Let’s compare the calculations above with the average Best Of Home Care® – Leader in Excellence award-winner who participates in the satisfaction management program we provide at Home Care Pulse. On average, a Leader in Excellence recipient has a caregiver turnover rate of 59% based on the 2017 Home Care Benchmarking Study. If 59 out of 100 caregivers leave their agency at a replacement cost of $2,600 per caregiver, the total expense from caregiver turnover is $153,400. This total is $18,200 less than the national average, based on our previous calculation.
Start Using the Satisfaction Management Program
With our caregiver satisfaction management program, we interview 10% of your caregivers each month for $39 per interview. If your agency has 100 caregivers over the course of 12 months, you will have spent $4,680 on caregiver interviews. When you subtract $4,680 from $18,200, you have a total saving of $13,520. While there are many factors affecting caregiver turnover, home care agencies fully utilizing caregiver satisfaction management are improving their recruitment and retention strategies, keeping them below national averages. Caregiver satisfaction management isn’t a one-year effort, rather requires continued focus. For example, some Leader in Excellence winners who’ve received recognition for multiple consecutive years experience turnover in the 20-30% range.
With the Home Care Pulse satisfaction management program, you will receive actional feedback from your caregivers about their satisfaction and are provided resources to help you take action and improve. We care about your agency and want you to succeed. We don’t just offer feedback and reports to help you benchmark your caregiver retention rate, but also help you learn proven retention strategies to implement in your business.
To learn more about how Home Care Pulse can help your caregiver retention rate rise and help your agency save on the cost of turnover, please contact a member of our Business Development team at in[email protected] or 877.307.8573 to schedule your free demo.