How to make sure you are doing what’s needed to succeed.
What do the most successful home care businesses have in common?
The home care provider market in the US is rapidly growing, today there are over 100,000 home care and home health care businesses in the US according to AARP. Every day new entrepreneurs enter the market looking to become one of the successful home care agencies around the world. The provider market is experiencing double digit growth with the industry adding over 1.2 million home care and home aid jobs. If you already own a home care agency or are looking to start one what do you need to ensure your success?
How You can Take Advantage of This Growth
First you need to understand your market. Where you are planning to operate your business. Where you will get your clients and caregivers from, and how you will differentiate yourself from others in the market. The most successful home care businesses do this well, They understand what sets them apart from others in their local market. What are the few things that makes them different and unique to better attract new clients and. They use cloud tools and automation to help them understand their market. Tools like lead tracking and Customer Relationship Management (CRM) that give them real actionable data and insights to improve their target marketing.
Second, they focus on their team. They create a culture of success within their agency. One where everyone knows their role and is working toward the common vision and goals of the business. They align their organizational structure to support the business strategy and target market they have defined. For example, if they are going to have a specialty or focus of their business they bring in staff that support that specialty. The team becomes an extension of the agency vision, one that has a culture of accountability. They combine this with a Strong customer focus – Deliver high-quality care services; create a strong customer centric culture with their field care staff; And focus the home care agency on processes and services the customer needs. They do this by constantly engaging their team and using tools like secure chat and messaging to make sure they are communicating with everyone.
Lastly, they execute strategies that support an operationally efficient organization. One that understands their capital position, accounts receivable and accounts payable. These successful home care agencies know at all times their capital position and how to maximize it’s return. They use tools that have best-practices around fiscal management, oversight to help them make better decisions. These tools are designed around the business of home care. Things like home care specific invoicing systems and electronic billing system. Dashboards that give them visibility to how much they are spending, how much they are billing and any gaps like potential missed shifts. Successful home care organizations understand the money side of their business and have tools to help them optimize it.
Today’s home care market is growing and becoming even more competitive. Those home care agencies that understand what it takes to be success will rise to the top. They understand the Market, the People and the Money that makes their business run.