client and caregiver feedback, each year we work to gather data points from home care businesses across the nation to provide the most up-to-date industry benchmarks. The results are published in the Annual Home Care Benchmarking Study—now in its 8th year—and include detailed analysis of the home care industry. The Study also breaks down the data on home care industry leaders to show you what they do differently.
In January, we will be making our annual prep-worksheet available so you can prepare your numbers for the 2017 Survey. Those who participate in the 2017 Survey will receive a large discount on their pre-order of the 2017 Study, plus other rewards for taking the time to participate. Preparing your numbers not only makes taking the survey a painless process, it helps you review how your home care business is performing.
Today, gathering benchmarking data and having a strong grasp on the numbers has become a necessity for home care providers that want to be competitive. You need benchmarking to have a concrete understanding of how your business is performing and how you compare to the industry. When you know your numbers, and understand how your business is truly performing, you can make crucial business decisions with confidence and effectively manage your home care agency. With so much to track and measure, it is essential that you determine which benchmarks are most important for you to focus on. Try to focus on three to five key metrics to track closely.
For example, one metric we encourage all of our customers to track is sales per full-time employee. This is calculated by taking your current number of office staff (part-time is counted as .5) and dividing it into your last 12 months total revenue. Once you have your number, you can easily compare it with the data found in our the Home Care Benchmarking Study. If you are 20% or more below the comparable benchmark, you might be overstaffed. If you are 20% or more above the comparable benchmark, you may be understaffed. For your benefit, I’ve included the 2016 sales per full-time employee chart found in our latest study published earlier this year. By tracking important metrics such as this, you will be able to set goals and focus on what matters in your business.
To learn more about benchmarking and how to calculate some critical benchmarks for your business, register for our November’s free CORE webinar with Home Care Pulse Director of Operations, JC Weber, and FHS Senior Care Payment Solutions CEO, Matt Capell. They will discuss a handful of crucial metrics for you to track and review how to calculate them. We look forward to having you join us!
All the Best,