As more baby boomers near retirement age, the home care industry will grow. According to the National Association of Areas Agencies on Aging (n4a), by 2030 more than 70 million Americans will be age 65 and older with 90% of them wanting to age in place. What does that mean for your home care? It means a tremendous amount of growth for your business, but also growth for your competition. So how can you grow your home care business to surpass your competitors? In our 2016 Benchmarking Study, we did research on the top growth opportunities for home care owners, and this is what we found:
Strengthen Relationships with Referral Sources
Other medical professionals are an excellent source of referrals. Even if you don’t know any personally, they may know of you. Make sure you have a positive impact on your community or a strong presence on social media so other professionals can notice you. If you don’t have any connections to other medical professionals, research out which professionals will help your business the most and then reach out to them.
Company Expansion into New Markets
The fastest way to grow your home care business is to expand into new markets. This could mean expanding your business geographically or expanding your care to cover different care needs, such as hospice. If you’re thinking about expanding your business into new geographic areas, you need to understand that market. Is this area a go-to place for seniors or does it draw in younger clients? Is this area in need of a home care agency that specializes in Alzheimer’s care or is it already a saturated market? Take into account your potential contribution to this new market to determine if growth in that area will have a negative or positive impact on your business.
Increasing Client Referrals by Improving Client Satisfaction
In home care, your clients are your biggest promoters or detractors. Although you may have regular contact with your clients, your caregivers interact with them daily, making them your greatest assets in receiving referrals. If you want to improve client satisfaction, look at the quality of your caregivers. Use mailed interviews or third-party services, like the Home Care Pulse Satisfaction Management Program, to accurately assess where your company can improve. If your clients are dissatisfied with your caregivers, then you may need to improve your training or the quality of caregivers you hire. Your caregivers are the face of your company, so make sure they are promoters and not detractors. When clients are happy with their caregivers, they are more likely to give positive feedback and refer their friends, which will grow your company.
Other Service Lines
Within the home care industry, there are many different services you can provide your clients. If your home care agency doesn’t specialize in a certain service, it may be to your benefit to choose a focus. Many home care companies specialize in memory care services, such as dementia or Alzheimer’s care, or offer trained care for different physical disabilities. By offering unique services, providers draw in more clients with those specific needs. Expand your care to other service lines and you will set your home care business apart as one that is invested in meeting your clients’ needs.
Best of Home Care Award Qualification
If you qualify for the Best of Home Care Award, your business is one of the top in the industry. This award gives your clients peace of mind about the care they or their loved ones are receiving. By earning this award you are showing potential clients that they can trust you, thereby, increasing their likelihood of hiring you. You can earn our Best of Home Care awards and Home Care Pulse Certified – Trusted Provider based on your participation and performance in our monthly Satisfaction Management Program.
If you focus your energies on strengthening client satisfaction or your relationship with other medical professionals, your business will reap the benefits. Set your home care agency apart as one that values your clients’ well-being by striving to provide the best care in your community. It’s the small things, like listening to your clients’ needs, having kind office staff, and providing quality caregivers, that make the biggest difference.