When it comes to increasing income, home care institutions are always in favor of the market in which they serve, as they are never limited by the number of rooms or beds as in a facility-based setting.
However, revenue stagnation remains very common in this area, afflicting distributors across the country, whether operators are aiming to increase revenue by thousands or more than a million dollars.
If there are barriers to the agency’s growth, its leaders need to take a step back and see where they may have a handicap, CoreCube’s home healthcare sales and operations coach. Shelle Womble spoke at the American Home Care Association (HCAOA) Virtual Leadership Conference last week.
“What is the business bottleneck that creates this plateau?” Wombles said. “What kind of investment do you need to make and what resources do you need to inject into your business?”
Core-cubed elderly care marketing companies specialize in helping home care companies with content marketing, search engine optimization (SEO), social media engagement and more.
A warning sign is usually attached during periods of stagnation. Recognizing them may be essential in reducing the prolonged stunting.
According to Womble, these usually involve dispatching office staff to cover cases, lower hiring levels, no net increase in caregivers and customer rosters, and exhaustion of weekly inquiries. It is included.
“”[Another] Eric Pumprey, CEO and founder of Home Sweet Home In-Home Care, also said at the HCAOA meeting that the danger signal for me was that key employees were becoming too comfortable and almost tired of their work. “Another indicator is when you realize that your time is stagnant … For example, you’re stuck between 9,000 and 9,500 hours a week and you can’t seem to exceed that 10,000-hour threshold. . “
Home Sweet Home In-Home Care operates in four offices in Southwestern Michigan and provides customized home care, Alzheimer’s disease and dementia care, and home safety assessments as part of its business. I am.
Following the Fields of Dreams mantra, agencies should be hired at the desired census level, not at the current census level. “If you build it, they will come.”
When trying to avoid revenue stagnation, providers need to build staff for growth, not decline, Womble said. Building staff beyond the agency’s current needs can create an influx of new clients.
“Whenever an agency tells me that sales are stagnant or stagnant, the first thing I see is the value of last year’s new hires and net hires, the number of people they maintain,” Wombles said. I did.
Without enough talented workers, it is unrealistic to expect your business to grow. Companies can overcome the plateau by adopting it wherever they want to do business, rather than where they are.
“If you hire to keep it, that’s exactly what you do— [maintain]”Panfrey said. “Hire as many qualified candidates as possible.”
The next strategy is for agencies to step up their marketing and sales efforts.
Creating and implementing detailed sales plans, investing in SEO and pay-per-click (PPC) strategies, and building strong relationships with referrals are all good places to start.
Looking at the agency with a fresh eye is another strategy, but it also helps other ways to breakthroughs. When a company is stagnant, it can be very helpful to bring in a consultant to support its efforts.
By hiring an expert, you can verify that your company is doing well and identify issues that may be embedded in your workflow or business plans that are difficult to recognize internally.
Finally, agencies need to find a way to expand the market. Acquiring competitors in other markets, reassessing the artificial barriers that agencies impose on themselves, or simply hiring sales reps in new markets without opening an office is a larger market. All the way to start exploring.
“One of the easiest things you can do as a company owner is to reassess all sorts of restrictions you currently impose on your agency,” Womble said.