Private Duty Home Care: Challenges to Growth Webinar #1
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The webinar discusses the challenges in growing a private duty home care business. We also introduce 8 strategies successful private duty agencies have used to scale their businesses.
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Private Duty Home Care: Challenges to Growth Webinar #1
- 3. Non- Franchise 60% Franchise 40% Ownership Type Inside Scalability Copyright© 2016 Total estimated number of agencies : 15-17K Total annual industry revenue estimated: $20-30 billion
- 4. Inside Scalability Copyright© 2016 ~25 agencies have achieved annual revenue greater than $20 million Only 1% to 3% of the industry has annual revenue over $10 million Average agency has annual revenue between $1.5 and $3 million Private Pay Home Care industry estimated at 15,000-17,000 agencies
- 6. Access to field staff—increased competition among other home care companies, healthcare providers and industries that need a low-wage workforce adds pressure to supply. In 2014 there were 1.8 million personal care aides employed. By 2024, the industry will require 2.4 million to meet demand. Multi-sided business model—one of the more difficult business models to execute. The home care agency acts as the broker between the family (buyer) and caregiver (seller). However, the model is further complicated by a two-phased sales cycle for clients (referrals sale and family sale and controlling quality with caregivers. Inside Scalability Copyright© 2016
- 7. A Private Duty Home Care Executive Membership Group INSIDESCALABILITY.COM Inside Scalability • What does it take to break through industry barriers? • What are the successful companies doing to scale? • Who is investing, buying and looking to partner? • What is happening in other parts of healthcare that represent opportunities? • How to access other executives to share insights, collaborate and innovate?
- 8. *Focus on Total RpCpM Inside Scalability Copyright© 2016